LoanCareFraudulent loan modification?

R Oct 18, 2021
This review was posted by
a verified customer
Verified customer
Review updated:

We've been in the "process" (I say this with scorn) of trying to complete a loan modification with Loancare since 2020 due to my spouse's 10-month-long pandemic layoff. We called Loancare as soon as he was laid off and Loancare said - multiple - times at the beginning of the process that they would simply add the deferred payments onto the back end of our mortgage when we resumed payments.

We were financially able to resume payments in March of 2021 and told Loancare so, both immediately and many times verbally and in writing since then. We have literally spoken to dozens of individuals working for Loancare at this point; never the same person twice and we just get passed from one to another. They all give us the same canned spiel and never answer our questions or provide any concrete information. Clearly they want to kick the can down the road until we either pay a small fortune or lose the house. Either way, they win.

They have yet to complete or approve our modification despite us providing all the materials and documents they requested (usually the same day), some as many as three and even - four - times. Call us naïve but we acted in nothing but good faith and we trusted them, at least initially.

We now owe a very large sum and our last contact with Loancare — a lengthy phone call to them, initiated by me and my spouse, it's never them — was on Friday. Today is Monday and, surprise: we got a certified demand for payment in full of the amount owed in the next 30 days or they'll foreclose.

We will do what we financially can to stay in our home. In the meantime, if there is such thing as a class-action suit, I'd definitely like to know about it. We're taking this to an attorney as well (and Reddit).

How many other families have they done this to??? They care far more about their shareholders than their customers. I am sharing our story if for no other reason than to warn other people to NOT do business with this company.

Responses

  • Ki
    KimGoss Nov 05, 2021

    The same thing is happening to us -- except, in our case, we were granted a three-month deference and began paying after the SECOND month (a month earlier than they expected). After that, they said we (in Florida where our house is) and my mother in law who lives in Michigan needed to complete a paperwork packet to include notary signatures. The very first packet we received, we completed the request, paid $90 for the notary to sign off on it - and they were supposed to send the same packet to my MIL for her signature since she's a cosigner on our mortgage. She received paperwork that said FLORIDA and was told by the notary that it needed to say MICHIGAN. It's now been OVER A YEAR, they've sent SIX packets to my MIL -- ALL still saying FLORIDA -- and we're stuck with fees, threats, and a mortgage we can't get out of because of THEIR ignorance and inability to do their job!! It's literally criminal negligence on their part, as we consulted another mortgage company who would have rewritten our mortgage with FAR less interest, gotten my MIL off the original mortgage AND lowered our monthly payment. However, they can't touch it because of the forebearance...so we wait, while interest rates are beginning to go up again. Who can we talk to and get legal representation on this!? OVER A YEAR, PEOPLE!!!

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