The Triangle of Deceit: LoanCare LLC, Equity Accelerator, and Freedom Mortgage.
America may have had the mortgage crisis of 2009, but 2016 will forever go down as the year the in which the mortgage devil knocked at my front door.
I had zero problems with my mortgage company for three years. Payments withdrawn and paid on time every single month. Until, one day, that all changed. All of a sudden I found myself in a 4 month battle between two companies,neither being my mortgage company, LoanCare LLC, and Equity Accelerator.
It all started in May 2016, when I recieved a letter from my current Mortgage company “Freedom Mortgage”. The letter dated May 8th, 2016, stated:
“The servicing of your morgage loan has been transferred from LOANCARE, LLC to Freedom Mortgage Corporation effective May 3, 2016. All payments beginning May 3, 2016 should be made payable to Freedom Mortgage Corporation…”
I am unmistakenly skeptical with everything, and in this moment I allowed my skepticism to guide my actions. The letter provided a 1–800 number to LoanCare, LLC which I phoned and immediately recieved a recording stating “If you are a Freedom Mortgage holder, please call 1–800…. for customer service.” Hmmm… ok, well, Google will fix this phone number issue.
So I called the number listed on LoanCare, LLC’s website. Interesting enough, the number went no where except a generic answering service.
With sketpticism in my front pocket and years of better judgement in my back, I decided to call Freedom Mortgage directly to confirm this drastic change. The representative in thier cool, overworked tone, confirmed I needed to go online to set up direct payments and reassured me all payments through LoanCare, LLC would cease.
Skeptisim +1, Customer Service Rep -1
I decided to wait a few weeks just to make sure my bimonthly paymetns through LoanCare ceased. Of course, with all bad-luck-betty symptoms, my bank statement showed LoanCare withdrawing on May 1st, and May 15th. I knew this wasn’t going to be a piece of pie.
So I phoned back Freedom Mortgage. Surely their customer service reps would know where my money was! But again, I was told LoanCare LLC would issue me a “refund check”. The scenario resembled me as a little girl thinking praying to God would actually bring me the pony I always wanted. That’s how praying works, right?
Being the good American, I did not want a deliquent payment on my record so I skeptically set up direct payments with Freedom Mortgage. This time, once a month. I was told I could not do bimonthly payments until my account was paid ahead a full month. Um, ok..what about that extra $1300 LoanCare withdrew from my account?
Pray for that pony, Ann..just pray.
I waited. Weeks went by and I got busy. Life as a teacher at the end of the school year sent me down a vast tunnel of fast forward without breathing that no one desires to entail.
Then on July 5th, 2016, I wake to a text notification from my bank. Your account has been over withdrawn.
“Oh crap..it’s terrorism!”
No, it’s just LoanCare, LLC.
Customer Service Rep Honesty and Helpfulness -10
Sketpicism +2
I find that LoanCare, LLC had been withdrawing bimonthly payments of $686 from my account since May 2016. This is simultaneously occuring while my direct mortgage payments where processed by Freedom Mortgage. Now, that’s why I couldn’t afford to replace my hole-ridden undies!
I call my bank immdiately and start a dispute. After two hours of gruiling paperwork and numb ear, the representative tells me it will be ok. (I’ve heard that someplace before…hmmm)
Sketpicism +25
Customer service rep 0
I become determined to find the number to LoanCare LLC. I hunt and hunt, finally reaching a working number. (Most of them didn’t go to anything other then an automated number..) The representative name “Justin”, on the line tells me I don’t have an account with them. It’s been paid in full. I am irate, “Well then why are you pulling money from me?!?!”
“Did you have an Equity Accelerator program.? If you did, you have to close it with them. I can’t help you.”
I think. Hmm, bimonthly payments certainly accelerate my loan payoff. “Possible. I don’t remember signing up for anything and my bank statements clearly say ‘Loan Care LLC’ on the withdraw.” I reply.
“Let me connect you with them and here is their number in case we get disconnected.”
…..dial tone…..
