Hold Up, LoanCare! Did You Get Caught Shortchanging Borrowers in 2022?
Imagine you’re diligently paying your mortgage, dreaming of that day the house is truly yours. Suddenly, whispers of a class action lawsuit against your loan servicer, LoanCare, surface. Hold on, what? Did they mess with your payments, your interest, or something even more concerning? Let’s delve into the 2022 LoanCare class action lawsuit and see if it rings any bells for you.
The Allegations: A Double Whammy?
Two separate lawsuits surfaced in 2022, both pointing fingers at LoanCare’s practices. One, filed in West Virginia, claimed the company charged “inflated and incorrect” interest, essentially shortchanging borrowers on their payments. Think of it like paying extra at the grocery store, only to find out later you were overcharged. Not cool, LoanCare.
The other lawsuit, originating in Colorado, focused on alleged violations of the Fair Debt Collection Practices Act. Imagine a debt collector using unfair tactics to pressure you into payments. This lawsuit claimed LoanCare crossed that line, potentially impacting borrowers across the state.
Where Do Things Stand Now?
Both lawsuits are still in their early stages. The West Virginia case received preliminary approval for a settlement in July 2022, but details haven’t been publicly released yet. The Colorado case is still awaiting a judge’s decision on whether to grant class action status.
So, Does This Apply to You?
If you live in West Virginia or Colorado and have a mortgage serviced by LoanCare, it’s worth staying informed about these lawsuits. While it’s too early to say definitively if they apply to you, keeping an eye on developments can help you understand your rights and options.
Remember, I’m not a lawyer, and this isn’t legal advice. If you have concerns about your LoanCare mortgage, reach out to a legal professional for personalized guidance. They can help you navigate the intricacies of the lawsuits and determine if you might be part of the class action.
Stay tuned for updates! As these lawsuits progress, more information will likely become available. Keep an eye on legal news websites and resources specific to your state to stay in the loop.
References:
Six v. LoanCare, LLC: https://casetext.com/case/tederick-v-loancare-llc
Tederick v. LoanCare, LLC: https://casetext.com/case/tederick-v-loancare-llc
Law360 LoanCare Cases: https://www.law360.com/companies/loancare-llc/cases
Remember, knowledge is power, especially when it comes to your finances. Stay informed and empowered!