Shame on Nationstar Mortgage for luring in a disabled veteran and family with misrepresentations and false statements to get the sale, and make the family believe they were helping them during a vulnerable time in their life, when they were only helping themselves and hurting us.
We were not looking to re-finance when Nationstar contacted my husband by phone solicitation. At this same time I was working full time, caring for my 90 year old mother in failing health, and dealing with my husband's physical and mental decline from advanced PTSD from being a combat Marine. My husband became vulnerable to phone solicitations during this time period including ordering $59.00 a month for magazines from more than one company and placing an $800.00 a month ad in the Yellow Pages for a non-existant business with no recollection of doing so. Nationstar's sales call lured him right in.
I came home from work one evening exhausted and stressed out and in pain from having a compression fracture in my back when Nationstar rep showed up at my door with a re finance contract that I knew nothing about. I emphatically told him "no we do not want to do this!", it was more than I could handle at that moment. I explained my husband's condition. The rep told me this was actually a good thing, that our mortgage payment was about to go higher and he would put us in a fixed mortgage, pay our credit cards and work with us to go from 600 credit score to 800 in a few months. He persuaded me it was for our benefit.
A week or so later he came back with a revised mortgage in which the credit cards were not being paid off and the mortgage payment would not be any lower. When I showed distress at this, he said the whole mortgage market was changing TOMORROW and we would then not be able to get this "deal" and that our monthly mortgage was about to go even higher. He was very convincing and we reluctantly signed the papers.
We had 3 days in which to cancel and I sent Nationstar a letter expressing my concerns and aprehension about the transaction. The sales person told me I got him in trouble with his boss and that he was only trying to help us so I sent a letter to his boss apologizing saying I was just confused and stressed out. The deal went through without us understanding that he put us on a balloon payment so after we pay for 30 years, our final payment is $145,000.00 (our home is currently valued at $120,000.00).
Throughout 2008 I have been dealing with Nationstar telling them of both of our failing health, that I was going to have to retire, and we needed a lower monthly payment or we would have to lose our home. They have not been able to help us. Because of their lies and misrepresentation we are now unable to sustain the high mortgage payments we have and are forced to rent and lose our home so that we can save $700 a month. Our mortgage is $1500.00 mo. And rent only $800.00 mo. Which is all we can afford now.
I do accept responsibility for our credit issues, but if Nationstar had not approached us when we were vulnerable and taken advantage of that for their own gain we would not be in the circumstances that we are now in. They knowingly took advantage of a disabled veteran who has already paid a high price for his service to this country. Their company representatives are wolves in sheeps clothing so beware of Nationstar Mortgage.
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