Awesome. Bad luck Betty strikes again. Vengeance and determination fuels in my core, and I thrust myself into militay mission mode “I will uncover the fool who is stealing money from me!” (I need to buy more laundry detergent..life hindges on this.. ).
My personal blitzkrieg begins. I call the Equity Accelerator and unleash my verbal fury on a sweet customer service representative on the other line.
“Yes, I can help you cancel this program. You signed up for it for the life of the loan.” she says.
I did? I don’t remember the closing agent expressing that this THIRD party to the THIRD party would FOREVER withdraw money on my behalf. I don’t recall Freedom Mortgage ever ONCE mentioning cancelling or changing the Equity Accelertor account when they moved away from LoanCare LLC. Why do I feel like I was fed tofu when I ordered chicken.
“Yes, I need to cancel this and I need my money back!” You see, the representatives at Freedom told me they didn’t see any checks or money from LoanCare LLC. In fact, if I didn’t set up payments directly with them, I would go in ayers on my loan. This sent my military veteraness into PTSD mode of LOC’s and LOR’s. Can not, will not fail to perform my duties.
This phone call set the stage for Ms. Fact Digger meeting Customer Service Guru of all knowledge. The representative was able to give me the issue date, checks numbers, and dates cashed to/by Freedom Mortgage from Equity Accelerator on my account. Hmm..more then one cookie is lying to me here. Freedom Mortage doesn’t seem all that is appears to be…..
So on July 5th 2016, after 6 hours of phone calls, stomping and note taking, I close my account with Equity Accerlator and get a confirmation number as well.
Next witness, Freedom Mortage.
I call Freedom Mortgage and get in a heated discussion with a representative who is clearly confused about the obligation of truth in lending. First he says “I don’t show any money applied from LoanCare LLC.”
I give him the dates of the checks and numbers provided by Equity Accelerator.
“Oh, well, yes. We received those”
Ok man, is the meat tofu or chicken, cause it’s certainly NOT beef. Darn it Jim, why can’t someone tell me where my money is and PLEASE stop taking it without my approval.
He then tells me my account is TWO months ahead. Wait..wasn’t I told I coudn’t do bimonthly payments because I needed to be one month ahead? “Can I set those up?”
“Yes. But I can’t help you with that.” Freedom Mortgage customer service rep replies.
Well, don’t just be so helpful! My goodness, who would want that!
I approve for one month to be reversed. (It’s summer..I wasn’t sure when my next paycheck might be, and my feet are starting to smell. I would like to buy bath soap. You get it right?)
At the end of the day, I feel like this little nobody woman from the North, has won. I have my bank disputing the charges, account cancelled with Equity Accelerator, and one month ahead with my mortgage company. Life is good.
Or so I thought.
………
Fast forward to today, Jul 22nd With clean feet, washed hair, and new socks, I log into my bank account. BAM! There it is.. another withdrawl under the name “LOANCARE, LLC” this time for $1300.
My brain explodes all over the table. I am mentally done with being calm.
I call my bank and start ANOTHER dispute. The polite custoemr service rep tries calling LoanCare LLC at their number (try it..serisoulsy..you won’t get ANYONE. Here it is: 800–274–9900). With no luck she tries another super secretive number only shared to the inner banking circle, and with much of my relief, the call goes through. We are on hold together. Few moments go by and I get the fabulous David on the line.
“I don’t see us taking any money out. Do you have an account with Equity Accelerator?” David asks.
Putting my arrow in my bow, I strike.
“No on July 5th 2016, I closed the account under authorization number XXXXX”
David laughs and tells both myself and bank representative that LoanCare LLC will need to conduct “payment research” to verify they got the transation.
I am sorry, but WHAT THE BLAZING HORSE MONKEY. On the ACH withdrawl it clearly states “LOANCARE, LLC”. Ok, David, we will tango if necessary. I do what David asked, which is collect all the dates and trace numbers of the withdrawls and email it a blanket LoanCare email. As instructed, I request them to expediate the issue to management.
