• Report: #204484

Complaint Review: Centex Home Equity - Nationstar Mortgage

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  • Submitted: Fri, August 04, 2006
  • Updated: Thu, November 30, 2006

  • Reported By:Beaverton Oregon
Centex Home Equity - Nationstar Mortgage
350 Highland Drive Lewiston, Texas U.S.A.

Centex Home Equity - Nationstar Mortgage ripoff incompetent liars scammers non-compliant rude ignorant dishonest fraudalent righteous consumer always wrong Lewiston Texas

*UPDATE EX-employee responds: Why 4-6 weeks

*UPDATE EX-employee responds: Get your facts straight before you respond

*UPDATE EX-employee responds: Centex Home Equity

*UPDATE EX-employee responds: Centex Home Equity

*Consumer Comment: Centex/Nationstar

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We have been through 4 years of pure h**l with Centex Home Equity (recently changed to NATIONSTAR MORTGAGE)..."same lousy service!"

I could write a novel about our experience, but will copy my last online email to this very scrupulous company. No consumer deserves such treatment and I plan to see if the law firm "Lieff, Cabraser, Heimann & Bernstein, LLP" is still considering or in the midst of filing a class action lawsuit against this firm!

I cannot imagine how many people have suffered at the hands of this RIPOFF LENDER!! It's been an exhausting battle, and it so seems they NOW want to work it out...yea, sure...now that they realize the complete incompetance we suffered at their own hand. I plan to return the favor they so rudely refused to deal with then, UNTIL 4+ YEARS LATER. Humph...too late, it's MY TURN NOW!

CONSUMERS--->HEADS UP, BEWARE...CENTEX HOME EQUITY HAS NOW CHANGED THEIR NAME TO NATIONSTAR MORTGAGE - which they love to say, "same great service"....

**I RECOMMEND YOU RUN FOR THE HILLS BEFORE EVER DEALING WITH CENTEX HOME EQUITY...now known as NATIONSTAR MORTGAGE (don't do it...you will only suffer in the end, and likely for years!)**

This email got action...FINALLY (yet a little late) sent on 7/19/06 directed to Centex, but forced to deal/send to: www.nationstarmtg.com --->

This is absolutely appalling how your "staff" is dealing with me today! I readily admit I'm sick of being jerked around, but the constant interrupting, being put on hold, transferred here, then there, back to prompts...now holding for supervisor is ridiculous! I do believe now your company is making every attempt to avoid answering my question with COMPLETE HONESTY.

I have a huge file with complete documentation and will no longer tolerate what has happened since John Doe went into bankruptcy. We are NOT married; I was NOT part of the bankruptcy...yet thru the entire ordeal was treated as such. My calls & numerous letters of requests never were addressed. During that time Centex moved without notification (to me or attorney) and also NEVER gave notice of several increased payment amounts with the ARM loan we had.

Yet, you folks had no problem charging late fees while my 'on time payment' found it's way to your new location (in the end, it took dang near 4 weeks to clear)...as well as interest and penalties on inaccurate payment amounts...as if I had ESP or something!

Today, after going thru yet another string of people that literally don't want to deal with me...because they don't know what the h**l is going on (and truly don't blame them personally), I am being told by Michael that our pay off did not post until 6/26/06! Well, THAT'S YOUR FAULT, YOUR PROBLEM, NOT MINE!

We refinanced, which Centex screwed us over on too by dragging their feet without providing payoff info for escrow...which ultimately cost us a higher interest rate, owing you idiots more money, attorneys and so on. I am absolutely livid that we are being held responsible for inadequate internal whatever within Centex.

OUR PAYOFF WAS WIRE TRANSFERRED DIRECTLY ON 5/2/06 IN THE AMOUNT OF $150,914.90, yet I keep being told it didn't post until 6/26/06! It wouldn't have even posted then if I hadn't have sent an email such as this! It was because of ME...you finally found our money and backdated to 5/2/06.

