Experience with Loan Care?

[tcalvert]

Has anyone had any experience with Loan Care? I have a Fannie Mae loan through Metlife that I'm trying to get modified. The mod paperwork was sent to Loan Care to work look through the paperwork and figure out if we qualify for a modification. I'm not sure about this company and was wondering if any of you have had any experience.

I think we might get the loan mod the only problem is we have cash in the bank. More than three months worth of the mortgage. We have a son with speical needs and we need that cash to pay for his health care, therapy, and equipment. I'm not sure what to do about that money.

Thanks in advance for your responses everyone is so helpful here. I read this forum regularly.

[Evan Bedard]

I'm sorry but I'm not familiar with Loan Care and do not recall anyone going through the process with him.

As far as the money you have saved up, we have been seeing quite a few people get denied for having three months or more worth of payments in their account. I can't tell you what to do, but you may want to consider holding some of that money in cash.. Personally I think it's BS the banks can do this! These lenders want people to exhaust everything they have worked so hard for..

[tcalvert]

Thanks for the response Evan. The money is a concern for sure I'll have to think about what we need to do...

[Evan Bedard]

Yes that is definitely important especially when the kids are involved. I wish you the best and I hope everything goes well

Good luck and please keep us posted on your progress!

[bobbysmith]

I'm actually filling out the loan mod package with LoanCare at the moment. Metlife had to outsource the work to LoanCare because they were backlogged with applications and couldn't keep up.

You can find out more about LoanCare here Home :: Loan Care Servicing

I originally sent out a mod package to Metlife but they didn't review and respond within the required 90-days, so I had to fill out another one The government requires them to have income docs no older than 90-days.

I was with First Horizon then Metlife bought them -- is that what happened with your loan as well?

[Evan Bedard]

Bobbysmith welcome and thank you for joining!

I would love to hear how the process goes with Loan Care..

[gz9gjg]

My loan is with Met Life and they subcontracted to LoanCare.

I found them much easier to get through to - fewer "on holds" and transfers - than MetLife's Loss Mitigation.

LoanCare processed my package, approved me for a HAMP mod, and beat the date they told me.

However, they say I have to go back to Met Life if I am not satisfied with the HAMP mod they offered. Since I am $150k + underwater I am in no hurry to accept!

My "negotiator" is Philip Brewer; he lectured me that I signed up for the original loan amount and ought to honor it . . . on the other hand, he promised to call me back tomorrow and share info in my file such as "AVM" (appraised value).

Good luck . . .

[Evan Bedard]

However, they say I have to go back to Met Life if I am not satisfied with the HAMP mod they offered. Since I am $150k + underwater I am in no hurry to accept!

My "negotiator" is Philip Brewer; he lectured me that I signed up for the original loan amount and ought to honor it . . . on the other hand, he promised to call me back tomorrow and share info in my file such as "AVM" (appraised value).

Be aware that no lenders are offering principle reductions. Honestly, I have seen maybe five in the past two years and three of them were from Wachovia and only a very small reduction compared to the size of the loan..

[gz9gjg]

Hello Evan,

Yes, I know it's rare as hen's teeth. But I still have to try!

I am prepared to let this one go to short sale and move back to my old house which is currently not rented.

Regards . . .

[bobbysmith]

LoanCare processed my package, approved me for a HAMP mod, and beat the date they told me.

However, they say I have to go back to Met Life if I am not satisfied with the HAMP mod they offered. Since I am $150k + underwater I am in no hurry to accept!

My "negotiator" is Philip Brewer; he lectured me that I signed up for the original loan amount and ought to honor it . . . on the other hand, he promised to call me back tomorrow and share info in my file such as "AVM" (appraised value).

Good luck . . .

How long did it take LoanCare to review your loan and get back to you?

Keep us updated on the appraised value. I'm curious if the new appraised value affects the loan package. We are in a similar position being $80k+ underwater and paying $1k more a month than we could if we rented. If banks really aren't going to reduce the principal based on the current appraised value a loan mod then what's the point? Seems walking away is really the best solution

[gz9gjg]

LoanCare had my file from MetLife about December 3 '09 and all my docs December 11 '09. My HAMP mod offer is dated January 18 2010.

So with the Christmas holidays that works out to 38 days & 26 business days.

Good luck . . .

[tcalvert]

Awesome news about the mod with loancare. I called them today and they said my loan is still in review. I hope we hear from them soon.

My original lender was First Horizon and then it was sold to Metlife. I still have my second with First Horizon and I just got preliminary approval for a loan mod with them. I'm not sure if I should sign without the first doing something too. I think that's worth starting another thread.

