The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
LoanCareescrow mismanagement of funds

E Aug 27, 2019 Review updated:

I have been having issues with LoanCare and their handling of my Escrow account. They sent out 3 annual Hazard insurance payments within a 2 month period. When money was refunded back to them for over payment they did not return the funds back to Escrow. In addition I mail a hand written check to cover another refund for over payment to be applied to Escrow (they did not follow my instruction). The shortages came several months later and then all of the sudden I get a new Monthly amount due to cover Escrow shortages. I turned them in to the State of Oregon 3 times now. I am now waiting for the State to take some form of action. In every case to this date LoanCare writes a sympathetic letter back to the State saying they were just errors and missed opportunities. PLEASE, PLEASE contact your states Financial division and get these idiots stripped of their right to do business. I would have NEVER, EVER opened a loan under them. My loan got sold to them and from that point forward has been a true [censored] show. The people on the phone there know less than me about how things are supposed to work. Even after calling ahead to inform them of Insurance carrier changes month in advance mind you, they still screwed it up. I am now in the process of moving my loan and conventional to avoid this type of mishandling of an Escrow account. An YES, when they first received my loan it took quite awhile for the account to be setup to accept payments. Blows my mind how screwed up this company is and still allowed to conduct business. For sure contemplating a law suit and put these idiots out of business.

RESOLVED

The complaint has been investigated and resolved to the customer's satisfaction.

  • LoanCare's response · Sep 03, 2019

    Hello,
    We'd like the opportunity to turn your experience around. Please contact us by email at [email protected], so we can better understand your escrow account situation.

Responses

  • Ch
    Chris84 Dec 26, 2019
    This comment was posted by
    a verified customer
    Verified customer

    This company advanced me escrow funds based off an analysis they received from my state on 3/27/19. They then failed to adjust my mortgage based of the new analysis causing the overage. When I asked how am I responsible when it’s their job to updated my payment the stated that it was not their responsibility. If it’s not your responsibility to update my mortgage based off the analysis then why do I need to be in control of my escrow account. They then informed me I would have to cover the FY19 taxes and F20 by October 2020. They have yet to update my mortgage payment based of the new property tax. Below is a screen shot were they adjusted it 2 dollars which definitely doesn’t cover the 6, 000 in property taxes over a 12 month period. They then offered me a refinance which I declined. I will definitely refinance with another bank. Anyone who has this mortgage company should run the other way ASAP.

    Comments

    1 Votes
  • Di
    DisabledDad Jul 03, 2020
    This comment was posted by
    a verified customer
    Verified customer

    @Chris84 I am going thru a similar problem with Loancare. I have made over 100 phone calls to deal with my issue of property taxes that were re-analyzed by the county just after I purchased my home in June 2019. After the first tax bill was paid in Nov 2019 I called to let them know that there was a 25% drop in my assessed value (-$70K). They told me they couldn't make any changes without a bill. So my paymenty has gone up $200/mo despite all of the docs I have sent from the county. I have spoken to 2 different supervisors whom have each requested the same docs I have emailed previously. Both stated they would call me back. Neither did. On top of that I have generated at least a dozen work order numbers that are supposed to be taken care of in 15 days. None have responded to with the issue in 7 months and some have been marked as Closed ticket resolved without any contact with me. I can't pay the increase as I am on Social Security and NO ONE AT LOAN CARE CARES . I HAVE BEEN COMPLETLY IGNORED.

    0 Votes
  • Lo
    LoanCare,LLC Jul 15, 2020

    @DisabledDad Hello,
    We regret any inconvenience you have experienced. Please reach out to us by email at [email protected] so that we can work towards providing a resolution regarding your concerns.

    0 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions

    IN THE NEWS

    Unhappy consumers gather online at Complaintsboard.com and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.
    Do a little research on the seller. Visit consumer complaint websites like ComplaintsBoard.