Complaint Review: Loandepot

I obtained a mortgage from Loandepot for a home in 2014.  In February of 2016 while attempting to pay my mortgage payment of $1858.33 I was unable due to the fact that the website was saying my mortgage was $2186.93.  Thinking this was a computer “glitch” I called imortgage and was told that my mortgage was now $2186.93 (and $328.60 increase) because a deficit in escrow due to an increase in property taxes, even though my property taxes were current.  I argued for more than an hour that could not possibly be correct and could I pay my agreed-on mortgage payment until they got it straightened out.  I was told no.  I could not afford the new payment and would not have qualified for a loan with a mortgage payment of that amount. 

Imortgage offered me all kinds of programs like refinancing and loss mitigation options to help me but they all cost more money and more importantly, I knew that they were wrong about the property taxes.  I had several phone calls with Imortgage with multiple people telling me different reasons for the increase.  I finally had to sell or lose my home.  I listed my home at the beginning of April 2016 and it sold right away.  I did not pay my mortgage in February or March and Loandepot reported that to the credit bureaus.  After the home had sold Loandepot adjusted the escrow deficit to $432.31, and spread that out over 12 months so my mortgage payment increased $36.03 instead of the massive $328.60 which was approximately what I thought it should be; however, it was too late because the home had been sold. 

This deliberate or not, inaccuracy has been very costly for me.  To date, I am out $69,748.70 for rent, realtor fees, deposits, storage, moving fees and so on.  I have written to Loandepot trying to get my credit cleared and they have done nothing except send me a snarky response saying these things happen.  The BBB was no help either.  This home was a multi-generational home, my grandsons lived there with my daughter and her husband.  They had to leave the state for a period of time due to not having a place to live.  The unethical business practices of Loandepot has severely impacted my family financially and our quality of life.  They should be investigated for their incompetence or unethical and possibility illegal activity.  This company either made changes to my account to try and sell me other services to save my home or because they have idiots working for them.  My belief, it is both.