Consumer complaint received 2022-11-09
Company: LoanCare, LLC
State: CA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage

Complaint:
Response letter to Loancare from XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX, Va XXXXXXXX LoanCare From : XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Ca XXXX Re : XXXX XXXXXXXX : XXXXXXXX XXXX XXXXXXXX Property address : XXXX XXXX XXXX XXXX XXXX, CA XXXX CFPB case XXXX Dear XXXX XXXX This letter is in response to your letter from XX/XX/XXXX, which was the response to my inquiry filed with the consumer financial protection Bureau ( CFPB ) which was received from the CFPB XX/XX/XXXX. 

Summary of the Facts : XXXX XXXX XXXX XXXX XXXX XXXXXXXX Purchase price : {$520000.00} Signed on XX/XX/XXXX Recorded on XX/XX/XXXX Doc # XXXX XX/XX/XXXX XXXX loan terms Lender did not secure this instrument and the promissory Note because note was not executed. 
I never signed the promissory Note that serves as a formal lien on the property. The security agreement does not create the obligation to pay ; this is usually evidenced by a separate promissory note see XXXX California Mortgages Deeds of trust and Foreclosure litigation XXXX XXXX XXXX XXXX XXXX Real Property secured transactions series ) I was not given the copy of the note on XXXX XXXX I only signed the XXXX XXXX XXXX XXXX XXXX XXXX on XX/XX/XXXX Terms of this instrument are vague How much do I owe in 30 years under this document? 
What is the interest due under the note? 
What is the principal due under the note? 
What is the total amount to be paid in 30 years? 
What is the total amount of the outstanding balance in periodic payments? 
I was not informed of the amounts due under the Note and deed of trust. Additionally, there were no disclosures and notary were not present. 
There were no witness signatures or any other signatures besides the borrower 's signature. 
The loan does not comply with the proper formalities for a valid loan agreement HUD-1 statement was never given to me. 
Thank you for including the HUD-1 Statement with your response letter but you only send the first page which only goes to line XXXX, however you did not include the second page of the HUD-1 statement . I read the XXXX XXXX page line XXXX sett.charges to borrow mentions line XXXX ( this is how I know there are XXXX pages at least ) for the amount {$14000.00}? I did not receive it. What is this settl.charges? 
Please send me the second page or any other pages of the HUD-1 statement because all the amounts due and asked to be paid must be disclosed prior to sale of the property and agreement to your terms.

The Lender tricked me and used my inexperience and being a XXXX XXXX to benefit in an unlawful manner. 
HUD-1 , line XXXX. Deposits or XXXX XXXX {$7000.00} Why and who did I pay XXXX money-good faith commitment? 
HUD-1 line XXXX XXXX XXXX XXXX {$36000.00}. That was supposed to be a house down payment deposit. Where did the money go? If the amount of the total purchase price you mentioned in the response letter from XX/XX/XXXX, was {$690.00} ( k ) why was the amount not reduced by the down payment? This question was asked 6 months ago and never answered, the lender servicers are vague just like the terms of my XXXX loans. 
HUD-1 line XXXX settl.charges to seller ( line XXXX ) {$38000.00} Was my down payment given to the seller and what or who is the seller and why??? 
HUD-1 line XXXX. Taxes at {$5400.00} semiannually from XX/XX/XXXX to XX/XX/XXXX {$1.00} why did I pay taxes on the property that I did purchase yet? 
HUD-1 line XXXX cash to borrow {$510.00} I never got the cash. Who did? 
Fraud by Settlement agent XXXX XXXX XXXX XXXX I never met and was charged all that fees : according to HUD-1 statement I have paid to seller Line XXXX sett.charges ( line XXXX ) {$38000.00}, line XXXX Gross amount due to seller ( line XXXX ) {$690000.00}, line XXXX reductions in amount due seller ( line XXXX ) {$630000.00}, line XXXX cash to seller {$61000.00}. When I added the amounts, I have paid or promised to pay to the seller it is XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX plus unspecified interest and others hidden fees for 30 years on the XXXX XXXX loan and unspecified interest and other hidden amounts for XXXX loan for the term of 20 years. 
Basically, the finance amounts the minimum I got ta pay according to HUD-1 statement is {$730000.00}, but it is more because it's variable mortgage rates, unspecified interest and no periodic payments to show how much I would pay at the end of both loan terms. 
according to HUD-1 statement just in cash I paid almost XXXX XXXX XXXX dollars : $ XXXX $ XXXX {$99000.00} THIS AMOUNT IS NOT REFLECTED IN THE TOTAL PRICE. 
Where did the money go? Please send me the documents showing who received it and why it was not reflected in the final purchase price. 

