Two weeks ago we tried to pay off a home loan we had with Nationstar Mortgage who had evidently bought the original loan from Centrex. After receiving a call that we were overdue, I spoke with several different service representatives all of whom told me that they had not received the check. I finally spoke with a supervisor (Chandra) who told me that they had sent the check back to us because anything over $5000 had to be a certified bank check and that we would not have included our "Prepayment Penalty." I told her that we did not have a prepayment penalty. Knowing that we would pay off this loan early, we had specifically asked that question (I had my notes used during the interview) and had been told no. She told me that there was such a penalty. I asked to speak to the Customer Service Dept. Manager.
Mr. Derek Taylor took my call. He once again told me that all their mortgages had a prepayment penalty and that if I looked through my contract I'd find it. I once more explained that we had questioned the agent about this and he had assured us there would be no prepayment penalty. He said that he could not "take my word for it" and that he could go by nothing other than the contract. When asked if I could speak to his supervisor he informed me that he was the only one who could help me. Then, he said he would review my contract and get back to me within three business days which would be on Monday, April 8th. Needless to say, he has not returned my calls. Since then I have sent an email to the customer service representative but have yet to receive a reply.
My husband and I have since reviewed the contract and did find a pre-penalty clause ... one that states that there MAY be a pre-penalty fee and that we are to discuss that with our agent...
Which of course we did. In all probability, we might have signed that paper feeling we had done our part in our negotiations.
Another complaint that we had against the company was that we have never received our home appraisal documents. Again, I have to admit that after I sent a letter requesting it (within the thirty days as per our contract) and several phone calls; I did let the matter die... Thinking back on it now, I should have realized then that we were dealing with a company that was going to be a problem.
Please be very careful dealing with this company. They are obviously one of those mortgage companies that are practicing deceitful tactics and ploys in order to get your business.