I have already talked to other Centex employees previously and was told a refund amount for over $2,000. Now, Michael tells me it's in "audit" and I have to wait 4-6 weeks from June 26th! I DON'T THINK SO...NO WAY AM I EATING YOUR MISTAKE. I've already been reamed up the you know what by you people...and I'm DONE, DONE, DONE!

I will not, should not wait any longer for a refund... that I'm sure, won't be what it truly should be. I have put up with this BS for way too long...and it just continues. Long after the May 2nd payoff I get crap all over again from your attorneys, a statement indicating my July 1st payment is over $14,000...and well, MUST I REALLY GO ON WITH THIS ANY MORE?

Centex has caused me nothing but complete grief...and I'm sick and tired of PAYING FOR IT! You morons cost me way more then I should have ever been responsible to pay...and even now I'm supposed to wait another 4-6 weeks? I DON'T THINK SO!!

Michael says he's going to call me back today after trying to escalate the situation...but frankly, after everything I've gone thru I don't believe any of it for one second. Same great service...I damn near fall out of my chair when I see and hear that one...it's a crock! I expect Michael to call back today all right...with nothing new to report other than I have to wait.

I have been more than accommodating with YOU...but now that's over. Congratulations, you have forced my hand and I no longer will just sit and wait for you jerks to do whatever it is you do...or DON'T DO! You are making YOUR problem my problem...and I have every intention of making YOU now pay for your horrendous mistakes, delays (which I find purposeful), and downright mistreatment of a consumer.

It blows my mind that lenders hold consumers to the fire...yet lenders can do whatever, whenever, and oh well. It's not right and I'm HOPPING MAD NOW! I have kept the best notes and have been extremely detailed...and do believe I have enough evidence and proof of wrongdoing on the part of Centex in order to get action.

You insist on continuing this jerk around game you've played for years.... well, now let my game begin! You are my main focus now and this will be an instance where my very detailed self will be extremely handy.

First up...contacting EVERYONE I can to file a complaint for this gross injustice that won't seem to end...my God, the payoff was MAY 2, 2006...today is JULY 19, 2006. HELLO??

I also have no intention of allowing more attorney fee charges and whatever the hell else you guys decide to throw in (you've already overcharged me tremendously).... and now it's MY TURN!

I tried...you have continually refused...so be it! I hope I become your worst nightmare...it's called KARMA!

Linn
Beaverton, Oregon
U.S.A.


This report was posted on Ripoff Report on 08/04/2006 03:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/Centex-Home-Equity-Nationstar-Mortgage/Lewiston-Texas-75067/Centex-Home-Equity-Nationstar-Mortgage-ripoff-incompetent-liars-scammers-non-compliant-r-204484. 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.

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Updates & Rebuttals

#1 UPDATE EX-employee responds

Why 4-6 weeks

AUTHOR: J D - (U.S.A.)

I was recently a supervisor for Centex Home Equity in their collections department until their sub prime portfolio (CHEC) was sold to Nationstar and my call center was closed down. The reason it takes 4-6 weeks for a payoff is to ensure the payoff is completely processed before any back pay.

This is not a CHEC or Nationstar rule. This is a rule that all companies must and should follow before issuing any reimbursement. Unfortunately as a consumer the last step in the entire process is making any payment due back to the customer. Don't take it personal, they are actually doing their job per the federal government.

By the way, someone calling you 8 to 10 times a day is the biggest load of crap I have ever heard. That's harrassment and no consumer has to take it. If that were truly the case you would have filed a harrassment law suit. No use in over exaggerating your situation. If you don't want the phone calls send a certified cease and desist letter and they will not contact you.
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#2 UPDATE EX-employee responds

Get your facts straight before you respond

AUTHOR: Jeff - (U.S.A.)

I too am in the mortgage industry and a former employee of Centex Home Equity. With several years experience working for lenders, I found Centex Home Equity (now Nationstar Mortgage because Centex Corp sold the subprime channel, not because of complaints) is one of the more conservative and least predatory that I have experienced in subprime origination.