Meanwhile in the transition land of money between my pocket book and bank heaven, $1300 is floating around homeless..hungry..and lost.
I hang up with David, unsatisfied and tired of playing this run around game with no true help or asssitance from anyone. I decide to file a Better Busienss Bureau complaint (completely jacking up my timeline and saying March instaed of May..forgive a girl will ya?), Consumer Proctection Agency Compaint, and FDIC complaint on LoanCare LLC. I also email the ONLY valid email of someone in LoanCare LLC which I could uncover. Ms. Kim Bigham VP of Loan Administration is going to come back from vacation on Monday and see an unhappy email from me. I highly doubt she’ll even read it. I truly wonder if the tables where turned, I wonder how Ms. Bigham would feel if her coworkers, the coolish David and crew, treated her with such discard and complacent attitude. Or maybe the email might actually lead LoanCare’s management to rethink their customer service training program. Or maybe not.
Then I decide to make one final call. Equity Accelerator.
That was the most profound event in all of this. But before we move to the climax, let’s quickly recap..
Freedom Mortgage ceased managing thier home loans through LoanCare LLC on May 5, 2016.
LoanCare LLC continued to with draw money from my account from May — July 2016. errr….sctrach that
LoanCare LLC said they did not pull the money from my account. The bank draft statements clearly state LOANCARE, LLC.
Equity Accelerator kept pulling money from my account based on an old agreement not fully disclosed from May 2016-July 2016, UNDER the name of LoanCare LLC not Equity Accelerator.
So here I am calling Equity Accelerator to confirm my account request on July 5th actually went through. I spoke with Tricia, who spoke over me and informed me becasue I stopped payments I owed EA over $2000. Um, excuse me?
I asked for a supervisor. Mr. David gets on the line and completed berates me for cancelling the program. He then tells me I owe them over $2000 because when my bank stopped them from drafting they couldnt’ recoup the money already sent to Freedom Mortgage. Hold on Cowboy…I cancelled my account with you. Because you didn’t want to actually ACT on that request, and somehow screwed up, is not MY problem. Nor where you EVER authorized to withdraw money from account on 21 July. But David keeps yelling over me instead of listening to me. He didn’t even hear me compliment Tricia, intial customer service rep for being so kind. He was so rude and unhelpful, it was shocking. I finally told him EA would have to get the money back from Freedom and it was their problem (I have wasted WAY too much time fixing these three businesss’s baffoonery to do anymore), he started to scream at me.
Click.
I am done. Not ever, ever, should a company customer service manager scream at a customer or former customer. It is not my fault the company you represent cannot manage funds. Bottom Line, you are accessing my bank account without written or verbal approval from me. That is illegal and stealing.
Want more?
Researching LoanCare LLC and Equity Accelerator show that in 2016, the Consumer Financial Protection Bureau (CFPB) issued both companies penalities to fraudulant advertising pracitices. They where mandated to return the $38.4 million dollars collected on loan management fees back to the customers. (makes sense why David was so angry. No holiday bonus this year, eh?) Read it here.
On top of that, you can find plenty of good bathroom reading material from Better Business Bureau on Freedom Mortgage here. A whopping total of 403 complaints! Many of them is the company continues to withdraw funds from personal bank accounts AFTER the loan is tranferred.
What about LoanCare LLC? Not accredited through the BBB and has on file over 200 compaints.
What about Equity Accelerator? Rated an “F” by BBB.
So after this big financial crisis with balooning arm loans that exploded in 2009, it appears our consumer and financial regulatory commisions are not doing much better in protecting consumers from mortgage companies. The American dream of owning your own land and home should be burried along with history of pioneer days, since no one cares about corporate responsibility or the individual homeowner.
It’s Friday, July 22nd, 2016 and my personal mortgage crisis is not yet resolved. Disgusted and tired from making sure I hold up my end of the deal to pay every month, as the loan states, and the financial party can just carelessly toss my money (and thier responsibility of it) around like it’s loose leaf tea.
