Consumer complaint received 2016-03-01
Company: NATIONSTAR MORTGAGE LLC
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
Predatory lending from Nationstar Mortgage Bank in 2010 XXXX XXXX XXXX rejected our plead for a modification of mortgage on the basis that we were on time in all our payments and after months of calls and request an agent told us that XXXX will only be able to help us if we were on default. Three months later we were on foreclosure proceedings and nothing happened. The foreclosure process took 5 five years in which we could only pay our home owners association fees, which we did. 
After XXXX long and exhausting years we were set for trial but two weeks before XXXX XXXX XXXX sold our account to Nationstar Mortgage and they came to " service '' our account. They asked us to if we wanted to modify our mortgage to which we stated that we were very much interested. 
We provided XXXX % of the information they requested but at the same time their lawyers were pushing a " deal '' with our lawyers in which we would had to accept a " settlement '' for the modification to move forward. 
In every communication from Nationstar Mortgage it was very clear that they could get out of the modification of our mortgage if we did n't follow what they said and will immediate face eviction from our home in a matter of days. 
The settlement came in and it was the most one sided unfair settlement so we made our modifications signed and sent it back. The process moved forward and we got the " modification of our mortgage '', but the modification included the most outrageous and unfair extra fees. They took all the legal, taxes, insurance, late fees and pile them up on top of our mortgage bringing the cost of our home to {$530000.00} when the real value of the house is {$320000.00} leaving us with a {$210000.00} extra charge to our home and increasing our payment to 40 years. It was not our fault that the foreclosure process took 5 years, therefore we must not be obligated to pay for it. 
The " modification '' they offered us is a lose-lose for everybody, except the Banks. 
Here are our options : 1. If we stay in our home and pay {$3000.00} plus {$990.00} that Nationstar added including the most expensive Home Owners insurance in the market the monthly total monthly would be {$4000.00}. Oour income, as we demonstrated in our " modification '' application with our taxes and paystubs is {$4200.00} per month. 
In other words, we are left with {$140.00} per month for a family of XXXX to pay everything else or we will be evicted from our home. 
2. Our next option is to stop paying and get evicted after we already paid over {$180000.00} in mortgage payments to XXXX XXXX XXXX and all the other scammers that we the tax payers bailed out when they stole our money. 
At the end and due to a consistently predatory lending practices we will lose our home, the banks took not only XXXX of the real value of the house in our monthly regular payments before we defaulted, but they got XXXX % of the value paid twice ; once by the PMI ( Private Mortgage Insurance ) that we paid at a rate of {$390.00} per month when we defaulted, but again from the government on the bail out that we as tax payers " gave '' them to keep robbing us. 
Now they will get again the value of our house while the throw us out on the street ... and they will get paid in full again for the real value of the house and better yet get to take off from their books the bogus {$210000.00} they placed in as " fees ''. 
In conclusion : the banks took a house that had a real value of {$300000.00} three times and got paid all three times ... and get to keep it to sell it again. 
This is text book predatory lending at its best and we are just citizens without any help taking the full frontal attack on our family and our way of life.

Company response to consumer: Closed with explanation