Consumer complaint received 2015-09-29 00:00:00
Product: Mortgage — Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure — 
Company: NATIONSTAR MORTGAGE LLC
State: CA

Complaint narrative:
On XXXX XXXX, XXXX I began a 3 year loan modification term with XXXX XXXX XXXX whereby my {$1.00} XXXX mortgage ( Loan No. XXXX ) interest rate was reduce to 3 % and interest only monthly payments of {$6600.00}. This interest rate was to last for 3 years and then it would be raised to 5.25 % with 25 year amortized monthly payments of {$12000.00}. Although I was aware that I could not afford the terms of the mortgage after 3 years, I had no other recourse as I did not want the Bank to foreclose on my home. I also was of the expectation that the real estate market may re-emerge from the 'Great Recession ' to allow the sale of my house during that time period. 

I was current with the {$6600.00} payment when the 3 years ended. Being aware prior to the 3 years ending that the real estate market had not returned to where I can be successful with a conventional sale of my home, and furthermore, that I could not pay the new upcoming monthly mortgage amount of {$12000.00} come XXXX XXXX, XXXX, I began to request from XXXX XXXX XXXX in writing early in XXXX to revise the loan modification agreement so that the 3 % rate will be extended beyond XXXX XXXX, XXXX. XXXX XXXX XXXX delayed and did not revise my loan terms, but instead, on XXXX XXXX, XXXX, my loan was transferred to Nationstar Mortgage for servicing ( Loan No. XXXX ). My appeals for a modification of the loan terms continue with Nationstar, however, I am being quickly denied the modification on the basis of negative income, and at this time am being threatened with foreclosure. A Notice of Default was filed against me earlier this month ( XXXX XXXX ). 

My income is presently {$120000.00} per year and my income will increase by another {$25000.00} per year come XXXX XXXX, XXXX due to an upcoming monthly retirement payment that will begin at age XXXX. I have the means to pay a lower interest mortgage payment on my current home. Furthermore, the real estate market condition in California has improved dramatically during the past several months to where it is feasible for me to now sell my home and pay my outstanding loan balance. Accordingly, in an effort to avoid the foreclosure, my home is presently listed for sale. It has not sold yet but we have a good level of activity and expect to have a sale soon. However, the looming threat of foreclosure from Nationstar, and the filing of the Notice of Default, have reduced our options in comfortably pursuing the sale. 

My loan violates Fair Lending laws and practices as it increased to an unaffordable monthly payment of {$12000.00}. Furthermore, I have become aware that my loan had been electronically sold via MERS on several occasions and the rightful holder of my Deed of Trust is not known. I am requesting your help in assessing the violation of fair lending laws and guidelines with regards to my loan. I ask for your assistance to curtail an unjust foreclosure before I succeed in selling my home.

Company response to consumer: Closed with explanation