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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.
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.
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.
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