[gz9gjg]

Hi tcalvert,

MetLife is my loan servicer. My loan is with First Horizon Home Loans, division of First Tennessee Bank National Association. My HAMP paperwork is from First Horizon and that's who I am supposed to make my payments to.

I only have a 1st mortgage, no 2nd; zero down was a better deal. But I am under water more than $150k.

Waiting for callback from the negotiator . . . hope I can get some info like appraisal, credit score, etc from him.

Good luck . . .

[Lisa1023]

Hi all. I'm currently waiting to hear back from Loan Care. I too had a mortgage from Metlife, applied for the loan mod in August 2009, but Metlife only "logged in my paperwork in September, so they consider my application time to be 9/09. They transferred my account to LoanCare for HAMP in mid/late January. On Feb 4th they asked for a couple of paystubs which I got them within a week. (I had it to them the next day, but they didnt get the fax... dont let them tell you to fax them papers !! Ask for an email address to scan and email documents to !)

I called today and spoke with my rep, who was a living doll, pleasant, helpful, personable... I had a question for her about my credit card debt. She told me that she should be working on my loan mod by the end of the week. She told me she "can get me on the program here." Which i take to mean that she CAN get me a loan mod, so I am very excited, but I wont count my chickens before they hatch....

Metlife Home Loans is terrible. I applied for my mortgage with them fresh out of my divorce in 2008. I was really worried about owning a home all by myself and decided that they would tell me what I could afford, which they did... and I found a house for $10,000 less than what they told me was my max. I ended up in a $1,613.00 mortgage when my base take-home pay is like $990 every 2 weeks. I am forced to work my tail off every single week with overtime for months and months just to keep afloat. My mortgage was $1532 for one year, and then they "realized that they had underestimated my property taxes" and were going to raise my mortgage to $1700 and change unless I was able to come up with the $1400 escrow difference in one lump sum. (thank you mom, whom I still owe on that for).

Stupid me for letting a mortgage company tell me what I can afford. I honest to goodness thought I could trust a money loaner since they scrutinize every financial aspect and all.... now I know better. 25 to 31% of your pay should be what your housing costs.

What a shame. All around.

That's my story so far. I'm keeping my fingers crossed for an affordable mortgage.

[gz9gjg]

I talked to my negotiator at Loan Care today.

The AVM for my home is listed at $219,000 - pretty much the same as Zillow. An identical house was auctioned for $184,000 2 weeks age, and another identical house is listed for $182,000.

He said he did not have access to much information, didn't have my credit score for example.

Also, he stated the NPV is "run" by the Treasury Department, all he sees is an input screen and the Pass/Fail result.

[brian81]

Hello,

I just want to follow your experience with Loan Care. Mine is still under review for the IDI result, after I refuse to take the in-house mod. I was told by my negotiator to *NOT* call since it's just going to slow things down. How is your experience with loan care?

Brian

[LUCAS23]

I am now working with Loan Care after being taken for a fool by the Mortgage Counselor at Lend America, may he have no problem sleeping at night. (Actually he probably sleeps pretty well, I am sure...no conscience.) The loan that was supposed to be reviewed after 6 months of on time payments, and the interest rate lowered died on me when Lend America went under. Now I wonder if it was a lie to begin with...hmm, he never put that in writing. So I called FHA and was told that all bets were off, to hire an attorney to modify my loan. They were so unhelpful and rude! No lawyer for me, can't do that as there is no extra money.

SO I finally was able to talk to a sensible person at Loan Care and they advised me to start the mod request process, but kept saying that I needed a reason. Isn't the reason that my mortgage is more than 46% of my income enough? I hope so. Or how about the fact that the condo value fell to $124,000 and the home is $139,000?


I don't hold out much hope on this, because it seems that what I thought was going to be an affordable FHA Mortgage was also sold with a pack of lies. I feel so stupid and mad at myself for trying to turn a wickedly high subprime 1st and 2nd mtge into a fixed one. But Lend America took the money and ran. I wil be interested to know how Loan Care mods work out. Good Luck

[Lisa1023]

