Consumer complaint received 2016-03-23
Company: NATIONSTAR MORTGAGE LLC
State: MD
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
On XXXX. XXXX, XXXX, I emailed a letter, dated XXXX, XXXX, copy attached as Exh. XXXX, to XXXX XXXX XXXX, Dedicated Loan Specialist, Nationstar Mortgage , LLC ( " Nationstar '' ) ( XXXX, Ext. XXXX. Nationstar is the servicer for XXXX, which is the secured creditor whose loan is secured by a deed of trust lien on my rental property known as XXXX XXXX XXXX, XXXX, MD XXXX ( the " Property '' ). On XXXX XXXX, XXXX, the Bankruptcy Court issued an Order Granting me a Chapter XXXX Discharge of my debts ( Docket No. XXXX ) in Case No. XXXX, XXXX Bankruptcy Court for the District of XXXX, XXXX Division. Accordingly, I do not owe any amount to Nationstar. As stated in my XXXX XXXX, XXXX letter to Nationstar, although XXXX granted me a streamline modification, " it is clear that the terms of the streamline modification are unworkable and unrealistic. '' The monthly mortgage payment amount of {$3300.00}, which was computed by Nationstar based on a principal amount of {$600000.00} and amortized over a forty year term, clearly is unreasonably high. The {$600000.00} principal amount, in light of the {$260000.00} fair market value of the property which was agreed to by Fannie Mae in XXXX XXXX in my prior Chapter XXXX bankruptcy case, is completely unreasonable. Based on the property 's age of XXXX years and the conditions of the Property stated in the attached copy of XXXX XXXX XXXX XXXX 's Report, there is significant costly work which is needed to be performed to correct the serious issues with the conditions of the Property. 
Since my XXXX XXXX letter offer, I have decided that my XXXX XXXX XXXX property is pivotal to the financial health of my residential rental property business. If I were to be unable to reach a reasonable modification agreement with Fannie Mae, Nationstar 's client, I will have no choice but to file a Chapter XXXX proceeding. Accordingly, in an effort to preclude the need to go into a Chapter XXXX proceeding, I have decided to raise certain of the proposed terms of my XXXX XXXX loan modification proposal. The terms of my new loan modification proposal, which are set forth in the attached XXXX. XXXX, XXXX letter, are as follows : 1. The new current principal balance would be {$350000.00}, instead of {$260000.00}, as stated in my XXXX XXXX letter. 
2. The term of the loan would remain at 30 years. 
3. The annual interest rate would remain fixed at.4.5 %. 
4. The monthly principal and interest payment would be {$1700.00} with the first monthly payment to be made on XXXX XXXX, XXXX. 
5. The new monthly mortgage loan payment shall be comprised of the new monthly mortgage principal and interest payment of {$1700.00} and the appropriate monthly escrow amounts for real property taxes and for insurance. 

It is important to note that Fannie Mae, Nationstar 's client, was in agreement, going into the XXXX XXXX, XXXX Confirmation Hearing in my prior Chapter XXXX Case No. XXXX, that the value of the XXXX XXXX XXXX property was {$260000.00}. 

I believe that this new loan modification proposal is fair and reasonable under all the circumstances and that the proposal benefits both Fannie Mae and my business.

Company response to consumer: Closed with explanation