The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
Nationstar Mortgagecharges and distribution of funds

Since my mortgage has been transferred to Nationstar Mortgage, there have been many problems. First of all, the terms of my mortgage with Principal Bank were to stay the same. I had no choice to whom they sold my account and now Nationstar Mortgage is attempting to charge a $75.00 annual fee that was never agreed to. Second of all, each month a check in the amount of $60.00 is sent to the mortgage company, yet there is not principal being paid and the distribution of funds does not add up to $60.00 and again nothing is distributed to the principal balance. Also its statement lists how much interest is due, no principal amount and a total amount due that is totally different.
This company is supposed to be a member of the BBB!?

Responses

  • Me
    Mega08 Oct 30, 2011

    Our loan was also taken over by this company, while we were not in the best of loan options, (principle only for 10 years), we decided to take advantage of the times to refinance. Lets not even discuss the change in payments that occur every few months, or the fact that they didn't pay my insurance that was escrowed and I had to call them to tell them to please do so. Despite the irritation I have for this company, we began the refinancing process. From the start, our rule was that we needed no closing costs to make this work. And that is what they told us, until the day before closing when they said they needed us to bring a payment to closing. After getting 5 Good Faith Estimates over the last month and a half (all of which were not explained), we are very frustrated and confused. While I am sorry so many people are having problems, I am glad to see that it is not just us.

    0 Votes
  • Sc
    SCMarineMom Oct 23, 2011

    Our loan was purchased by Nationstar 2008. We have owned our home for ten years with the mortgage sold twice and refi once. We've dealt with 5 different lenders, with Nationsstar being the 6th. We have NEVER had a problem with the other 5 but as soon s Nationstar became the servicer, we have had nothing but problems. Incorrect statements, charges for insurance when we had insurance already, misappropriated payments, bogus fees tht were not on statements, payments put in allowable account showing payment was partial or no payment received at all. Customer service quoting total amounts owed that are different than whats on the bill. On several occassions we just shook our heads and gave in to the fact that we'll have to pay what they want and fight it later. They would tell us if you pay 3000.00 right now your account will be completely caught up and you next payment will be due on the regular due date. So right then we would pay the astronomical amount that they couldn't explain and within 3 weeks our statement would show some other past due amount of 2300.00...while showing the last payment received of 3000.00. This happened on three seperate occasions so we asked for a complete accounting. It made no sense. We were tired of throwing money into such a black hole so we just made the regular payment evry month before the due date. Today we received a notice of foreclosure. We are at a loss, nop matter what you pay to pacify them, they will try and screw you even more. Also, Our monthly payment would change randomly change at thier will yet it is a fixed rate loan. My heart is broken.

    0 Votes
  • Rh
    rhnull Oct 21, 2011

    Servicing of my Home Equity Line of Credit was transferred in July 2011 from Principal Bank to Nationstar Mortgage, Lewisville, Texas. Note that Principal Bank still owns my note; Nationstar Mortgage was contracted to service it. I have similar problems with Nationstar's statements; all statements from July - October have errors.
    Complaints to the Federal Trade Commission and the Better Business Bureau have been filed against Nationstar Mortgage. Since Principal Bank owns the note a complaint against that bank has been filed with the Office of the Comptroller and Currency. I am 72 years of age and have owned several homes but I have never experienced such a sorry outfit as Nationstar.

    0 Votes

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