Consumer complaint received 2015-10-16
Company: NATIONSTAR MORTGAGE LLC
State: TX
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
This is a formal complaint against Mortgage Service Provider : NationstarI am a victim of mortgage, lending and appraisal fraud. 
Nationstar is the current mortgage service provider for my loan. XXXX Bank, XXXX of XXXX XXXX and XXXX, was closed down on XXXX XXXX, XXXX. XXXX XXXX and XXXX XXXX declared bankruptcy after an FBI investigation into fraud. After the FBI put XXXX and parent company XXXX Bank under for deceptive trade violations, my mortgage was sold to Nationstar. 
Nationstar is the residential mortgage loan providers for my loan and they left me with a toxic asset that I will never be able to recover from. The Nationstar management have left me with a mortgage that was induced by the lenders that resulted in me signing a consumer residential mortgage transaction riddled with fraud. Nationstar has not provided mortgage reduction from the appraisal and mortgage that was over valued by XXXX due to functional obsolescence and diminished site utility. As a result of the numerous violations that were committed by the service providers on my loan, I now am forced to sell by home as a XXXX bedroom house instead of a XXXX bedroom home as appraised and underwritten for my collateral. 
I tried to seek a judicial remedy in Texas but the Statute of Limitations has prevented me seeking recovery. XXXX and XXXX bank have been put into bankruptcy by the FBI, and my home was fraudulently appraised and Nationstar has been informed of the fraud. 
BACKGROUNDIn XXXX I bought a For Sale by Owner property described as a XXXX acre, XXXX square foot, XXXX Bedroom home for XXXX. The asking price for the home was XXXX. I made an offer of XXXX based on the public record tax evaluation of XXXX. The offer was rejected and a contract was established half way at XXXX. 
My median credit average of XXXX out of XXXX applied for financing and a good faith estimate was issued by XXXX to include an inspection and appraisal. The property appraised at XXXX Cost Approach, XXXX Sales Approach, and a final offer of XXXX was established. 
A retroactive appraisal and appraisal review were performed in XXXX. The two reports discovered that the property should have appraised at XXXX. The XXXX over inflated valuation has left me with a toxic asset and Nationstar has left me with a burden that has forever ruined my financial stability and destroyed my credit rating. By not reimbursing me for stripped equity, Nationstar violates both federal and state laws designed to protect borrowers from illegal appraisal practices, and without the intervention from the CFPB I will forever be burdened with a debt that I can not possibly repay in this lifetime. 
I would not presume to know the various channels available to anyone at the CFPB for making either direct or indirect subtle inquiries into federal and state fraud claims on my behalf. However, given the MASSIVE negligence surrounding my concerns and complaint, combined with the complacency from all the agencies I have reached out to, the very least the CFPB can do is to provide a measure of support that will give me some perspective of use for these organizations. 
BEFORE any suggestions by the management or Board or Governors or Examiners at the CFPB to not handle this complaint by citing statute of limitation claims, no contract of duty, not my problem, or by simply forwarding my file yet again to another state agency that is supposedly charged with safeguarding my consumer rights, it has to be emphasized that this is NOT an equitable solution to this hardship. 
Small or large leaps of intervention from the CFPB would go miles to restoring some sense of credibility that has been lost by this experience.

Company response to consumer: Closed with explanation