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bornitz

Quicken sold my loan to LoanCare LLC

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Hi,

 

I received a letter today stating that Quicken sold my loan to LoanCare LLC. My LTV is over 80%. With the exception of the initial home purchase back in 2001, I have never used an escrow account, and have always paid my homeowners insurance and property taxes separately and in a timely manner. The initial down payment when I purchased the home in 2001 was over 20%, so I never paid PMI. I have excellent credit.

 

My question is two-fold.

 

1.  Can they force me to use an escrow account and if so, do I have any recourse?  This is a huge problem for me because I prefer to work directly with my homeowner's insurance (which is valued correctly) and LA County for property taxes. This way I can guarantee timely payment by not relying on a third party. 

 

2. I always used auto-pay with Quicken, but with the things that I read about this company, I'm tempted to go back to writing checks, much to my chagrin. Would I need to specify on each check the exact amount for principle and interest so they don't fail to apply the correct amount to each bucket, or is that pointless?

 

3. If things go sideways with this new company, is there any other agency besides Consumer Finance where I can file a complaint? 

 

While I realize that not everyone will have a problem, many of the problems I'm reading involve people who claim to make timely payments, and yet amounts were incorrectly applied, which marked their principle as late, and impacted their credit score. Another issue is that folks were forced to use escrow accounts despite not ever needing them in the past. Those are the types of things that I'm concerned with. I'm not set up in their system yet, otherwise I'd call to get as much information as possible.

 

Refinancing just to get away from them may be an option, despite cost, but there's no guarantee that the loan won't be sold back to them at a later date. So, I'd like to be prepared with as much information as possible.

 

Thanks in advance,

  Bonnie

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48 minutes ago, bornitz said:

Can they force me to use an escrow account and if so, do I have any recourse?

 

I'm not sure who "they" are, but no one can legally force you to do anything except what is required in your loan agreement.

 

 

48 minutes ago, bornitz said:

Would I need to specify on each check the exact amount for principle and interest so they don't fail to apply the correct amount to each bucket, or is that pointless?

 

You can write whatever you like on your checks, but payments should be applied in accordance with the loan agreement.

 

 

49 minutes ago, bornitz said:

If things go sideways with this new company, is there any other agency besides Consumer Finance where I can file a complaint?

 

I've never heard of an agency called "Consumer Finance," and your recourse if "things go sideways" will obviously depend on exactly what happens.

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Thank you pg1067. I called Quicken and both my deed and loan have a "waiver of escrow"  written, so that issue is resolved. They cannot force and escrow account on me.

 

The question about them correctly applying the principle/interest from payment was because they were not acting in accordance with the loan agreement according to some consumer complaints.

 

Here's the link to Consumer Finance agency. Hopefully, I will never need them.  https://www.consumerfinance.gov/complaint/

 

Thanks so much!

 Bonnie

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11 minutes ago, bornitz said:

The question about them correctly applying the principle/interest from payment was because they were not acting in accordance with the loan agreement according to some consumer complaints.

 

It's not principle, it's principal.

 

A payment is applied to principal and interest in accordance with a mathematical formula. You don't get to say what is applied to what.

 

You can use the following amortization calculator to see how your payments are applied:

 

http://www.bretwhissel.net/amortization/amortize.html

 

Keep in mind that the amounts may change slightly depending on the date that the payment is posted to the account.

 

 

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