Chris Doyle

Review of MyLoanCare

We too have had a terrible experience with this co...

We too have had a terrible experience with this company!!!! Within a month of buying our home, the loan was sold. I didn't think anything about it, as that's quite common in the mortgage industry. Pretty awful that the home owner has NO say as to who there loan is sold to due to these very issues. Online service is a joke! It states " all payments made before 10pm on business days will be processed by the following day" This has never happened. Takes 10-12 days to process and guess who racks up a $42 late fee??????? Same issues with escrow...sent a letter about a lapse, telling me they were going to buy more expensive insurance...our agent had to be on them non stop sending faxes showing there was NEVER a lapse. When our hazard was reduced this year by $800, it was never reflected in our monthly mortgage, so I had to send emails inquiring why wasn't I seeing the reduction reflected anywhere. I recently saw on the online acct where in February we were refunded an escrow check....guess who NEVER received a refund???? Or any letter/email concerning a refund. Once again waiting to hear from "Escrow investigation" concerning this matter. Concerning because lenders typically issue refunds within 1-2 months of paying out Escrow. In short I guess it's somewhat comforting that soooo many people have had the same issues. Really should be a law against selling mortgages without the borrowers consenting to the new lender. That's super shady! It's like bait and switch...here is what you are buying our brand and service and now we are forcing you to accept this much lower brand and service...for the same price. If I am shelling out quarter of a million dollars in interest to a company over the life of my loan, I expect exceptional service. This is the problem in the mortgage industry. People need to pay attention because these companies contribute to the lapse in the economy when people want to get out of these modified loans, and can't!