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

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.

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.

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"

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"

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.