Report: #1468399

Complaint Review: Mr. Cooper - Internet

  • Submitted:
  • Updated:
  • Reported By: Cleo — Ridgeville South Carolina United States
  • Mr. Cooper Internet United States

Mr. Cooper Nationstar U.S. Bank Rejected a modification on the loan and House is now in foreclosure status Internet

*Consumer Comment: No Life Insurance??

*Consumer Comment: Since When...

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My Dad and Mom took out a loan with another company who sold the loan to Nationstar or USBank. Mr.Cooper is now the loaner. My dad passed away causing a loss of income to my mom. She has filled out several modification forms and it’s been proven that the loan is too much for her to repay but they are refusing to give her help due to her debt to income ratio. Their only option is that she pay the pass due amount plus fees that have accrued and interest which is being added everyday. They have taken her to foreclosure court and we are now waiting for foreclosure sale date. I, Cleo Pringle, am one of the daughters who have been calling constantly for help and each time I am connected to someone new who says the account is being reviewed and someone will call me back. When I do get a call the option they give is that we sell the property and prepare for a new start. My mom is 76 years old and can not afford a new start.

This report was posted on Ripoff Report on 11/29/2018 01:02 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mr-cooper/internet/mr-cooper-nationstar-us-bank-rejected-a-modification-on-the-loan-and-house-is-now-in-fo-1468399. 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

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#2 Consumer Comment

No Life Insurance??

AUTHOR: Jim - (United States)

POSTED: Friday, November 30, 2018

Cleo, how is it that neither of your parents had life insurance while both were in their 70's?  I mean that's pretty careless of both your parents, especially your father who at that age should have known better.  Moreover, I don't see how blaming the bank for the upcoming loss of your mom's home is even a rational response.  The bank is right - there is likely no possible way that your mom is going to keep the home, let alone refinance, due to her financial situation.

The other issue is that your retired parents lived in a home where they still had a mortgage payment.  That's poor planning as well.  What they should have done is downsize to a home where they would have had 100% equity in their home meaning no mortgage payment, especially if Social Security was the only means of income for your parents.  Yeah - a smaller home for sure.  BUT, it's theirs and once one of them passes away, the surviving parent wouldn't have to deal with a mortgage.

It's important to understand that none of this is hindsight - we all die and the only thing we can do is plan for a stable financial future if one member of the family (or you) dies.  It doesn't sound like your parents planned for any of this.  Accordingly, the option the bank is giving you is the only option you and your mom have left.  It's time for you to begin arranging for the sale of your mom's home as quickly as poossible.  Whether mom is too old to start again - is irrelevant.  Too old or not, that's her only option right now., and for that you canblame the dad.  There is a lesson in there for you as well - life insurance is not optional if you wish to provide more options for you and your family upon your demise.  Best of luck to you...

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#1 Consumer Comment

Since When...

AUTHOR: The Dog - (United States)

POSTED: Friday, November 30, 2018

 They bought a house without proper insurance planing. The wage earner died and stuck the survivor with a mortgage she cannot afford. That's the basis of your complaint.

Since when is the survivor ENTITLED to a house without paying for it? Why don't YOU buy the house for her??

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