Yesterday i called to check my status. The receptionist finally picked up after 34 minutes of hold time. MetLife held my application for 3 months, and then gave it to LoanCare at the end of December 2009. Over the last 5 weeks or so, I've intermittently talked to my file rep at Loan Care, Debry Harris. Well the receptionist yesterday tells me "On 3/17/10, MetLife gave us your file to take over the HAMP application." I was like "Oh no that did NOT just happen, it happened 3 months ago!! I've already been assigned a rep there in your office, Debry Harris, and have spoken to her several times!" She blew me off like I was a nut job straight out of the Kuckoo Farm. She gave me my (new) rep's name and number there at "Service Link/LoanCare." I hang up, call the guy's number... it was 5:02 p.m. His voice mail let me know his hours are from 8 am to 5 pm. Thanks for the 34 minutes on hold Loan Care. I left that new guy (Josh Banker) an extensive message yesterday at 5:02 pm. By mid morning today, I hadnt heard back.... yada yada, I left 2 more messages for him today with no bother of a return call from him. I called the original Loan Care number a few times today also and every time got the recording "The person you are trying to reach's mail box is full. Good bye. " I wasnt calling my rep, Debry Harris, rather i was calling the receptionist's main line. WTF !!! ??? I mailed in my application for loan mod in AUGUST last year !! I have been hearing for almost 7 months "its in review." What a friggin load of horse crap! My mortgage is about 70% of my pay ! I am definitely eligible for a mod! They are all playing games, every last one of them. Just tell me NO and to go jump off a cliff at this point. I'd rather hear that than be lied to and misled for month after month and soon to be a year. I am completely out of patience. JUST TELL ME NO !!

[Garry]

I don't know anything about loanCare, but I feel your anger Lisa. Best thing I can say is try to hang in there.

[ugogerl]

I am also with MetLife, previously with First Horizon, had a Forebearance Agreement for 6 months (half payments) with First American who MetLife outsourced my loan to for this agreement due to a car accident I had that put me out of work for a few months. I sent in more paperwork a couple of weeks ago almost the same as what I had sent in 6 months ago including my hardship letter because the forebearance ended. I also sent a check for my monthly payment with extra as well. They returned the check and told me that they needed the full amount. I've talked to 3 different people at MetLife who gave me 3 different amounts. I was also sent a letter that I was going to be foreclosed on. I was also told to talk to their attorney who had my paperwork to begin foreclosing. I've talked to the attorney and she advised to talk to loss mitigation and contact them on a regular basis. I've talked to numerous MetLife reps and do so on a daily basis putting the calls on speaker phone until I get through which averages about 30 minutes a call. I continue to call daily to get an update. Today I was told my loan was turned over to Loan Care another outsource organization working with MetLife. Now I have the number to LoanCare and I called but could not get through but did leave a message. I will try again tomorrow. I take every name of every person I talk to and take notes on what they say. I am determined to get to the right person and get this resolved. All I am asking for is the amount I can't pay right now (about 4 months) to be added to the loan and lower my interest rate of 8.75%. I am back in a position to pay my monthly but can't currently pay the arrearage in full. It just doesn't seem right that they won't even talk to me directly to work something out. It is like they take the files and hand them off in the hopes we get tired of contacting them. The forebearance ruined my credit and I can't go somewhere else to get refinanced right now either.

[tcalvert]

Well I was close. All my paperwork was in and I was waiting for a processor. I just got a letter in the mail that my loan has been transferred from Metlife to IBM Lener Business Process Services. So all the work, phone calls and waiting will need to be done again. Ugh!

[gz9gjg]

Hi tcalvert,

I got the same notice, that my loan servicing has been sold to LBPS. I have been in HAMP trial since March 1. I also received an insert in my MetLife mortgage statement stating the files etc would be transferred to LBPS, and "Please be advised that this transfer may extend the time needed for a final decision."

I emailed my negotiator at LoanCare this morning, asking if he knows yet if LoanCare will still be working my file.

If you have a negotiator's name there, the email will be:

first.last@servicelinkfnf.com

Good luck . . .

[ugogerl]

I, too have been sold to IBM - LPBS. It is April 30th. I plan to start calling them on Monday. Anyone have any additional information and help in their experience it would be appreciated. Thank you.

[bobbysmith]

I, too have been sold to IBM - LPBS. It is April 30th. I plan to start calling them on Monday. Anyone have any additional information and help in their experience it would be appreciated. Thank you.

I too was first with First Horizon --> MetLife --> now IBM Lender Business Process Services (LBPS)

Has anyone been able to speak with LBPS or have any other information?

[gz9gjg]

My loan was with First Horizon, servicing sold to MetLife, now transferred to IBM LBPS.

I called last week to find out if they had credited my May 1 payment yet. Their recording states "any info they collect may be used in debt collection" or something like that. The person I spoke with kept asking me questions, I refused to answer after she had enough to "identify" me. I asked 3 times, had they credited my payment? Finally she told me "we won't know that until the 15th".