XXXX Loan Heloc XXXX {$130000.00} Doc # XXXX recorded on XXXX due date XX/XX/XXXX 20 years term In the letter from XX/XX/XXXX, you are casually mentioning that XXXX XXXXXXXX XXXX XXXX XXXX is second Trust Deed and was used to cover the contracted price of the property. 
The fraud happened when XXXX was disguised, not explained as shared equity loan I was not given FULL Disclosure 's XXXX ) at least 30 days in advance of executing the loan documentation, the borrower receives full disclosure of the terms and conditions of the loan including the economic consequences to the borrower of the obligation to pay contingent difference interest ( Chapter XXXX Cal.Civ.Core {$1900.00} Shared Appreciation Loan ). Home equity line of credit Deed of trust future advances XXXX is a shared appreciation mortgage loan giving the lender the right to receive a portion of the income from the property or its sale as " additional interest '. I was not explained about the arrangement to share ownership of the property. The borrower must occupy the property. Every time I called Loan Care or XXXX XXXX XXXX  and XXXX XXXX every single representative was asking me if the property was owner occupied, now I know why. Also shared equity lets you borrow additional money to count towards your deposit. 
When the property sells, the allocation of equity goes to each part, according to their equity contribution. I did not agree to the shared equity. I did not sign the XXXX, the signature was copied from the XXXX XXXX deed of trust by the lender to gain more profit and take advantage of XXXX XXXX person. 
A Heloc is a line of credit borrowed against the available equity of your home. Your home equity is the difference between the appraised value of your home and your current mortgage balance. 
That is why the foreclosure sale was postponed 3 times already, currently the property has lots of equity about {$400000.00} ( XXXX XXXX XXXX XXXX ), when the property is sold the equity left from the proceeds goes to the borrower after all the repayment to the lender and trustee. Plus, the predatory lender practice predatory practices by collecting more late fees and charged. 

The bottom line is that both loans were not secured and are more likely to be treated as equity not a debt. 
since all loans were paid upfront the lender pocketed the insurance, because if a borrow does not put XXXX XXXX XXXX XXXX and I PUT OUT ONLY XXXX XXXX XXXX XXXX you have to pay insurance. 
The Lender sold me the property that was not available for sale, the property was in trust and had an existing mortgage. See doc XXXX deed XXXX pages XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX and Ohio XXXX XXXX HUD-1 mentions XXXX XXXX XXXXXXXX XXXX {$590000.00} XXXX On XX/XX/XXXX was XXXX  of the property doc # XXXX one-page grantors XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX and XXXX XXXX XXXX XXXX All the information you asked me was send 6 months ago more than once to lender servicers, XXXXXXXX XXXX XXXX XXXX # XXXX grand deed on XX/XX/XXXX grantors are XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX pages she changed her into XXXX XXXX XXXX that holds tittle, when she transferred the title in the XXXX you mentioned XXXX XXXX deed XX/XX/XXXX she used her old name XXXX XXXX XXXX XXXX that had no tittle. 
The fraud lies in the splitting property with one lot into 2 parcels where the second parcel is just an expired easement. I will go into details about the fraud of the description of the property and tittle insurance fraud in my next complaint.

Please answer to all my raised issues on this e mail. I also was notified that my credit is getting worse due to reporting me on late payments. Considering the fraud, you created 15 years ago by predatory lending and not helping to resolve the issues creating more waste and expenses added on my behalf I will get all my credit cleared and justice will be served. 

Thank you. 
XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation