Mortgage -- Struggling to pay mortgage -- Complaint #10405719
Complaint Overview
Complaint ID: 10405719
Company: Loancare, LLC
Product: Mortgage
Sub-Product: VA mortgage
Issue: Struggling to pay mortgage
Sub-Issue: An existing modification, forbearance plan, short sale, or other loss mitigation relief
State: Texas
ZIP Code: 77375
Date Received: 2024-10-09T12:00:00-05:00
Date Sent to Company: 2024-10-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
Our issue stems from an undisclosed Lien/Tax called a XXXX ( XXXX XXXX XXXX ). This is something that benefits the local city that allows Developers to enforce a XXXX. The XXXX is an assessed value of the home and property that is a fixed annual payment due each year. We were never disclosed of what a XXXX is or why we are not Exempt as a veteran, given that we are exempt from all property taxes within our county and state laws. This XXXX has turned into a nightmare, and we regret purchasing this home. When we closed in XXXX XXXX, the XXXX was never disclosed to us at signing. TREC NO.20-16 TXR 1601- One to four family residential contract ( Resale ), Page 4 section 7 states that PUBLIC IMPROVEMENT DISTRICTS : if the property is in a public improvement district, seller must give buyer written notice as required by 5.014, property code. An addendum containing the required notice shall be attached to this contract. Page 8- 22 AGREEMENT OF PARTIES : The two boxes that are clicked are Third party financing addendum and addendum for property subject to mandatory membership in a property owners association . The box stating Addendum containing notice of obligation to pay improvement district assessment was NOT marked and we never received or signed form, TREC 53-0, which is stating we are aware of the XXXX. With not having the full disclosure of the XXXX, it has caused us to go into loss mitigation with our home due to the XXXX not being fully disclosed and being hit with back taxes and causing an annual increase in our home. On XX/XX/2021, HB 1543 was the new legal requirement on all property sales in Texas. PROP 5.014 notice of obligations related to public improvement district, which requires that all sellers are to notify the potential buyers of any XXXX that service the property. If we had been informed of this before purchasing the house, we would have backed out. We also attempted to seek help or legislate a change to the following : XXXX XXXX XXXX XXXX XXXX XXXX, Congresswoman XXXXXXXX XXXX office on this matter and have since filed a claim with our title company but was denied because in one line in the tax section at closing it just says XXXX nothing else is stated. And by all accounts of Texas state laws, we were not full information or disclosed about the XXXX and no forms as outlined were signed by us agreeing to the XXXX. Our issue can not be fixed, other than following in suite with our Lien Holders programs ( Loancare LLC. ) as well as the VA 's programs. But the VA should put a restriction/modification into veteran home loans when a Veteran is purchasing a home that has a XXXX within its development or property that the full XXXX amount be included into the loan so it will be paid in full at closing or that the Veteran can have the XXXX escrowed into their monthly payments throughout the duration of the XXXX itself. If we were given any of these XXXX options, we would not be in the process or a Forbearance.
Frequently Asked Questions
What is Complaint #10405719 about?
Complaint #10405719 was filed against Loancare, LLC regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2024-10-09T12:00:00-05:00.
How did Loancare, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Loancare, LLC?
Yes, visit the Loancare, LLC company profile at readthecomplaint.com/company/loancare-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.