Nationstar Mortgage — mortgage refinance
I was contacted by my mortgage company, Nationstar Mortgage, wanting to know if I might want to refinance my home. We had been with Nationstar for several years. We decided to refinance and were given a "good faith" estimate of projected payments, including escrow. Loan Number [protected]. We closed on the refinanced loan last September with a payment of $2581.51 per month. Approximately 4 months later, I received an Annual Escrow Account Disclosure Statement, notifying me that effective March 1, the following month, my payment would increase by $1345, 76 to $3, 927.27, which represents more than a 50% increase.
I left messages with Nationstar consumer complaint line on four different days- no returned calls. I contacted the supervisor of the refinance person who originally assisted us (Jeff- [protected]). He briefly looked up the account, understood our alarm, and stated that the refinance agent had clearly grossly miscalculated our escrow needs. He advised he would call me back with more info, but has not done so.
My complaint is that I believe this was misleading and the error on behalf of the mortgage company has now priced my family out of our home (there simply is no way I can by a $4000 a month mortgage). I don't know if this was intentional or unintentional, but it has now compromised the security of my family. Everyone know that taxes go up, insurance premiums go up each year and we anticipate slight increases in our mortgage payments each year. A 50% increase is, however, shocking. This 50 plus % increase was not the result of increased insurance premiums or increased taxes, but rather either unintentional errors by the made in calculations by the mortgage company or intentional misleading of a long-time customer, in order to make a loan and receive commissions or worse force a foreclosure.
My contention is that had I been given a correct good faith estimate of monthly payment ($3927) instead of what I was incorrectly provided ($2581), I would never have refinanced my home, or might have opted for a 15 year mortgage instead of a 10 year mortgage as we did. Now we are forced to put out home on the market or risk having it taken from us. I don't want this refinance any more, we were mislead.
Thank you for your help. Ken Adcox [protected]