With a servicing portfolio worth more than $369 billion and over 2.3 million customers, Nationstar is one of the largest mortgage loan servicers in the country.
Nationstar's website says they have “A Culture of Caring,” and “Because we are focused on keeping people in their homes, it's natural for us to want to do all we can to help those who are truly struggling.”
Despite its self-proclaimed “culture of caring,” homeowners often find that it's difficult to deal with Nationstar when trying to get a loan modification, and that they don't feel the servicer does all they can to keep them in their home.
You can see just how frustrated homeowners can get with Nationstar by taking a look at comments and complaints about them online. The Consumer Financial Protection Bureau (CFPB) and other sites list comments from consumers on their websites for the public to see.
Taking a look at these complaints reveals some common themes for homeowners trying to work with Nationstar for a loan modification:
1. Being Denied for a Loan Modification Is Infuriating
Most people applying for a loan modification don't have any other hope for keeping their home. It's their last chance to reinstate their loan and return it to normal servicing, so when it's denied, they are disappointed and angry, and wonder if they will be foreclosed upon.
It's possible to appeal the denial and apply again, but all too often the result is the same: another denial.
Here is one complaint from a homeowner in Pennsylvania that was posted on a consumer review website:
“Nationstar Mortgage is the worst company ever dealt with in our lives. I wouldn't ever turn to Nationstar again if they were the last mortgage company on earth. The employees constantly give the run around. I have now applied for four different modifications as they have requested and given all kinds of excuses so that they don't have to provide us with a new modification. Can't believe they are allowed to be in business!!! The company is suppose to assist people but people end up worse off than when started. They are crooks and should be in jail for a long time.”
They sound ever so slightly upset with Nationstar, don't you think?
The details of that person's case are not publicly known, but it's obvious that having your loan modification application denied is upsetting. Having four applications denied is even more so. Unfortunately, most people who apply for a loan mod on their own are denied.
2. Lack of Understanding Causes Stress
Over and over again, consumers complain about the difficulties they have in communicating with their servicer regarding vital information about their case, like this person:
“Been trying to contact Nationstar in reference to our modification loan and they keep blowing us off. Now we cant even get thru to them on the phone. I fear they are just going to hit us with an eviction notice. This has been going on for a year. When we were getting thru to them they would say don't make a payment that the underwriters have our paper work and we have to wait for them. Someone Please help I don't want to lose my home. I don't know what we are going to do I'm hoping they are not doing what I think they are.”
Again, the specifics of this person's case aren't known, but these types of problems are as common as the day is long with Nationstar and every other loan servicer.
You can see how stressful it is to not understand exactly what's happening when you're behind on your mortgage and at risk of losing your home.
In fairness to Nationstar, they surely have satisfied clients too.
Avoiding Common Loan Modification Problems
So, what can you do to avoid these types of problems if you're trying to get a loan modificationn? Don't go toe-to-toe with your servicer alone, whether it's Nationstar or any other, when the consequence of losing is foreclosure. It won't be a fair fight, and you could end up confused and stressed.
Remember, if you represent yourself in the important matter of foreclosure defense, you have a foolish client. Our firm has achieved positive results for our clients with Nationstar. You can view some of our successful Nationstar case results here.
Consider hiring an experienced attorney to help you get the best outcome. A qualified attorney can give you the best chances of getting your loan modification approved. They should also minimize the stress of not knowing what's happening in your case by communicating with your bank directly and passing relevant information onto you, translating “legalese” into plain English in the process.
