LoancaterReviews of loancater.com

THIS IS AN UPDATE FROM THE PREVIOUS REVIEW**** Ryan, thank you for responding. I appreciate you acknowledging that the net amount we ultimately received was not enough for what we needed and, more importantly, your statement that Locator will continue working with us to help provide the difference. I do want to clarify one important point regarding the liens and other amounts that were paid, because this is a major part of why the experience has been so upsetting for us. One of the obligations that was paid was discussed directly with the city afterward. According to the city, this particular obligation does not function like a traditional lien requiring immediate payoff. We were told that it would only become relevant if we sold or refinanced the property and that it is scheduled to fall off in approximately five and a half years. When we explained to the city how the transaction had been handled, their questions were essentially: if this money is being held because of an obligation that WILL fall off in several years, what happens to that money during that time? Is it earning interest? And if the obligation eventually disappears, are we then expected to track someone down years later to recover money that could have remained available to us now? That raised serious concerns for us. The other large amount involved a mortgage modification in which a balance had previously been placed at the end of the mortgage. After speaking with HUD, our understanding was that this amount did not actually need to be paid as part of this transaction. We were told, in substance, that because the payment had already been sent, they accepted it and adjusted the loan accordingly—but that this was funding we likely could have used instead. Another gut blow unfortunately That is why the statement that these obligations simply “had to be paid” is difficult for us to hear. Taken together, we are talking about close to $40,000 that we did not get to utilize. That is not a small difference for us. That was funding we desperately needed and a major reason we were willing to leverage our home in the first place. So while I understand Loancator’s position, the information we received afterward from the city and HUD makes us question whether all of these payments truly had to be handled the way they were. This is also why the situation feels like more than just receiving slightly less than expected. We took on a significant new obligation against our home, lost access to approximately $40,000 of the capital we expected to use, and are now finding ourselves back in essentially the same financial hole we were trying to climb out of and for receiving only 7% utilization! That has been incredibly stressful and, frankly, disheartening. I do appreciate your willingness to continue working with us to obtain the difference needed. If Loancator and its lending partners are able to help bridge that gap and get us to the position this financing was originally intended to create, I will absolutely update my review to reflect that. For now, though, I think it is important to accurately explain why we are so concerned about the way the transaction was structured and where such a significant portion of the proceeds ultimately went.