Their website is crap. Their representative was unhelpful. I got a collection call today from 240-699-8898 "in connection with your current home mortgage".

So my experience to date is not good.

Good luck . . .

[venturagirl]

I have a Freddie MAc loan through First Horizon. I started the loan modification process in November of 2008. After making no payments for nearly 12 months, and being volleyed from FH Loss Mitigation to LoanCare and now ServiceLink, I have (finally!) received approval for a trial modification. I made my first payment this month. At least it is going in the right direction. I have found Service Link to be a tiny bit more helpful than Loan Care. I have gotten through to my negotiator there once in person, and she seemed nice enough. I'll withhold further judgement for now.

I am anxious for the loan to be converted to permanent. I am annoyed that FH is going to completely re-evaluate my eligibility in 3 months after I make my trial payments. I turned in 2009 tax returns and pay stubs in April 2010 to be deemed eligible in May 2010. How long can this drag out?

Anyone out there get a permanent modification through FH recently? What was the process like for the permanent modification?

[hopalong1]

I spoke to an awesome, friendly lady on the phone that happened to be my loan modification person. She told me that that the bank wanted to work this out so that we could keep our home. The great thing is that I did not have to stay on hold except for about three minutes and I actually got to speak to her! I have talked to her again and we plan to speak on Monday. So, I will keep you all posted and let you know what happens. They have already done more than FH had done in a year! I would encourage you to get on the phone with LBPS asap to get the ball rolling!

[tcalvert]

I'm running into nice people too but I'm not sure what that means. I almost feel like they are all saying they can help meanwhile just pushing the foreclosure process along. I have a trustee sale date for July I don't want to lose the house but now we have to start all over with the documentation since everything is old and I just don't see how this is going to end well.

[hopalong1]

tcalvert- Find out who the attorney is that is handling your foreclosure and call them. Is it a Fannie Mae or Freddie Mac loan? I would call them too. When we were going through that all I did was stay on the phone (as much as I could) calling the bank, sometimes twice a day. Waiting to hear from LBPS. They have already ( in less than 2 weeks) recieved my appraisal to start the process. When I commented on people with LBPS being nice I guess I should have said that they seemed to be very helpful and GENUINE in trying to help us out. I hope it continues to go that way! I will let you know. I say keep on calling!

[Lisa1023]

Well, i have officially given up on the Obama HAMP program. I just give up. I put in my application to Met Life Home Loans back in August 2009, got transferred to LoanCare in December 2009, got a new guy in charge (Josh Banker?) in around March... and this guy does not return emails, does not return phone calls, and hasnt done jack squat either.

This entire program is a huge joke. They are literally just running everyone around in circles until they get dizzy enough and let go and give up.

I'm again trying to refinance. Waiting a year is not acceptable. I have the writing on the wall. It's a big game.

[tcalvert]

Whelp that's it. IBM ran it all the way down to the wire telling me I didn't qualify for HAMP but would for a different program through Fannie. Then in the end said I didn't qualify for that program either. They have mentioned a 6 month forbearance but they want money down and the fees won't stop piling up. So we've decided to walk away...

[Betrayed]

Loan Care is crooked just like all the others-we got behind month on our mortgage and they are now using Loan Processing Services as scare tactics. We are less than 30 day behind on our mortage and when we call them they say everything is fine yet we keep getting harrassed by Loan Processing services saying they came to make sure our property was winterized and letters for us to return asking who was living in the property. AVOID LOAN CARE!!11

[Rosita]

In October of 2011 I applied for HAMP with LoanCare and a few weeks thereafter in November I was approved for the 3 months
trial period (Dec, Jan and Feb). I made all 3 payments on time according to the agreement and I am now anxiously awaiting for my
permanent modification any day now.. (hopefully). My experience with LoanCare has been a positive one. Overrall fast and courteous. I will be giving LoanCare a call sometime this week to check on the status...Not sure what if any payments need to be made this month (March) but I have my funds ready just in case. Will get back you all with an update.

[Rosita]

Betrayed--yes LoanCare does use LPS as a scare tactic... they do it me. It's just protocol. Actually, they usually leave the
note on the door and leave quickly..they don't even knock on the door. I received another LPS note on my door
last Friday and was baffled because I am like I am waiting for my permanent modification right now.. I called LoanCare right away
and inquired about it.. they said it is just protocol. Once the permanent Mod is in place it will all stop. It is annoying but what can you do.

