Consumer complaint received 2016-12-09
Company: NATIONSTAR MORTGAGE LLC
State: GA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan servicing, payments, escrow account

Complaint:
To Whom It May Concern, On XXXX XXXX, 2016 I made the payment for my XXXX mortgage payment. Shortly after making that payment I received a letter dated XXXX/XXXX/16, stating that my account had been suspended due to insufficient funds. It stated that I must pay another {$180.00} to bring my account current. ( See document # XXXX ). Around the end of the month I received a letter notifying me of the upcoming ARM adjustment ( see document # XXXX ) in XXXX, which is normal. However, the letter showed my current rate being 5.875 % and my current monthly payment being {$1000.00}. At first I thought these numbers were just dummy numbers to you see used to explain things. Not my actual numbers because I knew that was n't what my mortgage payment had been all year. 
A couple of weeks later in XXXX, I received a packet from Nationstar ( dated XXXX/XXXX/16 ) stating that since my payment was more than 30 days late, I could fill out the enclosed application for loss mitigation to see what the possible options were to avoid foreclosure. I filled out this application and submitted it on XXXX/XXXX/16. About a week later I received a call from a company called Balance stating they were trying to help me since I submitted the application for assistance. I scheduled a date to go over all my finances with XXXX at Balance. In this phone call he brought to my attention that it looked like my ARM had adjusted in XXXX making my mortgage payment {$1000.00} now. I was confused because I knew my ARM did n't adjust until XXXX each year. Then I remembered the letter that notified me of my upcoming ARM adjustment in XXXX but that had those " XXXX '' numbers. Then I realized those were actual numbers they were charging me. 
Sure enough! The rate on my XXXX statement ( see document # XXXX ) was 3.125 % ( monthly payment of {$910.00} ) but on the XXXX statement ( See document # XXXX ) it was showing 5.875 % ( monthly payment of {$1000.00} ). Not only was my ARM adjusting too early it was adjusting more than 2 %. Per my ARM rate limits : My rate can not increase more than 2.0 % or decrease more than 2.0 % AND is only allowed to adjust once a year ( IN XXXX ) - This is also stated on document # XXXX the notice of my ARM adjusting. See Rate Limits On XXXX/XXXX/16 I called Nationstar XXXX XXXX ) Customer Rep XXXX helped me but then transferred me to XXXX. After explaining to XXXX, he kept trying to tell me that this is how my ARM adjusts every year but said he was putting in a request to research this and this would take about XXXXXXXX business days. 
On XXXX/XXXX/16 I called Nationstar again and spoke with XXXX. She said this research takes XXXXXXXX business days. 
Again I called on XXXX/XXXX/16 and spoke with XXXX ( XXXX ) at first she could n't see where they were researching it but then all the sudden she saw were a research request was put in on XXXX/XXXX/16, XXXX/XXXX/16, and XXXX/XXXX/16. She was going to talk to the manager and would follow up with me by the end of the day. I never heard back from her but received a letter dated XXXX/XXXX/16 ( see document # XXXX ) stating that Nationstar was in receipt of my request dated XXXX/XXXX/16 regarding the loan serviced by nationstar. A response would be provided within 30 days but generally were answered in less than 10 days. 
I called again on XXXX/XXXX/16 ( XXXX ) and spoke with XXXX ( x XXXX ) who conferred with her manager XXXX XXXX XXXX XXXX. Per XXXX, XXXX XXXX made this adjustment NOT Nationstar due to an error in the past. 
I have not received anything from XXXX XXXX stating or explaining this anomaly regarding my rate and payment. This whole issue has completely messed up my finances and I 'm making every effort to get this corrected and get my account back into good standings.

Company response to consumer: Closed with explanation