Although my complaint pales in comparison to many here, Ihad major problems with Nationstar as well. Fortunately I was eventually ableto refinance with a different company and escape their clutches. I've readevery complaint on the internet about this company and I think I see a patterndeveloping over whose loans get bought by Nationstar. Please keep in mind thatI am not a conspiracy theorist.
I filed an FDIC complaint against my previous mortgagelender, which was ultimately upheld. It had to do with statements they madewhich were aimed at tricking me into not paying my mortgage. A little over ayear later my mortgage was sold to Nationstar, and that's when the problemsbegan. I have excellent credit and have never been late on a mortgage payment.in my opinion, mortgage companies know where to send you to exact theirrevenge, or shop your loan if they think you may be a problem in any way.
My loan was sold to Nationstar on 6/11/10 while I was in theprocess of finalizing a refinance with another lender at a great 30 year fixedrate. I was informed of the sale by my former lender, but Nationstar never sentme a statement, or even a notice for that matter. I immediately attempted toget a payoff statement for the new loan, but was stonewalled by Nationstar, whodemanded payment of the July mortgage even though they didn't even have anaccount number for me. They claimed that they didn't know who I was, but mysteriouslyknew how much I owed for my monthly payment, and insisted that I pay itimmediately.
Of course I refused to pay without a statement or an accountnumber, so they started calling me in June, demanding payment and threateningme with collections, while the payment was still not due. I called at least 50times during June, and July, as did my new lender to try and obtain thepayoff, which Nationstar refused to provide in violation of California Statelaw. All required documentation was provided from the beginning. I caught themin numerous lies on my calls to them and documented them on tape. I alwaysinformed them that they were being taped which made the calls more formal andbusinesslike.
Here is the key: Find out who licenses the company to do businessin the State and complain to them.in Californiait is the Department of Corporations that licenses Nationstar Mortgage. Writeyour congressman and post on the internet. Be relentless.in the end, Nationstar had to comply because I forced them to through my complaints. Unfortunately in the process the lock-in period for my refinance expired, eventhough the new company extended the time allowed on their own dime. It ended upcosting me about $650 to keep the same interest rate. Nationstar continued tocall and threaten me even a month after the loan was paid off and transferredto the new lender. That $650 will be repaid many times over before I'm done.inever paid a dime to Nationstar other than the loan payoff.
Know your rights. RESPA laws guarantee that you cannot becharged a late fee for 60 days when a new lender buys your loan. California State code 2943 makes it illegal for amortgage company to withhold a payoff statement for more than 21 days from theoriginal request, with a $300 fine due for every request beyond that timeframe.
Do not be a victim!
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