Nationstar Mortgage
Insurance Proceeds After Fire Held Over a Month Until Attorney Demanded Release

Our home was totally destroyed by fire. We had Insurance to cover the loss. With today's economy we could not afford to rebuild. 100.00 per square foot to built -vs - buying a comparable house for 37.00 per square foot. The Insurance Company and Adjuster were wonderful. They were very professional and get us the Checks Promptly. As Nationstar was the lean holder on the house we were required to send the check into them for Endorsement. It took 8 hours on the phone and talking to nearly everyone in the office twice to get anyone to tell me what I needed to do. I was told that I would be sent an affidavit and they would take the funds out and return my portion immediately. I sent them the Check and affidavit certified overnight mail. It took them 7 days to even post it to my loan.

I started calling and everyone that I talked to claimed to be a supervisor and gave me a different story. I was told everything from you will have your check in 3 days to It might take 6 to 9 weeks to even audit your account.

I had a payoff quote that was already slightly more than I borrowed initially which I just accepted. I had only had the loan a little over 2 years. Funds Drafted every month without a single late payment. Early Pay-off penalties. The held over 60,000.00 of my money for over a month and only released it because I had an Attorney contact them to demand the Money.

I would recommend that anyone get an Escrow company and have your Insurance set up through the Escrow company for your Mortgage. They like to charge you big daily dollars for interest but they will hold your money for as long as they can and not pay you a penny. Their Delays cost me another 5000.00 in rescheduling penalties for closing on the house since they lied on their initial information about return of the funds that did not belong to them

Company: Nationstar Mortgage
Country: USA
State: Texas
City: Lewisville
Phone: 8884802432
Site: nationstarmtg.com

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