My wife and I received a mailing from the bank that services our mortgage ( Nationstar ). The letter informed us that our modified mortgage would be ending, and that I needed to refinance to lock in a low interest rate. When I called Nationstar, I spoke with XXXX XXXX XXXX, Nationstar Mortgage, ( XXXX ) XXXX, XXXXXXXXXXXX. I told him that our modification was for " the life of the loan ''. XXXX told me that all the modified loans were for a short period of time, and would end, and that the interest rate was scheduled to increase 1 % each of the next 3 years for a total of 3 %. He further stated, that this would bring our rate from 2.65 % to 5.65 %, raising our payment {$200.00} by the third year. XXXX stated that XXXX did not want this increase to put the customer back in the same position of not being able to pay their mortgage, so they were offering this refinance option for a limited time. XXXX said they could lock us in at 4.75 %, and push our mortgage out to 30 years again. We have our signed modification that states the terms as follows : 2.65 % for the first 5 years, 3.65 % for the sixth year, and then 4 % for years XXXX to the end of the loan. It also states that we will receive {$1000.00} a year for the first five years, for a total of {$5000.00}, towards the principle ( If payments are made on time, which they have been ) XXXX told me we would not receive this {$5000.00} now, and that it would pay for the closing costs on the refinance, but we would be able to skip a monthly payment. XXXX said we had to lock in before XXXX XXXX, 2015, even though we 're only in the fourth year of our modification. At the time I spoke with XXXX, I did not have my documents on hand, and I became concerned, and had him send me the papers for the refinance. Needless to say, I was not happy with the prospect of my mortgage starting all over again at 30 years. After receiving the documents from XXXX at Nationstar, I was able to locate the paperwork for our modification. I brought everything to a Reputable mortgage professional for his advice. He asked if he could call XXXX, and when he did, he let XXXX know that we were there, and if he could put him on speaker phone. He questioned XXXX on why he was trying to get us to refinance from the terms we had, to a mortgage that would put us in a worse position. He explained the terms of our modification to XXXX. XXXX became very defensive, agitated, and at times angry. He explained he does n't get to see the terms of an individual 's mortgage. He was questioned on how he could possibly give advice to people and try to get them to refinance, if he does n't even know what their exiting terms are. I believe Nationstar calls people, " fishing '' for those that do not know or completely understand what they currently have, get scared, and refinance into a mortgage that is clearly NOT in their best interest. At the very least, I believe this is unethical, sounds illegal, and is definitely predatory. It 's shameful to know that the XXXX does business with, is trying to deceive it 's customers, and rip them off, all the while claiming that they are trying to help. 
( *By the way, my wife was quite upset that they ran her credit without her permission ).