Darren Margolis

Review of MyLoanCare

When the pandemic hit in March 2020, my income sta...

When the pandemic hit in March 2020, my income started to slow down. In August I was late (for the first time in 20 years) with a mortgage payment, which was partially due as well to the slow down in mail delivery. Online there is a lot of discussion about sending a "goodwill letter" to your lender asking that the late payment not be reported. I sent one and Loancare refused. I then read that you can ask the lender to code the late payment as being affected by a natural disaster so that the negative information doesn't show up. I again asked Loancare and they didn't even bother responding, it's been three months and my credit report still shows the late payment. When I refinanced with them they were given all my information by the old lender, including home owners insurance, yet they force placed insurance coverage on my house despite the fact that I already had homeowner's insurance. This cost my escrow account $2,800.00. When the rates dropped two months ago, I immediately started the process to refinance with another lender and get away from Loancare. I'll be glad to be rid of them soon. In the meantime, they keep sending me letter and emails to refinance with them at their laughable "low" rates - almost a full point higher than what I locked with another lender.