Consumer complaint received 2016-07-01
Product: Mortgage — FHA mortgage
Issue: Loan servicing, payments, escrow account — 
Company: LoanCare, LLC (CA)

We purchased our home in XX/XX/XXXX with our first mortgage payment due on XXXX/XXXX/XXXX. In XXXX XXXX, LoanCare, LLC purchased our loan. When we closed in XX/XX/XXXX, both our property taxes and hazardous insurance were paid for the entire year. Our estimated monthly payment was supposed to be {$2500.00}. We paid this amount XX/XX/XXXX thru XX/XX/XXXX. In XX/XX/XXXX, we receive a letter indicating the MI was inadvertently missed on the monthly payment. Monthly payment in XX/XX/XXXX went to {$2800.00}. We received another letter indicating that because there was a shortage, additional payments were needed to catch up. Upon review, we noticed that the MI had been included but the property taxes had been missed. Then we noticed that the property tax amount charged was incorrect. On XXXX XXXX, XXXX, we submitted an online inquiry to Loancare, XXXX, detailed all payments made to date, included a correct calculation of our monthly bill [ ( {$2000.00} principal and interest ) + ( {$270.00} MI ) + ( {$410.00} property tax ) + ( {$41.00} haz insurance ) = {$2800.00} ] and attached our current property tax bill to confirm the information. We asked that the property taxes be adjusted to actual, a new monthly payment be calculated and our escrow reserve be adjusted accordingly ( Ticket # XXXX ). I was told the inquiry would take 5 business days to complete. XX/XX/XXXX payment was now {$2900.00} which we paid. I have made numerous calls to get a status trying to get this issue resolved. At first I was told that there was no new information ( XXXX/XXXX/XXXX ) - I asked to speak to a supervisor and was denied ; then that the property tax division had researched the information and had adjusted the property taxes and had sent the file to the escrow department to compute a new monthly payment ( XXXX/XXXX/XXXX ) - excited that things were moving, I was told to call back at the end of the month. Then I was told that the property tax department was not done with their research ( XXXX/XXXX/XXXX ). Then I was told that they were done and when I asked what my new property tax amount was it had not changed from the original incorrect amount. I indicated that this information was incorrect, that my property tax bill had been attached to corroborate this information. I was then told that they would send it back to the property tax division to review which would then forward the case to the escrow department to re-calculate a new monthly payment - back to where we started with my original inquiry on XXXX XXXX, XXXX ( XXXX ) - this was the only time a supervisor addressed me. At this point, its XXXX XXXX and another inflated monthly payment is due! XX/XX/XXXX monthly payment is {$2900.00}. We will continue to pay our principal, interest and MI but will not re-start property taxes and haz insurance until this issue is fully resolved. I would like to submit a complaint against LoanCare, LLC. for their blatant negligence in financial accounting, inefficient and inadequate ability to resolve issues within the time frame they have established.