True that rates are higher but when you lend to people that generally dont pay their bills then higher rates are part of the game. Pay your bills on time and you wont have to worry about your creditors harrassing you. When you order a payoff statement, you will get phone calls from their retention department trying to refinance or retain the loan on the books. This true of any lender.

Trust me, it is way too expensive for lenders to foreclose so dont think for a second that they want your house. However, if you dont pay for it they will come after you. Look up any subprime lender on here and you will find a complaint. Is it the lenders or the consumer causing the problems? For the initial complaint, it's unfortunate. Probably due to a bad employee and transpired from there. It would never be company policy for things to always go as you experienced. Ameriquest was recently sued bigtime for such practices because that was the standard.

You mention a Bankruptcy that wasn't yours but something must have been sent to the lender because they wouldn't have known about it otherwise. Could have caused some of the problem initially. Like I said, it's unfortunate and hope you are in a better position now.
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#3 UPDATE EX-employee responds

Centex Home Equity

AUTHOR: Frank - (U.S.A.)

Yes, I use to work as a loan officer for Centex Home Equity. They are a prime example of a predatory lender. This is a practice of convincing borrowers to agree to unfair and abusive loan terms.Although predatory industries in general are more likely to target racial minorities, women, and the elderly,[citation needed] victims of predatory lending are represented across all demographics.

Predatory lending normally occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on payment, the lender can profit by selling the repossessed or foreclosed property. Other types of lending sometimes also referred to as predatory include payday loans, credit cards, and overdraft loans, when the interest rates are considered unreasonably high.

There are many lending practices which have been called abusive and labeled with the term "predatory lending." There is a great deal of dispute between lenders and consumer groups as to what exactly constitutes "unfair" or "predatory" practices, but the following are sometimes cited.

Also they hire loan officers with no mortgage experince to teach them there way the "predatory lending way"
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#4 UPDATE EX-employee responds

Centex Home Equity

AUTHOR: Frank - (U.S.A.)

Yes, I use to work as a loan officer for Centex Home Equity. They are a prime example of a predatory lender. This is a practice of convincing borrowers to agree to unfair and abusive loan terms.Although predatory industries in general are more likely to target racial minorities, women, and the elderly,[citation needed] victims of predatory lending are represented across all demographics.

Predatory lending normally occurs on loans backed by some kind of collateral, such as a car or house, so that if the borrower defaults on payment, the lender can profit by selling the repossessed or foreclosed property. Other types of lending sometimes also referred to as predatory include payday loans, credit cards, and overdraft loans, when the interest rates are considered unreasonably high.

There are many lending practices which have been called abusive and labeled with the term "predatory lending." There is a great deal of dispute between lenders and consumer groups as to what exactly constitutes "unfair" or "predatory" practices, but the following are sometimes cited.

Also they hire loan officers with no mortgage experince to teach them there way the "predatory lending way"
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#5 Consumer Comment

Centex/Nationstar

AUTHOR: Melissa - (U.S.A.)

I just read your complaint about this company. I, too, have been living a nightmare with them. You mentioned that a law firm might be interested in filing a class action lawsuit. I am very interested in that, so please let me know what happens. I believe that Centex changed their name to Nationstar because they had so many complaints filed against them. I am disabled due to multiple sclerosis, I have asked this company numerous times to leave me alone, but they won't. I made a payment to them over the phone, they didn't know what they were doing, double billed me and overdrew my bank account. They refused to admit this error to my bank. Then, I tried to refinance my 1st mortgage. Centex needed to subordinate. My application sat in their mail room for two weeks before it was sent to the proper department, then they sat on for 2-1/2 weeks. In the end, they denied this, so I couldn't refinance. During that 4 week period, I started receiving at least 8-10 phone calls per day from them, telling me that my subordination agreement would be turned down unless I let them do the re-finance. I think they are a terrible company and shouldn't be in business.
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