Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #1037210

Complaint Review: Nationstar Mortgage - Irving Texas

  • Submitted:
  • Updated:
  • Reported By: Las Vegas Property — Sierra Vista Arizona
  • Author Not Confirmed What's this?
  • Why?
  • Nationstar Mortgage 4000 Horizon Way Irving, Texas United States of America

Nationstar Mortgage Dubious refinance practices Irving, Texas

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Last July I started refi paperwork with Nationstar who holds my mortgage in Las Vegas. At the time my house was underwater as all houses in Las Vegas were. We had owned the house for four years at that time; bought at $270,000 with $70,000 down. Nationstar said the house was only worth $160,000--we owed $182,000. The processor at Nationstar said that in all probability we would still be approved for a 4.5% refi because of our excellent payment record and excellent (over 750) credit rating. Our current interest rate is 6% and we had been convinced to do Equity Accelerator which means we pay $365/week ($1400 a month) with high penalties for changing from the Accelerator. So I filed the papers and waited. And waited. And every few months I would contact the processor and he said that it was at the underwriters. Four months at the underwriters. December it finally cleared the underwriters but I was told I needed to "update our financial information." Fine, did that. February was told the papers were now going to the processor's manager. March I tried contacting the processor. No response. Tried contacting the processor's manager. No response.
 
Finally, today, I had a call from a NEW processor who said that she was taking over my file and we needed to update our financial information before she could proceed. Hmmm. . .this is beginning to sound suspicious. Is Nationstar unwilling to complete the refi because it will mean significant drop in their revenue from us? We had also been told we could go to monthly payments as we didn't want to pay the extra Equity Accelerator payments. In the meantime, thank heavens, the market in Las Vegas has improved and apparently our house is no longer underwater financially. So I told the woman that I was going to file a complaint with the Consumer Protection Agency (and anyone else who can do anything about this) and I was going elsewhere for either a refi or to sell it. BUT I also told her that I would continue to make payments so NOT to do anything about my mortgage, like change the terms to their further advantage. My aim in posting this is to see if anyone else has had a similar experience with Nationstar and, if so, would they be willing to file a complaint with proper authorities too? I am thinking of going to the Mortgage Consumer Protection Agency in Washington and/or the Nevada Attorney General.

This report was posted on Ripoff Report on 03/22/2013 05:59 PM and is a permanent record located here: https://www.ripoffreport.com/reports/nationstar-mortgage/irving-texas-75063/nationstar-mortgage-dubious-refinance-practices-irving-texas-1037210. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now