Consumer complaint received 2019-07-12 00:00:00
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — 
Company: LoanCare, LLC
State: OK

Complaint narrative:
XXXX and XXXX XXXX closed on a home located at XXXX XXXX CT in XXXX, OK XXXX on XX/XX/XXXX. The loan amount was {$180000.00} at a fixed interest rate of 3.75 %. The lender at the time was XXXX XXXXXXXX XXXX , XXXX Our monthly mortgage statement we agreed to pay was {$980.00}. 

In the year XX/XX/XXXX, our mortgage was sold to Loancare. After we had paid our mortgage per our agreement for an entire year, we received a letter stating our property taxes were not assessed into our payment. We were told either we pay the {$2400.00} up front, or we calculate it into our payment and pay it out over the year to catch up. We fell behind at this time, but we still managed to pay the amount as quickly as we could accumulate the funds. They increased our monthly mortgage from {$980.00} to {$1400.00}. Paying this amount for a year put us behind very quickly ; however, the mortgage company has stated they made the mistake in not assessing our property taxes into our payment. Furthermore, they continue to send threatening letters to foreclose on our home because we get behind. 

After we paid the property taxes, we were told the mortgage would go back down. The amount did go down by {$66.00} to a mortgage payment of {$1300.00} ; however, they will not provide us with an accumulative history of our payment records or itemized detail of what the {$1300.00} breakdown is as if it is not our right to know. 

This has caused an extreme financial hardship on our home and family, as we would not have agreed to a loan that would increase our payment by {$500.00} a year after we moved in the home. The front of our closing disclosure states estimated total monthly payment can not increase ; however, it has substantially and I would go as far as classifying Loancare 's methods of collecting increased payments predatory and uncooperative to put it lightly. We have called them on several occasions, applied for refinancing payments ( resulting in denial ), explained our situation without any success. It has been made clear that their job is to remain objective and they can not advise us on our situation. 

It would be one thing if we bought a home outside of our price range, but a {$180000.00} 30-year mortgage on a XXXX sq. foot home at payments of {$1300.00} does not match up, especially at a fixed interest rate of 3.75 %. Simple math brings us to {$500000.00} worth of mortgage payments over a 30 year term. 

Again, this increase has placed a huge financial strain on our family, and we would very much appreciate investigation and resolution. My wife and I are both employed with XXXX kids, and our priority is to simply agree to a payment that is feasible and investigate this loan company. It has also been brought to my attention that we are not the only ones who have experienced this exact situation happening with Loancare and are also seeking assistance.

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