Mortgage -- Trouble during payment process -- Complaint #6267402
Complaint Overview
Complaint ID: 6267402
Company: Loancare, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Tennessee
ZIP Code: 37830
Date Received: 2022-12-01T12:00:00-05:00
Date Sent to Company: 2022-12-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My house loan contract says if I can pay of mortgage to 20 % of loan value the pmi will be cancelled as long as the the house was accessed to not drop below value. I saved all year to get to this point. I have requested and sent them XXXX $ fee for bpo as they requested. They sent me back an email saying that they refused to even evaluate or to remove PMI because I had not done significant upgrades to the house. Nowhere in the contract is anything mentioned about upgrades. I think this is dishonest and basically theft. The loan is managed by loancare. This is the last email I was sent " Unfortunately, we will not be able to proceed with your request. XXXX XXXX requires significant upgrades in order to proceed because your loan is under two years old. I have attached their guidelines for you to review. You may have to copy and paste if the link if doesnt open. Please be advised that once the loan is two years old, the list is no longer required to proceed. You will be refunded the {$100.00} paid for the BPO. ''
Frequently Asked Questions
What is Complaint #6267402 about?
Complaint #6267402 was filed against Loancare, LLC regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-12-01T12:00:00-05:00.
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.