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Report: #1456900

Complaint Review: Nationstar Mortgage - Coppell tx

  • Submitted:
  • Updated:
  • Reported By: thomas — Milwaukee wis United States
  • Nationstar Mortgage 8950 cypress waters blvd. Coppell, tx United States

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Several years ago nationstar refinanced My home loan. It was written in the contract that a balloon payment would be due in several years, of $48,000 I don't have the money to pay the balloon payment and they said my home isn't even worth the loan amount, so they are going to take the house. My wife and myself do not remember there being a balloon payment mentioned. I didn't even know what a balloon payment was until they told me. They will not refinance or rewrite the loan. I paid $29,000 for the house over 30 years ago. I have never made a second loan on the house or never had a equity loan yet now i owe $48,000 My wife and myself were both on disability at the time and nationstar new when they included the balloon payment in the new loan we would never be able to come up with the $48,000 in several years. I am 69 and my wife is 68 years old. Is there anything i can do? Thank you Tom and Cathie Koback. God Bless America.

This report was posted on Ripoff Report on 08/16/2018 09:51 AM and is a permanent record located here: https://www.ripoffreport.com/reports/nationstar-mortgage/coppell-tx-75019/nationstar-mortgage-mr-cooper-mortgage-knowingly-wrote-a-loan-that-i-could-never-repay-c-1456900. 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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REBUTTALS & REPLIES:
2Author
3Consumer
0Employee/Owner

#5 Author of original report

wrong wrong wrong

AUTHOR: thomas - (United States)

POSTED: Thursday, August 23, 2018

Gee it seems i am getting people to respond to this who write there own story about it. sorry jim but i was on disability when i refianced the loan several years ago. At the time we did this we were noy under financel distress. All our house payment were on time, our house insurance was up to date and our property taxes were paid. all our house payments were on time. Over the course of the 30 year loan we have never made a 2nd mortgage, or have we ever had a home equity loan. So no we didnt go on a spending spree with the big banks money. The reason the loan was made was to lower our intrest rate. How the hell the loan ever got to $48.000  from the original $29,500 i dont know. but the facts are that it is.

Also we were not behind on house payments, and we as of 2 months ago were not behind any payments now. I just stopped paying them anything more. Why should i give those bastards any more money? No i didnt file bankrupcy either that had anything to do with this house. Poor jim seems really scared of big business. I will keep on fighting for what i think was wrong. Maybe i should jusy drop this all and let big business win again. So Let me get this right, according to Jim for every penny i can get. if someone is wronged by the corner gas station mechanic I should keep trying to get my money back, But if a big business wrongs someone they should just give up and let them scam a person or use shady prctices?  IM not a coward.            

                                                                       Tom and Cathie

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#4 Consumer Comment

You're in a Bad Spot Thomas

AUTHOR: Jim - (United States)

POSTED: Tuesday, August 21, 2018

Yes, your lesson is an excellent example of what happens when you make a huge mistake, however some of this isn't entirely your fault, only because some of the information regarding your disability situation is left out.  If you buy a house for $29,000 30 years ago, there would be no way you would have a $48K balloon payment unless you used your house as an ATM machine.  Yes, people do it all of the time.  Yes, it's a really bad idea unless you are desperate.  Now to your comments...

How can a mortgage company refinance a home loan to someone with a baloon clause in it, expecting the borrowers to come up with the $50,000 in several years, when they knew that the borrower had no assets, no savings, and no way of coming up with the money in several years?  If  the value of your home had held at $100K, then you would have had sufficient equity to refinance the $48K balloon. 

I guess the Goverment lets big business get away with doing whatever thay want to do.  Let's see if I understand this correctly:  Thomas and his wife have severe financial issues years ago - they could go bankrupt because they're on disability.  So they go to a big bank, who bails them out of their financial situation by loaning them money against the equity in their home, and they spend all of the equity they borrowed in order to live.  Now Thomas can't pay the balloon payment back, and now blames the bank for bailing out Thomas and his wife?  WOW!  At least the banks paid back their bailout money with interest.

Thomas, you don't garner much sympathy by lashing out at big business.  Going on disability meant you probably would have lost the home many years earlier.  In other words, a big business bailed you out of your initial situation and getting the equity out of the home only deferred what was inevitable many years earlier.  I'm sorry this happened to you.  Best of luck.

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#3 Author of original report

I was wrong

AUTHOR: thomas - (United States)

POSTED: Friday, August 17, 2018

I realize i was wrong for not reading more of the fine print. You dont think i kick myself everyday for this mistake? Even if i would have seen the baloon payment in the wording of the contract, I would have had no idea what it meant.  I wish i could go back and and change things, dont we wish that we all could go back in time and change a mistake?

I came here to let the world know about my big blunder in life, not be insulted by perry mason for my stupidity. I have tried several times to work with mr cooper to refinance, restructure, this loan. Mr Cooper seems adament on foreclosing on the houseI have also tried a few other mortgage companies with the same results.

The houseing market in Milwaukee have plummeted. my house several years ago was appraised at over $100.000 now id be lucky to get $25,000. Again ill bring up my main point for this complaint. How can a mortgage company refinance a home loan to someone with a baloon clause in it, expecting the borrowers to come up with the $50,000 in several years, when they knew that the borrower had no assets, no savings, and no way of coming up with the money in several years?

I guess the Goverment lets big business get away with doing whatever thay want to do. Several years ago it was these same companies that banks, investors and mortgage companies get away with alot  of shady practices that caused all this mess. They get bailed out the consumer gets the wrong end of the stick again.

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#2 Consumer Comment

Contact a Realtor

AUTHOR: FloridaNative - (United States)

POSTED: Thursday, August 16, 2018

Don't believe Nationstar, or any other bank, regarding the value of your home.

You should take a copy of your note and mortgage and 1) read it, 2) take it to an attorney if you don't understand the paperwork.  Get in touch with 2 or 3 experienced Realtors to give you a FREE CMA for the value of your home. I would not be surprised if the value is substantially higher than the "balloon payment" (if any). If you truly have a balloon payment due, refinance before the due date. Long before the due date. If you can't refinance in a traditional manor due to your income, then consider a reverse mortgage. Be very careful. Reverse mortgages are completely different than a traditional mortgage. Make sure you work with someone that is experienced so you know what you are getting into - but it is better than being homeless. And if you truly have a balloon payment due, you need to take care of it before you lose your home. 

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#1 Consumer Comment

In Other Words...

AUTHOR: Perry Mason - (United States)

POSTED: Thursday, August 16, 2018

 What you are fully admitting to the world is you were presented with a mortgage contract to sign and you didn't even bother to READ what you were agreeing to BEFORE you agreed to it. Absolutely amazing!!

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