Nationstar Mortgage success with NACA!

[lallen]

I have been monitoring these boards for awhile now and would like some feedback from anyone out there familiar with Nationstar:

Here is our story:
I contacted Nationstar last October about a loan modification as our ARM was re-setting in January. They tried refinancing but we didn’t have enough equity. They knew nothing about loan mods. Called again in January after laws were being passed and was told that Nationstar didn’t know what they were doing yet about the adjustable rate mortgages. Our payment (thankfully) only increased by $200, however, it is going to reset again in June and every six months after that. We have never been late and we are current in our monthly payments. We have tried refinancing and even listed our home on the market, but no go.

We signed up with NACA’s Home Save program, attended the workshop and will meet with an agent next week. In the meantime, I spoke with Nationstar about a loan modification last month and they FINALLY had an Arm Checklist for me to send documents to them. I sent a budget, paystubs, etc. by fax and was told someone would contact me in 3 business days. They didn’t. I called them non-stop and they finally acknowledged receipt of the documents but assured me someone would get back to me. They didn’t.

After 2 weeks passed I finally spoke with a Customer Service Rep who spoke with the Manager of the Modification Department. The rep told me the manager would send the Customer Service Rep my file to review because the modification department is backlogged!!! The rep promised me she would call me the next day, which she did. We went over our monthly expenses and our current financial situation. She informed me that Nationstar’s loan modification process is only for 12 months – it is only a temporary fix. They will not modify loans permanently like other lenders are doing! Is this correct? I wonder if our situation were different if we were seriously delinquent in our payments. It seems like everyone is getting modifications into fixed loans, whereas I am being told if they do modify, it will only last for 12 months. At this point, we will have to accept a 12 month modification, but I don’t know what will happen in 12 months. What if we still can’t refinance or sell? The rep also told me that we are only allowed a modification once for the life of the loan!

I haven’t read much about Nationstar so I don’t know if anyone has any experience going through this process – any feedback would be appreciated. We will not hear back from the rep about what management has approved until Monday.

THANKS!

[Moe Bedard]

Hi lallen,

Welcome to the forum and thank you for joining.........

We have some that are working with Nationstar..........although they are very difficult to work with........they are modifying.
I would stay with the help being offered from NACA.........

Here is the contact information that we have........

Nationstar Loss Mitigation
1-888-480-2432



Here is another member being offered a mod and it is for the same 12 month start frame.......

http://www.loansafe.org/forum/tell-u...d-journey.html

[lallen]

I just spoke with Nationstar and got some not so great news. Our loan mod has been approved --- for 6 months. AND we are only allowed 1 modification for the life of the loan. So this is it.

I know we should count our lucky stars to be getting anything at all, but honestly, we dont feel 6 months is going to solve our problems and allow us time to refinance/sell (our goal). Our interest rate is currently 8.5% and will be 6.5% until November. Then revert back to 8.5% and adjust every six months thereafter.

We have an appointment with NACA this Friday so hopefully they will give us something to hope for!

[Moe Bedard]

Hopefully NACA will be able to help.........maybe since Nationstar has made an offer...........maybe NACA will be able to get them to extend it longer.....
I know they are very difficult to work with..........


Good Luck with NACA.......

Please Keep Us Posted.......

[lallen]

We just received our loan modification offer today via FEDEX from Nationstar. We used NACA to negotiate a loan modification. NACA asked them to combine our first and second mortgages but they didnt. They did however change our adjustable to a fixed rate - our second was a fixed, it was the first that was the 3/1 ARM. here is breakdown of what we were offered:

Before
1st - 8% ARM pymt $1747 (incl.taxes&escrow)
2nd - 12% fixed pymt $535

Now
1st - 6% fixed pymt $1460 (incl.taxes&escrow)
2nd - 8.25% fixed pymt $395

We contacted Nationstar on our own before meeting with NACA and they only offered to modify our loan for 6 months (and a warning that a modification can only be done once through the life of the loan).

Using NACA we received this offer. It took a little while (2 months), but i think what helped was that NACA already had an arbitrator assigned to work with Nationstar and had already had a case where they successfully negotiated with Nationstar to modify a loan, so they were able to get the ball rolling pretty quickly for us. Ultimately we would have liked to have one payment, but just getting out of this yucky ARM is good enough for me and we will take it and run! I wouldnt suggest using them if you have an immediate crisis, but if you can wait it out and go through their process, it is beneficial, esp. if you are like us and werent getting anywhere on our own.

Thanks *** D. for responding to my previous post about Nationstar and the helpful words of encouragement!!

[Moe Bedard]

Congratulations!!

This is great news!!!

So happy you were able to get the permanent fix instead of the 6mo. deal........

[Moe Bedard]

Congratulations Lallen! This is great news and I am glad that you got help and things went rather smooth for you. Thanks for sharing your story and sharing your success!

