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Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

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Gray
Regular Contributor

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

This is why I went with Navy Federal. With the type of loan I got from them, they both hold and service the loan. Great rate too.
Message 21 of 63
Anonymous
Not applicable

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

I'm so very sorry to hear your loan has been sold to Loancare.  My loan was sold to loancare just over a year ago and it's been the worst year of my life!  I'm a good customer; I pay my mortgage on the 15th of each month even though it isn't due until the 1st.  If they'd send me my bill sooner, I'd pay it sooner.  Anyway, our house suffered some storm damange last June.  Our insurance company has been amazing!  Sent an adjuster out right away and assessed the damage.  He talked with our Contractor right away and together, they agreed on an estimate.  Our insurance company sent us a check right away to begin the work.  Since it was such a large about, it's considered a "monitored" claim.  The check had to go to Loancare and they are currently holding the money hostage.  I've jumped through all of their ridiculous hoops to get the money.  I've called almost daily to get updates and find out what they need from me in order to relase the money to me.  In all fairness, they did release a small amount of money to me recently.  However, it's not enough for my contractor to even buy materials and he can't start the work without materials.  Loancare claims they need to inspect my property before they can release any more money.  I've been calling every day for 2 weeks and can't get anyone there to care enough to schedule this.  Today, I called and I was told they haven't scheduled the inspection because they keep trying unsuccessfully to reach me and have given up!  That's a complete lie!  I have called ID to prove that they've never once attempted to call me!  When I call them, there's never anyone there who can set up the appointment.  I'm at a loss.  I don't know how to get my repairs done.  I have holes in my siding and my screens and my gutters.  It looks like a war zone at my house.  Yet, Loancare won't release the money to me me that my insurance company has already paid so we can get our house fixed.  We've been fighting Loancare for almost a year.  I'm ready to give up and just let them keep the $20,000+ that they're holding from me. I hope you have a better experience with them than I did.  I'm sorry you're stuck with this terrible company now.  My advice to you is to spend whatever it takes and refinance as soon as you can.  It'll be money well spent!  I'm going to do the same once my insurance company gets it's money back.  I'm guessing they'll have a better shot at getting my money out than I will.

Message 22 of 63
Anonymous
Not applicable

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

Wow!  You are so lucky!


@Anonymous wrote:

No problems at all here. My previous company used to use Loancare and I never had client complaints. My loan is with Loancare as well and I haven't had any issues.


 

Message 23 of 63
Anonymous
Not applicable

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

I'm a good customer; make my payments early and I always pay more than the minimum!  Sadly, my year spent with Loancare has been the worst year of my life!  We suffered some storm damage last June, and trying to get the money out of my escrow account that my insurance company paid has been excruciating!  Loancare won't release any money.  They won't return my phonecalls!  My house looks like we live in a warzone and has since last June!  The $$$ has been paid by the insurance company, but Loancare is holding it hostage for some reason.  Again, I'm a good cusotmer.  I've never once been so much as day late on any payment.  I've never once so much as made the minimum payment.  I'm always early and I always pay extra.  Still, I can't get anyone to return phone calls or even listen to my request for a dispursement.  I've been fighting with them for almost a year, and I don't know what else to do other than to give up and just let them keep the $20,000+ of my insurance money that they're holding and just continue to live in a 10-year old house that looks like it's been through war.  When I go to sell it....nobody's going to want a house wiht a bunch of holes in it....it's so disheartening.  

Message 24 of 63
missgaonmymind
Contributor

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

I’m sorry you are going through this @PottedPlant. I too am with Loancare and been for a little over a year and haven’t had any issues. I guess because I haven’t had anything major like this either. I certainly hope you can get this resolved very soon!
Current score post Ch 7 10/28/14 discharge : EQ: 729 TU 737 EX 725
Goal scores: 800

Chase Sapphire Preferred- $14k Capital One Venture- $10k; Capital One Spark Business- $5k; Discover IT: $11k, Discover Chrome- $14.5k; Navy Federal Cash Rewards- $7.1k; Navy Federal Go Rewards- $12.4k; AMEX Gold; AMEX SkyMiles Plat- $5k; Macy’s AMEX- $12k
Message 25 of 63
Anonymous
Not applicable

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

I refinanced my home 1 year ago after having Chase. Idk why my loan was sold. I have an excellent credit history and score. Never late and Never missed a payment on ANYTHING EVER. so, Chase sold my mortgage to LoanCare and all of a sudden I have payments not showing up, late payments and late fees along with collection letters. It seems their only goal is to try to ruin my life everything that I've worked so hard for. It seems that anything is possible in a negative way as far as your mortgage payment is concerned if you do not sign up for auto draft. I do not plan on ever signing up for that because I am pretty good about paying my bills on time. I really hate that my mortgage was sold to them and I am looking forward to getting the hell away from them before they ruin my credit and take my house based on unprofessionalism and b.s. I thought I had my mortgage set up on my credit union's "bill pay", but, what I found out is that my cu have been mailing them paper checks. Apparently LoanCare wont let the cu send electronic payments.😲 im so over this company. I knew the first month that I had to call them before my first payment was due that, I would be having issues with them. The banks check just so happen to get lost after 7 months of payments. Ugh
Message 26 of 63
Anonymous
Not applicable

LoanCare

The worst mortgage company that ive ever encountered. Going to check with the VA about taking over this loan.
Message 27 of 63
Anonymous
Not applicable

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

THE ABSOLUTE WORST MORTGAGE company we have ever had! They are taking $2,000 for our escrow (it’s a side Lot that we pay $40/year) and have PROVED to them form our twp had written a letter to them . They ADMITTED they made a mistake and REFUSE to fix it !!! We have been forced to pay $200+ more a month for thier mistake!! We have been calling every other day since April and every person we talk to tells us it will be fixed by the end of the week! Even mgt and here we are 4-5 months later STILL robbing us !!!
Message 28 of 63
sccredit
Valued Contributor

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

We had LoanCare as our servicer for Stearns Lending for 4 years up until Stearns sold off our loan to Freedom Mortgage.  We had no issues whatsoever 

Message 29 of 63
JVille
Valued Contributor

Re: Has Anyone's Loan Been Sold To Loancare? I am reading horrible things about this company on YELP

Loancare serviced my loan until we refi our loan 6ish months ago. Serviced for 5 yrs no issues. We paid our pmt the 5th of every month by Auto pay that we set up thru our bank.

Make your payment on time and don’t cut it too close to the Grace Period dead line. People who pay at the latest possible moment (weekends especially) are likely to claim they were on time when in fact they forgot their payment was really due on the 1st and NOT 15 days later. JMHO
Message 30 of 63
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