• Report: #1037210
Complaint Review:

Nationstar Mortgage

  • Submitted: Fri, March 22, 2013
  • Updated: Fri, March 22, 2013

  • Reported By: Las Vegas Property — Sierra Vista Arizona
Nationstar Mortgage
4000 Horizon Way Irving, Texas United States of America

Nationstar Mortgage Dubious refinance practices Irving, Texas

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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: http://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.

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