Stearns Lending LLC

why is it taking so long for Sterns Lending to get the payment back? I asked them to get a hold of the tax office to find out where the payment is. The payment was returned from the tax office 12/15-2016. They are trying to tell me that I need to wait more time to get my money. Because it was their error, it is their job to go sour where is the payment and the status. Stern Lending should be expediting my payment and tracking its status. I spoke to my new lender [redacted] Mortgage and they told me that Sterns Lendings payment is the one that is being returned. Just like I said, Sterns Lending should have ever made the payment in the first place knowing that my loan was in the middle of being teninanced. When [redacted] Called for payoff, the taxes had not yet been paid.  Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted],.  I can neither accept or reject this information until I have clarified it with my attorney. I was told my bankruptcy was closed do this is COMPLETELY new and unexpected information to me Please allow me a couple of days to confer and confirm these statements.  I do appreciate finally hearing SOMETHING from Sterns. That alone is worth a lot. d have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

We are responding to the complaint filed against Stearns Lending by [redacted] (“The Borrower”) with your organization.  The Borrower states that although she has reaffirmed her mortgage with Stearns Lending through her Bankruptcy, she has not received any statements. We have consulted...

with LoanCare, the sub-servicer of the Borrower’s loan to assist we this response. The Borrower’s reaffirmation agreement was filed on December 7, 2016 and she was discharged from the bankruptcy on February 3, 2017.  The delay in closing her case and being able to return her loan to regular servicing is due to the Trustee having declared the Borrower’s bankruptcy an asset case.  The docket does not indicate what assets the Trustee is investigating for possible liquidation. LoanCare is unable to close its bankruptcy workstation in connection to the Borrower’s loan until 1) The Trustee files his final report, showing he does not have interest in our real property, and 2) the court closes/terminates the bankruptcy case.  This is normal bankruptcy procedure.  Upon termination of the bankruptcy, the bankruptcy workstation will be closed, and if the loan remains current, it will be moved to regular servicing where monthly statements, credit reporting, etc. can resume. Payments being shown as “irregular” has no bearing on the Borrower’s account.  This is a notation which could mean many things.  As the loan is in current bankruptcy status, payments are manually applied, thus the “irregular notation” in this case.  All payment have been received and loan is current. LoanCare’s records show no record of dropped calls; however, we regret that the Borrower was unable to be provided with the above explanation.

[redacted]
[redacted] [redacted]
[redacted]
[redacted]
[redacted]
Good afternoon, I submitted a complaint to your organization (ID shown above)and received a reply from Stearns Lending (a huge thing since they’d refused to communicate with me at all previously).Your format required a reject/accept, which I rejected until I could take the information given to my attorney.I requested a few days to do so since he was out of town attending a family funeral. I have now heard from my attorney concerning the information provided by Stearns.Based on the reply they provided, and the information/clarification given by my attorney, I am now prepared to close my complaint as resolved (at least temporarily). Your online form does not provide a means to do that.It simply says something about “no further action needed at this time”.So I wasn’t sure how that do this.Please accept this submission as part of that file and act accordingly. Thank you. /s[redacted] [redacted]

We are responding to the complaint filed against Stearns Lending by [redacted] with your agency regarding the late posting of his February 2016 mortgage payment. We have reached out to LoanCare the current servicer of Mr. [redacted]’s loan to assist us with this response. Prior to receiving Mr....

[redacted]’s February 2016 mortgage payment, a request was received to set up an escrow account.  In order to ensure the funds for the initial escrow deposit were applied correctly, a stop was placed on Mr. [redacted]’s account, so that funds would be manually applied to the account.  However, funds to establish the escrow account were never received. On February 5, 2016, the payment processing center received Mr. [redacted]’s mortgage payment in the amount of $1,931.19.  Due to the stop on Mr. [redacted]’s loan, this payment was not automatically applied, resulting in a delay in the manual posting of the payment on February 19, 2016 and the assessment of a late fee on February 16, 2016. Mr. [redacted] called regarding his payment on February 29, 2016, informing us that his check cashed on February 5, 2016.  He was advised to send his request in writing.  Mr. [redacted] called on March 2, 2016 regarding the late fee and was told by the representative that to waive the fee, it required a supervisor’s approval.  Mr. [redacted] was told on March 4, 2015 that the waiver of the late was in progress.  The waiver of the late fee was approved and reversed from Mr. [redacted]’s loan on March 10, 2016 and this was communicated to him on March 11, 2016.  There was no negative credit reported. We apologize for any inconvenience Mr. [redacted] may have experienced with regard to this matter. Tell us why here...

I have conducted a review of the borrower’s loan servicing
file, together with the borrower’s concerns outlined in his letter to the
Revdex.com. I verified that a check in the amount of $17,654.04 was
received from AllState Insurance Company for wind damage sustained to...

the
borrower’s property.  
The attached letter was issued by LoanCare, Stearns’
subservicer, outlining the documentation needed in order for LoanCare to issue
the insurance proceeds. After the appropriate documentation is submitted, the
first disbursement of 1/3 of the total proceeds is released to begin repairs,
along with the directive that the second draw (another 1/3) would be issued
upon 50% completion of the repairs, with the final 1/3 being released at 100%
completion.
At the time of this response, the first disbursement of
$5,884.68 has been issued to the borrower by LoanCare.
The crux of the borrower’s complaint stems from this
schedule of disbursement of equal one-third payments following the initial
one-third disbursement.
These partial, periodic payments, or “progress payments” are
a typical method of disbursement regarding homeowners’ claims on properties
secured by a home mortgage. Disbursement of funds in a series of progress
payments due to property damage is also referenced in section five of the
borrower’s mortgage (attached). Distribution in thirds is also a typical
progress payment interval, although unfortunately many homeowners may not know
of this until property damage necessitates filing a claim.
Part of the reason behind the periodic distribution by a
loan servicing company is that the servicer has an obligation to protect the
investor’s security interest in the property, and ensure the repair work is
actually being completed with the funds disbursed to the homeowner. However,
this is tempered by the fact many contractors are familiar with this concept of
progress payments and understand some monies are withheld during the
reconstruction process and until completion, and such can be negotiated between
the homeowner and the contractor.
Hopefully this will help explain the claim process. Clearly,
suffering property damage along with the subsequent rebuilding process is
difficult, as is any loss, but hopefully the borrower will be able to work
within these confines once the repairs begin and his shop properly restored to
its prior condition.