Nationstar Mortgage
Refinance Refused Despite Fannie Mae Eligibility and Prepayment Penalty Block

I am currently a very dissatisfied and unhappy customer. I am in the final stages of completing my 2 bedroom, 2 bathroom addition onto my existing 3 bedroom, 1 bathroom house. Nationstar has keep giving one excuse after another. I am not trying to cash out all I want to do is to refinance on what I owe on the loan. All I am trying to do is to safe money. Currently my rate is 8.6% on an ARM.

First, they told me that I did not meet the Fannie Mae guidelines. I did some research with Fannie Mae and found out that I meet the guidelines for Fannie Mae.

Second, Nationstar told me that if I go into default during the addition it would be harder to resale the house. What happens if I go into default while the addition is going on now. Doesn't it make sense to refi with a cheaper rate so if I do default the lose would not be as high.

I believe since I am paying an high interest rate Nationstar is making money why would they want to lower my rate. I am currently speaking with a vp at Nationstar who proves to be unhelpful. I have spoken with my bank and 2 other lenders who said they could do the refi. Also, Nationstar is not willing to wave the prepayment penalty so I can take my business elsewhere. I am an middle class single dad with 3 kids trying to make it and Nationstar says they are customer oriented. I beg to differ. I am not asking for anything unreasonable. I will not recommend Nationstar to anyone.

Company: Nationstar Mortgage
Country: USA
State: Texas
City: Lewisville
Address: 350 Highland Dr
Phone: 8884802432

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