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

[Anonymous]

My mortgage was also sold to Loancare im barely giving my 2nd payment

[JVille]

Pay your mortgage payment on time and you won’t have any trouble at all. They handled my loan for about 5 yrs until I refinanced. Never had an issue but I always using Autopay on the 5th. So I never accidentally run past the grace period.
People with problems typically have issues with Late Fee and NSF fees. You also need to understand how your payment goes up because your Fire Insurance and Taxes seem to change from time to time. Understand how this works.

[Anonymous]

Yes! What a nightmare! Confirm all your payments cleared your account. Watch your escrow for correct payments for taxes and insurance. Long story short. I have Nationwide for over a decade. Loan care took over in March of 2018 and then Sold to Carrington the following March of 2019. Loan care paid out over $4000 from escrow to 2 different insurance companies an stated Nationwide didnt send my insurance info so they paid all the premiums that they received. I also in the transition was not credited for 2 payments made in January 2018. One was a credit union payment and the other was western union. It took me until now to track it all down. Needless to say my payment doubled and I asked for it to be reviewed. My calculations were 100% but they never recovered the error. They filed foreclosure accusing me of neglect. They wouldn't take a payment during the review. I find it infuriating as I was right on track now I owe additional fees and it destroyed my credit. Also I received a copy of the account activity for both nationwide and loan care and most of the amounts do not match on payments I sent in or insurance payments they sent out. It is impossible to track tax payments because my rltown will not allow payment in advance and it would be refunded to the mortgage company. My escrow ended up being overdrawn by $7000. Two years worth of insurance and taxes. I hope I explained the issue well enough. I always assumes their accounting should be correct. I always paid by automatic debit and almost missed their error and lost my home of 20 years. Good luck to you.

[JVille]

Sounds like a screwed up Transition from one Servicer to another. I would report the entire mess to your State Attorney General. You should be made whole fees refunded and credit report corrected.

[Anonymous]

I keep reading the responses to this question which paint a poor reflection on the people who have been stuck with LoanCare to servic their mortgage.  First, although it is true most people don't go online to say nice things about a company, the fact that so many people, like myself have written negative reviews should be a big red flag!  

Also to Retired Banker guy, my credit is awesome,  my payments have always been made on time.  Your response that is putting the blame on the consumer are unrealistic.  You don't know our credit or the people having problems so don't passify someone else by pointing the blame. 

[Anonymous]

Don't do it.  Trust me.  I am an honest, hardworking person and in the 5 weeks that LoanCare has had my loan they have drained my bank account!  

[Anonymous]

The wait time should be a huge red flag that the company has a lot of problems!  Try calling and asking to speak to a supervisor!  I've waited over 2 hours and still no one came to the line. 

[JVille]

What State are you and the property in?

[randomguy1]

Yes, they are absolutely terrible.

Loan sold to loan care. They misappropriated the escrow funds. There was a shortage, it was overpaid. They ended up paying too much to it and was supposed to give us back a refund. Instead of a refund, they put it in the prinicipal. It has been almost 5 months and we are finally nearing resolution but have not received a check yet. Every two weeks we need to re-explain the situation and they tell us oh, our fault, we will correct this and call you back. They will not email or send any documentation on their mistakes. Cannot get anything in writing. 

When they finally wanted to give us back the funds, they accidentally made another mistake which the rep admitted to. The auto-draft somehow got misappropriated so they said we were a month late. We called them and they said we need proof you paid the bill. What the heck? You guys drafted the money out of our account. Sent in proof and they said, okay we will fix it. Next month, we get a two month late notice. They said the payment is processing so you can ignore the letter. There have been a ton more issues dealing with their support. Every time we call, they are quick to say you haven't paid your bill. We have them read the tickets and they still disagree until they take a deeper dive, admitting to their mistake each time. This has been going on since APRIL. There are zero lates on the credit report and they reversed their late fees.

Finally received a letter yesterday saying they owe us $8xx.xx and a check will be mailed out shortly.

Horrible customer service

Horrible automation

Horrible loan servicing

[JVille]

@harkherald read the following link. And scroll down to Inquiries and Disputes. Must be in writing yo servicer, if you can’t fix by phone today you need to follow these directions and they even have a sample letter. Good luck but hang up the phone and send a letter!
https://www.consumer.ftc.gov/articles/0190-making-payments-your-mortgage-servicer