Consumer complaint received 2015-10-14
Company: NATIONSTAR MORTGAGE LLC
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
We had been working with XXXX on a loan modification. As the loan modification was being put together, the loan was sold to Nationstar ; therefore, had to start all over again. 

After working with Nationstar for more than TWO years, they issued a loan modification in XXXX XXXX, 2015 and mailed it to us. We received the package on Tues, XXXX XXXX late afternoon. We immediately called Nationstar on XXXX XXXX to get clarification and responses on missing data and items left blank ( customer service person who took the call was not trained or unaware of how to handle this call ). On XXXX XXXX called again and insistent that the call be escalated to management or someone who was trained on this subject matter, XXXX XXXX, Team Manager in the Loss Mitigation - Bankruptcy department took the call and requested we email all the questions. We emailed the questions immediately that day because we knew of the importance of this matter. 

It 's important to note that from the time we received the package to the time that the payment and paperwork was expected back to Nationstar was LESS THAN XXXX hours. We did NOT receive a response from Nationstar until XXXX XXXX ( more than 30 days to respond ; even though, we frequently called for updates ). After the issues were clarified, I was told by XXXX XXXX that the loan modification package was now dated and needed to be updated with a new package in order for us to sign and notarize. On the follow-up calls we were advised by Nationstar that supposedly Nationstar was reviewing the documents and working on a new package that will be mailed to us with shortly. 

Instead of sending us a new loan modification package, a NEGLIGENT employee at Nationstar stated or noted that we rejected the loan modification which is a total FALSE statement, and we were forced to submit a new package and start all over again. We emphasized this fact to Nationstar when we sent the new package. 

Now Nationstar is stating that the loan modification has been denied based on some secret calculation that we are not privy to review or question. We have also been given a conflicting response by a Nationstar c/s rep : based on the net present value ( NPV ), it is more financially beneficial to the investor to liquidate the asset ( yes, we owe less than the value of the home ). 

Of course the home values have improved. Fortunately, for most of the country, the economy and the real estate market has improved. We have seen the effects in our income. After struggling financially as XXXX of Americans had during the deep recession ( when were also forced to filed for bankruptcy protection ), now we are getting back on our feet and are willing and able to keep our home with an adequate loan modification. We can not keep our home by simply bringing the account current. The accumulated payment in arrears is financially prohibitive ; however, a modification of loan will help us keep our home. 

The failure by Nationstar to provide a prompt solution was NOT our fault. We always cooperated and provided all the documents requested. The delays were not our doing. We followed up almost on a daily basis asking for updates. 

While all this process was going on Nationstar filed a Notice of Default and more recently a Notice of Trustee 's Sale were filed. Foreclosure is being advertised on XXXX for this Monday, XXXX XXXX at XXXX when we have not received a formal letter from Nationstar with our options and right to appeal their latest decision. 

This is very frustrating. When the market was bad and home values where drastically lower, the investor was willing to help, and now that the market has improved, it 's better to liquidate the asset, cash-in and leave us without a home. This seems far away from the spirit of helping American homeowners to keep their homes. Private profits over home ownership.

Company response to consumer: Closed with explanation