[Evan Bedard]

In October of 2011 I applied for HAMP with LoanCare and a few weeks thereafter in November I was approved for the 3 months
trial period (Dec, Jan and Feb). I made all 3 payments on time according to the agreement and I am now anxiously awaiting for my
permanent modification any day now.. (hopefully). My experience with LoanCare has been a positive one. Overrall fast and courteous. I will be giving LoanCare a call sometime this week to check on the status...Not sure what if any payments need to be made this month (March) but I have my funds ready just in case. Will get back you all with an update.

Welcome Rosita and thanks for joining the community.

It is important to make sure you follow up with your servicer weekly to ensure everything is going good with your account. Also you will need to continue making the trial period payments until a final decision has been made.. I have seen quite a few people turned down for permanent HAMP assistance because they stopped making their trial payments after the first three months was complete...

[Rosita]

As I mentioned before my 3 month trial period ended in February and I was waiting to hear from Loan Care about
my permanent modification because I was not sure what to do this month (March). I decide to call them last
week and I spoke with my service provider. I have been dealing with him since last October 2011 and never
spoke with him until last week. Very courteous professional who was happy to assist and give me the good news
that my modification was made permanent. He explained that the paperwork was in the mail and that I need to get
it notarized and mailed back to him. He explained the terms and type of assistance they were providing..basically from what I understood I was close to the 30% income something or other..so my payments will basically almost stay the same (65.00 less) and the interest rate will be the same as the original loan. What is owed will be put towards the back end of my loan once paid off in 30 years. I was not under much (only 3 months...was on unpaid maternity leave for 5 months and that's how we got behind) and basically what they are doing is giving us a fresh start.. I am happy with that. I don't have to pay mortgage this Month and our first payment starts April 1st.

I am waiting to receive the papework any day now so that I can read it in detail and send it back. All my husband I wanted was a fresh start and they knew we were trying our best to keep up.

So, if you ask how is Loan Care..there you have it. Fast and courteous and I thank god for HAMP.

[Rosita]

Also, Loan Care waived all the late fees and other charges they applied during the time we
were delinquent.

Welcome Rosita and thanks for joining the community.

It is important to make sure you follow up with your servicer weekly to ensure everything is going good with your account. Also you will need to continue making the trial period payments until a final decision has been made.. I have seen quite a few people turned down for permanent HAMP assistance because they stopped making their trial payments after the first three months was complete...

[Rosita]

As I previously mentioned my modification became permanent thereafter my 3 month trial was over (Dec 2011, Jan 2012 and Feb 2012). I was mailed my permanent modification papers and got them notarized and sent back to LoanCare. My first payment was due on April 1st 2012 (I didn't have to pay for March 2012 yeehh). Anyway..everything was fine until I recently called this July 2012 to pay my mortgage (ontime of course and I got some more good news. It so happens that when they sent my modification papers for processing/approval they were kicked back and LoanCare was told that my interest rate had to be reduced. I then asked to confirm and to speak directly to my loancare servicer and he confirmed and explained the situation..told me they had to reduce my interest rate by law because I have a FHA loan and they made a mistake. He then told me my new mortagage amount reduced by 125.00 dollars..what my new payment due date is starting AUGUST 1, 2012...I do not have to pay July. All the paperwork was on its way in the mail and I have to notarize all over and send back. I received the paperwork yesterday. Very happy with the outcome.

As I mentioned before my 3 month trial period ended in February and I was waiting to hear from Loan Care about
my permanent modification because I was not sure what to do this month (March). I decide to call them last
week and I spoke with my service provider. I have been dealing with him since last October 2011 and never
spoke with him until last week. Very courteous professional who was happy to assist and give me the good news
that my modification was made permanent. He explained that the paperwork was in the mail and that I need to get
it notarized and mailed back to him. He explained the terms and type of assistance they were providing..basically from what I understood I was close to the 30% income something or other..so my payments will basically almost stay the same (65.00 less) and the interest rate will be the same as the original loan. What is owed will be put towards the back end of my loan once paid off in 30 years. I was not under much (only 3 months...was on unpaid maternity leave for 5 months and that's how we got behind) and basically what they are doing is giving us a fresh start.. I am happy with that. I don't have to pay mortgage this Month and our first payment starts April 1st.

I am waiting to receive the papework any day now so that I can read it in detail and send it back. All my husband I wanted was a fresh start and they knew we were trying our best to keep up.

So, if you ask how is Loan Care..there you have it. Fast and courteous and I thank god for HAMP.