Consumer complaint received 2022-02-24
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: LoanCare, LLC (TX)

CFPB Complaint XX/XX/XXXX Re : XXXX XXXX/XXXX/LoanCare After years of research and discovery and many complaints, we had learned that XXXX XXXX took full advantage of holding in escrow monies that were awarded to us after our XXXX  XXXX Company of Texas had issued a settlement check to both the loan holders and XXXX  in the amount of XXXX. 
XXXX held these funds in escrow for XXXX years or 44 months in XXXX amounts-with distributions of XXXX and XXXX. 

It has to be noted that this check had no relationship to the damages our home sustained in the devastating XXXX hail storm-these were personal settlement funds that were also unrelated to any mediated damages years after the storm. 

We also have proof from a complaint with XXXX  XXXX  that the bank had informed them that these funds were related and were claim-related funds that had been added, bringing the initial inspectors ' report of XXXX to XXXX. Since our repairs exceeded XXXX XXXX  XXXX  had placed our project into a new category that required greater scrutiny and inspection, also a 100 % completion rate was needed, in the end, our project reached only 94 % ( after the roof and interiors work ). 
XXXX also contacted the final inspection company to ask them unbeknownst to us that a second claim for flood damage is added to our inspection-still while holding XXXX in escrow. 

By doing so we have been told that this represents both insurance and mortgage fraud. We also reported this fraud to the FBI since it involves funds over XXXX. 
Since these actions of the bank had gone beyond their fiduciary duties and violated our loan agreement we sent a letter on XX/XX/XXXX to enter into arbitration to deal with our complaint that the bank had only their best interest involved and had devised several methods in which they held personal funds for the bank best interests and profit. The bank had no legal grounds to hold these funds in a low-interest of 2 % account in the first place period. 

The bank responded to our complaint on XX/XX/XXXX. XXXX claiming that they had done nothing illegal and that my account loss/draft was handled properly and our previous complaints in asking for 10 % interest were denied multiple times. They did not respond to our request to enter into arbitration. The bank continues to ignore accusations that they had indicated to XXXX  XXXX  inflated repair costs and misdirected these issued funds for years. 

Today we received a letter from XXXX XXXX  dated XX/XX/XXXX that the mortgage had been transferred to them from LoanCare. 

So our complaint is that in order to deal with our more incendiary earlier complaints of fraud the bank decided to get rid of us bypassing our loan clause to a new servicing lending bank. 

In turn, this will not allow us to have our complaints to be heard in any arbitration proceedings. We are still open to any kind of settlement discussions with XXXX but if not we will still submit our complaints to the authorities who handle these issues. 
What the bank did to us was wrong, very wrong but now to 'Sell us Down the River ' is inexcusable and disgusting.