Loan Care Mortgage Complaint

VA mortgage Loan servicing, payments, escrow account

Loan Care Mortgage department,

VA mortgage Loan servicing, payments, escrow account Louisiana

My mortgage is currently held by - via Loancare at -, -, VA. I received a letter dated -/-/- from Loancare stating that my escrow account was short $2500.00. I found out that my homestead exemption had been filed in the wrong county and had the error fixed. I then provided Loancare the exemption details in an email dated -/-/-. I heard nothing for two weeks. I called on -/-/-, and was told they needed a copy of the bill they had sent me. I provided this to them in an email -/-/-. I waited again and heard nothing. On -/-/-, I called and was told they " needed further information '', but they provided me no details on what the information was or what their plan was to collect this information, and whether or not they intended to get it themselves or if I was responsible for providing it to them. They informed me the problem had been " escalated to management ''. I called again on -/-/- and was told management should have it resolved by " tomorrow '', -/-/-. I have still heard nothing, nor have I had any communication from the company other than automated calls telling me I have to pay them. Due to this escrow miscalculation, the company is demanding that I either write them a check for $2500.00 to cover my escrow shortage, and that if I take this action, my monthly payment will increase from $1000.00 to ~ $1200.00, or that they can collect the shortage and build enough for next year by increasing my payment to $1400.00, a nearly 50 % increase on my monthly payment. I have looked into reviews of this company on several different websites and believe that this is their standard practice, intentionally muddying the waters and delaying escrow assessments in order to make money off homeowners who had no choice when our mortgages were sold to what appears to be a very disreputable company.

Loan Care customer in Louisiana
Mar 25, 2017

* Source: CFPB Complaint Database

Loan Care response to complaint:
Closed with explanation

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