[schwefls]

Kudos To Lallen Congratulations

[RudyJay]

It is a success...good job rj

[scared dawg]

Originally Posted by lallen

We just received our loan modification offer today via FEDEX from Nationstar. We used NACA to negotiate a loan modification. NACA asked them to combine our first and second mortgages but they didnt. They did however change our adjustable to a fixed rate - our second was a fixed, it was the first that was the 3/1 ARM. here is breakdown of what we were offered:

Before
1st - 8% ARM pymt $1747 (incl.taxes&escrow)
2nd - 12% fixed pymt $535

Now
1st - 6% fixed pymt $1460 (incl.taxes&escrow)
2nd - 8.25% fixed pymt $395

We contacted Nationstar on our own before meeting with NACA and they only offered to modify our loan for 6 months (and a warning that a modification can only be done once through the life of the loan).

Using NACA we received this offer. It took a little while (2 months), but i think what helped was that NACA already had an arbitrator assigned to work with Nationstar and had already had a case where they successfully negotiated with Nationstar to modify a loan, so they were able to get the ball rolling pretty quickly for us. Ultimately we would have liked to have one payment, but just getting out of this yucky ARM is good enough for me and we will take it and run! I wouldnt suggest using them if you have an immediate crisis, but if you can wait it out and go through their process, it is beneficial, esp. if you are like us and werent getting anywhere on our own.

Thanks *** D. for responding to my previous post about Nationstar and the helpful words of encouragement!!

lallen,

We also are working with NACA. But we have been waiting and waiting. Supposed paperwork submitted 3/27 and it's now 6/13? We also have tried to deal with our lenders and it's like talking to brick walls. Is there anything you could tell us to help us light a fire under our counselor to get her moving?

She's told us that it was approved and that we should receive a package in the mail middle of May. NOTHING. Then she's told us that it's on hold again May? She's not responding to calls, only some emails. She's emailed a few times asking for things that have already been submitted. She did say something about having one payment but we are like you as we have a 1st and 2nd so I don't see that happening again like you so I'm a bit puzzled why she would tell us that? So my frustration has been building. With everything we've been through it's been hard to really trust anyone anymore.

We have submitted everything that has been asked of us. I have contacted our lender's rep that works with NACA and she's told me that she hasn't received any paperwork from NACA. So this is where we are wondering what is up and/or going on? I don't have a contact for our 2nd or I'd contact them and ask the same thing have they received any paperwork?

I do understand how swamped they are as we have seen first hand of their offices. My husband and I have both taken time off of work to drive for 2 1/2 hours to their offices as they are in Englewood Ca and we are in San Diego. They don't have an office here in San Diego as San Diego is too expensive for their price range (for home purchase)? The only thing they can do for us is to deal with our lenders for us. But so far we haven't see it yet?

By the way love your new loan mod!! Sweet deal..

Any thoughts or advice would greatly be appreciated...
Scared dawg...

[lallen]

Scared dawg -

I really dont know how their operations work because I had heard similar stories of it taking a long time for people to receive any information at all from NACA counselors before we started the process. I DO know that they are swamped - in fact our counselor met with us on a Sunday when their building was closed and we took 4 hours to go over all of our paperwork. I honestly think that we got lucky because they had literally just negotiated a loan mod with our lender for another customer and we had contacted our lender directly the week before NACA made contact with them. Also, the fact that our lender was willing to modify our loan for us before NACA contacted them probably got the ball rolling also. Our counselor was also very hard to reach initially, but we kept up the contact with her by telephone.

Our counselor also told us that we would hear back something within 2 weeks but it actually took longer than that, so I wouldnt trust the time frame they give you, they have no way to figure out how quickly the lender will respond. I do know that it was a couple of back and forth comunications between the lender and NACA because NACA makes the intial contact to our lender, our lender responded back saying they were willing to modify. NACA sent them our information and what they thought our loan should be (the one loan combined), and then our lender responded with their offer. We received a letter from our lender directly regarding the loan modification. It could be that NACA is working with a different department from the one you are calling - especially if they have worked with your lender previously.

Whatever the case may be, I hope you get good news soon...dont give up!

[scared dawg]

Thank you for the words of encouragement. We are trying very hard to hang in there. And we are trying to think as positive as we can. I will continue to call, email or what ever it take with our counselor to get this done.

She also meet with us inbetween her regularly schedule appointments. We have been through so much to not fight for our house. Please keep good thoughts coming our way.

Thank you also for telling your story so that we can hope for the best with our modification.

Scared dawg

[worriedva]

HI we finished our third trial payment with nationstar and have been told our loan is in underwriting. Is that a good sign? Spoke to them and they told me to keep making my trial payments until I hear from them again. I was just a little unsettled b/c I got a letter stating that I needed to pay a huge amount before 11/30. Spoke to Nationstar and they said that it was a generated letter and to ignore it. Has this happened to anyone else