Predatory lender through Lending Tree.com, who gets a commission for referring this company.
Nationstar uses ReMax Realty on a nationwide basis, to re-sell the homes that they steal from consumers, who fall victim to their deceptive loan practices. Don't use Lending Tree.com for loan quotes, or ReMax to buy a foreclosed home, and run as far away from Nationstar as you can.
Here's the scam: They use a local no-name appraiser to puff up the value of your home. Then Nationstar gouges customers at higher than normal interest rates, but guarantees a much lower rate and re-fi within 2 years, with no qualifying, and at absolutely no cost. After you make all your payments on time, and you call for a re-fi or restructure, they find every excuse in the book why the restructure won't happen.
However, instead, they claim to have a program, that if you allow your mortgage payment to fall 4 months behind, and provide them with a hardship letter, this will automatically qualify you for their FHA restructure program. When the 4 months is up, and you send the hardship letter, they immediately commence Foreclosure proceedings, and foreclose through a Trustee's sale, within sixty (60) days. A Nationstar rep calls you up, and asks you when you are going to move. This one was from their Tempe, AZ office.
Nationstar recently removed hundreds of foreclosure listings from their website, to create a false market, as if they don't exist. Then they have ReMax post the foreclosures in-house, who describes the homes to contain valuable appurtenances, or features, that do not physically, or legally exist. Under their own lending guidelines, Nationstar cannot consider more than 5 acres of land as collateral in any transaction, and neither can their appraisals.
I just filed a court case in Mohave County, AZ, against Nationstar who pulled this exact scam, and are trying to rip me off of over 11 acres of land, and fraud me out of my privately owned well. The ReMax office is also named in the suit, who illegally listed, advertised, and conspired to hook up my repo'd home to my private well, just to make a sale by frauding the Veterans Administration to make it appear, like the home had running water.
The bad part is, they allowed a disabled Vet to take possession of the home before the sale could record, and Nationstar used their own title company in Texas to do the closing. Now we have Federal fraud (VA), and a trail of bodies. This has to be stopped. Nationstar is a private lender, backed by Private money. Venture capitalists. Time to fight back. We need an empathetic attorney, who is willing to commence a class action suit, that won't take us to the cleaners as well.
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