Novastar sold me an arm loan. This mortgage was fixed for two years with a fairly heavy pre payment penalty. I was contacted so often by calls and mailings it was almost harrisment. I never showed any interest in refinancing before the 2 years was up.
I was finally contacted about 3 months before my pre payment phase was up. This man Mike Bott spoke to my wife and was told to call back when I got home. He did and we spoke about refinancing an how this loans fees and the prepayment penalty could be rolled into the loan. This would cost me about 5,000 bucks. I told this man I wasn, t interested and he started to argue with me about this using my own information to make his point.
Alot of tis information was very current and when I asked himwhere he got it he said he had ran my credit report while waiting for me to get home. I never gave him permissionto do this and he argued with me about tis and i hung up on him.
I called to complain about him an they actually told me to hold on, and put him on the phone. He argued with me some more and I hung up again.
This sealed my decision to not do any future business with them. I had wells fargo lined up to do my refi and 1 day before my closing I was told by wells that novastar never paid my 2005 school tax. Why this happened is being "looked into". The main problem with this is novastar has on escrow dept and a taxes dept. This is quite ingenious because if you have a tax problem that wasn't paid from your escrow you are constantly being transfered back and forth.
At this point the only question I want novastar to answer Is what federal agency oversees them. Shockingly enough no person I have spoke with knows the answer to this Question. Some employees actually act as they dont know what I am asking. Can someone tell me who oversees novastar. It is not HUD and the dept of banking cant find them on thier list. Wachovia may be an owner of novastar or a partner.
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