Consumer complaint received 2016-11-17
Company: NATIONSTAR MORTGAGE LLC
State: OR
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
My current mortgage servicer Nationstar is refusing to consider retention options, open a review, look at my paperwork or even talk to me about saving my house. They claim that the investor who owns my loan is private ( I have asked who owns my loan and they refuse to tell me XXXX and they say that this investor wo n't consider any type of retention options under any type of circumstances, it ca n't even be discussed!! Nationstar received over {$500.00} XXXX in bailout funds from the government and I know there are state and federal consumer protections in place for distressed homeowners, especially those who are victims of discrimination and bias based on ethnicity. 

I bought my home in XX/XX/2005 and was convinced and steered into a predatory adjustable rate loan through notorious sub prime lender XXXX and XXXX. My interest rate stated at XXXX and could never go down, it could only go up and it could go as high as XXXX I had no idea that my payment would start adjusting upwards and would eventually increase nearly {$500.00}. I believe that I was taken advantage of at origination because of my ethnicity, I am XXXX. I know that it was common practice at that time to steer XXXX XXXX and XXXX borrowers into high risk, high rate loans in order to generate additional fees and commissions. I had excellent credit at the time and a XXXX down payment. I believe that XXXX and the loan agents intentionally put me into a predatory loan. 

This is relevant now because I am facing foreclosure. My loan has been transferred and sold several times and the current lender is Nationstar. I fell behind on the loan due to the huge increase in my monthly payment as well as being laid off from my job. When this occurred my loan was still with XXXX. I tried on multiple occasions to engage them to apply for help through government programs. I was once again gainfully employed and making good money and did a phone interview and was told that I definitely qualify. I applied multiple times but could never gain any traction. The loan went to XXXX and I ran into the same brick wall. More recently I have been dealing with my current servicer Nationstar. 

Nationstar refuses to open a file review, they refuse to look at my financial situation, they refuse to consider any type of retention options, they refuse to assign a single point of contact they refuse to even have a discussion about my loan and situation. They have told me that this loan is owned and controlled by a private investor ( still wo n't tell me who it is ) and that they will not consider ANY options, repayment plan, forbearance agreement, deferred principal, modification, etc. I make enough money to afford a reasonable payment. A big part of the reason that I am in this mess is because of the bad loan that I was sold when I bought my home. I was not aware that the interest rate would go up and that it was not possible for it to go down. I was sold a bill of goods due to my ethnicity and now I am in danger of losing my house. And the worst part of it is the company that owns this XXXX loan, the " private investor '' knows how bad this loan is and they smugly sit by in their XXXX XXXX XXXX and refuse to even CONSIDER helping me or working with me.

Company response to consumer: Closed with explanation