Loan Care Mortgage Complaint

FHA mortgage Loan servicing, payments, escrow account

Loan Care Mortgage department,

FHA mortgage Loan servicing, payments, escrow account California

I have an FHA 203 ( k ) loan for a major home renovation. My original bank sold the servicing of the loan to LoanCare. We have submitted a draw request which was subsequently approved so a check was mailed. Unfortunately the check bounced. It has now been 4 days since I notified the bank and there is still no resolution. My Contractor has written checks to pay the subs that have done work on the house and now those checks are bouncing. Not only does this affect my Contractor, but now he is losing credibility with the subs and impacts their desire to want to continue to work on my project which will delay my project causing me to have to pay more months of mortgage than necessary. Please help.

Loan Care customer in California
Mar 17, 2017

* Source: CFPB Complaint Database

Loan Care response to complaint:
Closed with explanation

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