Consumer complaint received 2019-05-17
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: LoanCare, LLC (NV)

RE : Property address : XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, CA XXXX Loan # XXXX with Loan Care - transferred to XXXX XXXX in XX/XX/XXXX Owners : XXXX XXXX XXXX ( myself ), and my daughter XXXX XXXX XXXX 1 ) After transfer of my loan to XXXX XXXX, the company has force placed Flood Gap Insurance, thus increasing my payment by {$69.00} ; from {$1500.00} to {$1500.00}. 

2 ) When I contacted them to inquire, they told me my HOA doesn't have adequate coverage, and does not meet the FEMA guidelines, even though the HOA XXXX XXXX HOA has a current XXXX XXXX Flood dwelling pol # XXXX for {>= $1,000,000}. This is an increase of over {$200000.00} from the previous year. 

3 ) The company did adjust my payment amount, however it only went down by {$20.00}. There is still an increase in my payment of {$49.00}. ( {$49.00} x 12 mths = and increase of {$590.00} annually. ) It can not be from my taxes, because my taxes from XX/XX/XXXX to XX/XX/XXXX have only increased by {$69.00}, so it can't be from that. I don't know why they have charged me so much extra. 

4 ) Whenever I call this company to inquire about something, the hold time is sometimes an hour long. Then I get transferred everywhere without ever having a resolution to my problem. I'm often told different thing. I don't know what the first adjustment was for, but as mentioned was able to get about {$20.00} removed from the increase in payment. 

5 ) I decided to pay {$10000.00} on the principal in order to lower the amount so I could get the PMI payments of {$210.00} removed from the loan, but I'm 1 % shy of getting to the 80 % LTV. But when I contacted them requesting to have the PMI removed, I was sent correspondence telling me that I have to have my loan paid down to 75 % LTV before they can remove the PMI. I thought that the Homeowner 's Protection Act of 1998 said that there needed to 80 % Principal paid in order to have the PMI. Doesn't that still apply, or does each company make up their own rules for that act? 

6 ) How is the 80 % calculated? My purchase price was {$240000.00}, and my principal is {$200000.00}. According to my calculations, if I pay down another {$2600.00} on the principal, then I would be at 80 % ( XXXX=80 % ). Is this the right calculation for the 80 % to be satisfied? 

7 ) Another thing I have asked the company for is a copy of the declaration page for additional flood gap coverage on policy # FL {>= $1,000,000} that they have placed upon my condominium. They have never sent one. Doesn't the consumer have a right to get a copy of the declaration page for something that they are being charged for? 

8 ) The company also charged me a late payment of {$25.00} when I had made a payment over the phone on time, since the payment I had mailed in had not been applied by the deadline. This was during the time that the company was transferring over from one lender name to another, and I think they were back-logged so a lot of payments were probably not processed on time. This double payment withdrawing from my account caused my mailed payment to be rejected by the bank, and they charged me for it, even though I told them that by having to make a phone payment since my payment hadn't been applied, the one I mailed in I'd be placing a stop payment on it. They eventually did refund the {$25.00}, and this should not have caused a late payment on my account, since there never has been one late. 

I am very upset about this whole situation, the lack of good customer service, and I wonder how many other consumers besides myself have been affected by their payments going up by at least {$600.00} annually. This is not an ARM. I have a 3.875 % interest rate on my loan. There is no reason they should be allowed to get away with this. I hope by making a complaint to your organization, that you can help me along with perhaps many other homeowners who may have been affected.