I came to Nationstar not by choice, but by default. My husband and I attempted to refinance with Citimortgage way back in May of 2010 and were denied every program basically because we're middle class--we either made too much or too little to qualify. Then they had us apply for a loan modification and if I knew at that time what was going to happen, I would have just walked away from the house regardless of how much I'd have to pay in taxes. First, it took six months for the paperwork to be finalized because EVERY single time we sent the "last missing document", they called us back and asked us for some other ridiculous document or asked for documents that did not apply to us, such as self-employment profit/loss statements of which neither of us would have because neither of us was self-employed. Finally, literally TWO WEEKS after we sent the official last document to them, we get a letter in the mail the first week in November 2010 stating that our loan has been sold to Nationstar Mortgage, a company we'd never heard of before and did not sound all too reassuring.
So now we go through the runaround with Nationstar. Citimortgage had an obligation to forward our documentation to Nationstar, but Nationstar claims it was never sent while Citimortgage swears they did but can't help us because we are no longer their customer. So there we were in the same position as May, surfacing tons of paperwork to resubmit to them. I asked if we would just send what we sent to Citimortgage and they said yes that was fine. We send everything, keep getting notices that we're missing this or that, send this or that in, and when everything was sent, they decide all of a sudden they need more current documents. So we went through the same deal of constantly being asked for "just one more thing" until finally our account was said to be ready to move forward for application. First, we were denied a HAMP loan modification because they claim our housing costs weren't above 31% of our salary. I did the math and our housing costs are at 43% so I don't know how they figured that out. Then they apply us for a "Mod 24" which I still don't fully understand, but they did offer us decent terms on the phone and a 3-month trial period beginning April 2011. We were told after the 2nd payment we'd receive the paperwork to be signed if we were approved. Well we got approved, but did not receive paperwork. Our account manager explained only the HAMP loans receive their documents before the 3rd payment and we'd have to wait until after making the last payment. We were skeptical, but decided to pay. So here we are, June 13 after making all three payments well before they were due and I get a call today saying we will not be receiving our documents until July. I lost it on the poor woman. Today is my due date to have my first child, because of Nationstar murdering our credit score we could not get a lease on a new car, and we have poured countless time, effort, and money into making small upgrades to our home so it would be ready for a baby. All that combined with a year's worth of fighting with banks and mortgage companies meant this woman called on a really bad day. I unleashed saying how ridiculous this has gotten that every month it's a different story or the same promises that do not come true and how this company is preying on honest, hard-working Americans who had no intention of ever defaulting on their mortgage but were adviced to and essentially forced to just to QUALIFY for one of these programs. If you say we will get our agreement in the mail in June, I should have it before my July 2011 payment is due. They are extorting us for another payment and my gut tells me that come July, they're just going to deny us this modification after everything we've been through and we'll be forced to walk away from the home we thought we'd have our first child in.
So I say this company is completely fraudulent and trying to extort money out of people as long as possible, but really what they aim to do is frustrate you to the point of foreclosure because you start to feel that is your best and only option left. If we do not receive our documents next month after paying them again, we are going to consider foreclosure or a short sale and get as far away from this company as possible. They seem all nice and helpful on the phone, but I don't buy it anymore. This is flat out stealing, extortion, and predatory practice. There has to be something people can do to expose this company and get the help they need and deserve from the government. It's sickening to me what the taxes are on my property considering it's a condo with no amenities whatsoever (no pool, tennis courts, or anything like that) in a small town with no high school. We're getting taken for suckers and I'm really sick of it! What can someone like me do in this situation? I have too much pride to just walk away, but I feel there's nothing left to be done.