Like others, our loan was bought out by loancare. A few months after, they asked us to do a government refinance to save money. It was happening all over the country for this type of loan, so we did. At closing, broker said, by the way, you will get $3300 in escrow reimbursed. We soon got a check from loancare for $1700 and another for $1600. We saved the checks for almost a month until we could check to make sure we didn't have to put them in escrow for new loan. I called loancare to ask. She said "no, you may spend them on whatever you like or double your payments." We deposited the checks 20 days after we received them. I doubled up on payments of my bills. Then when I checked my bank acct. the check had a stop payment and I was charged a return item fee. Called loancare and they said we called and left a message for you not to spend that money as it was a mistake. no message, email, nothing. After speaking to 4 people telling me it looked like we should have the money in the acct. Finally, "a supervisor" very quickly found the so called mistake. A customer made an escrow payment and "accidentally" put my loan number on the check. Haha. When they found the mistake, they stopped payment. They would be glad to pay my overdrafts, but not return the 1600 I had spent, as I was told to do. I threatened suit and they told me I had that right and to go ahead but they would not return the money I was promised, received, told to spend and then stripped of from my bank acct. I will save money and refinance with my local bank as soon as possible. These illiterate people are crooks! Don't get desperate when they take your loan. Get out of it!!!
I have filed complaints with Consumer Financial Protection Bureau and will continue to find other way to warn consumers! Check out all the complaints on YELP for this company.
Cheaper Savings Reviews
Like others, our loan was bought out by loancare. A few months after, they asked us to do a government refinance to save money. It was happening all over the country for this type of loan, so we did. At closing, broker said, by the way, you will get $3300 in escrow reimbursed. We soon got a check from loancare for $1700 and another for $1600. We saved the checks for almost a month until we could check to make sure we didn't have to put them in escrow for new loan. I called loancare to ask. She said "no, you may spend them on whatever you like or double your payments." We deposited the checks 20 days after we received them. I doubled up on payments of my bills. Then when I checked my bank acct. the check had a stop payment and I was charged a return item fee. Called loancare and they said we called and left a message for you not to spend that money as it was a mistake. no message, email, nothing. After speaking to 4 people telling me it looked like we should have the money in the acct. Finally, "a supervisor" very quickly found the so called mistake. A customer made an escrow payment and "accidentally" put my loan number on the check. Haha. When they found the mistake, they stopped payment. They would be glad to pay my overdrafts, but not return the 1600 I had spent, as I was told to do. I threatened suit and they told me I had that right and to go ahead but they would not return the money I was promised, received, told to spend and then stripped of from my bank acct. I will save money and refinance with my local bank as soon as possible. These illiterate people are crooks! Don't get desperate when they take your loan. Get out of it!!!
I have filed complaints with Consumer Financial Protection Bureau and will continue to find other way to warn consumers! Check out all the complaints on YELP for this company.