Consumer complaint received 2015-05-22
Company: NATIONSTAR MORTGAGE LLC
State: NJ
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
My mortgage company Nationstar has been unreasonable and unfair while reviewing my request for modification assistance and then short sale. My home was at the epicenter of Hurricane XXXX and suffered significant damage. However the original lender XXXX XXXX XXXX and then Nationstar did not honor the moratorium on payments and have pushed me into foreclosure. I was forced to pay for the majority of repairs from my own pocket due to FEMA only covering a portion of this, yet the house still has significant damage and the zoning requirement has been changed and for title to be transferred or for a new loan to be written the house would have to be raised off of the ground. Nationstar would not be able to liquidate the property through foreclosure ; they could only sell the land. It would be much more profitable and wise to work with me ; I have a good job and have existing financing. To date though, Nationstar has not been willing to engage in any type of productive negotiation, and when I gave up and tried to do a short sale we ran into a brick wall as well. We need you to investigate their servicing practices and accounting practices. 

I bought this house XX/XX/XXXX. I refinanced into this {$800000.00} loan XX/XX/XXXX in order to pay off my ex wife as part of a divorce. I was convinced by the lender at origination to take out a larger loan amount because the rate and payment was so low. I did not know this was a teaser rate ; my payment went from about {$1700.00} a month all the way up to {$6000.00} a month literally within months. As the payment went higher and higher, my income started going lower and lower due to the financial meltdown and housing crisis. I continued to make my payments as agreed by using credit cards and borrowing money but then Hurricane XXXX came and caused significant damage to my home. I was really struggling and tried to work things out with XXXX XXXX XXXX as I began sporadically missing payments. I was dealing with agents overseas who spoke poor English and could not make any progress. At one point in time I sent XXXX XXXX XXXX {$20000.00} to try and get back into good standing and show my willingness to resolve this issue, but they rejected the payment because they said I owed additional legal fees that had not been paid. After XXXX XXXX hit my basement was like XXXX XXXX, my roof was torn off. I went to XXXX for assistance but the money they gave me only covered half of the major damage. At that time contractors were in short supply and would not work on spec waiting for XXXX money, they had to be paid in cash. This further exacerbated my situation, I obviously had to get a roof on the house, etc. I was offered a hotel room to stay in by XXXX but it was XXXX hours away so I stayed put and tried to get repairs done one by one while my kids moved back in with my wife. 

The loan was still with XXXX XXXX XXXX after Hurricane XXXX and as I understand it they were supposed to put me on some type of moratorium due to the hurricane damage. However, the opposite happened and XXXX XXXX XXXX began the foreclosure process against me I challenged this and was able to get the case put on hold. At that time the loan was transferred to Nationstar. I have tried to work with Nationstar and eventually was presented with a take it or leave it deal that would make my mortgage payment over {$5000.00} a month and increase my loan balance to XXXX XXXX and was told I had XXXX hours to accept this and had to sign a waiver to never challenge Nationstar in court over any aspect of this loan. That is not really a deal, it was more of an attempt to back me into a corner and force me to comply with unreasonable demands. At that time I listed the house for short sale but my realtor has made no progress with Nationstar, they are completely non responsive.

Company response to consumer: Closed with explanation