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A must read about refinancing with NationStar Mortgage

Regular Contributor

A must read about refinancing with NationStar Mortgage

I sure hated to have to write this, because I just don't like bad news...

In my opinion, I'd HOLD OFF going too far with NationStar right now. After all their talk about "let's get you out of that bad ARM with Countrywide and get you into something you can afford"... NationStar came back with an incredibly high "predatory" and punitive-type interest rate combined with very, very expensive closing costs.

I'm extremely disappointed in them, but will give them another chance to do the right thing.

I'd hate to think that instead of "running scared" right now, mortgage companies are actually ratcheting up their rates and bending people over a barrel just because they can. But after talking with NationStar today, I'm starting to suspect that is what's going on.

For right now, I'd be very careful about going too far with them. I sure hated to bring this bad news because I thought I'd truly found a decent group of folks to work with at NationStar. I'll know for sure over the next 24 hours.

Message Edited by CreditHawk on 08-23-2007 05:17 PM

Message Edited by CreditHawk on 08-23-2007 05:26 PM
Message 1 of 6
Moderator Emeritus

Re: UPDATE on NationStar Mortgage... a MUST READ for borrowers

Ouch! Keep us updated.
Message 2 of 6
Regular Contributor

Re: UPDATE on NationStar Mortgage... a MUST READ for borrowers

Tuscani wrote:
Ouch! Keep us updated.

Well, Tuscani... sad to say, I finally had to "fire" NationStar Mortgage today. I officially cancelled my loan application and have decided to refinance elsewhere. In the end, they wanted nearly $10,000 in discount points for a very high interest rate, and they tried to sell me this song-n-dance sob story that at that rate, they were LOSING money.

Yeh, right.

Hey folks, for what it's worth, if you are thinking of a refinance or purchase loan, I'd be very weary of lenders that are gouging borrowers and bending people over a barrel during this "credit crunch" environment. That includes NationStar Mortgage.

The lesson here? Let's all work individually to do whatever it takes to NEVER miss another payment on ANYTHING, especially mortgages... and when your scores improve enough to warrant an "A paper" loan, only work with an ethical, reputable mortgage company.
Message 3 of 6
New Contributor

Re: UPDATE on NationStar Mortgage... a MUST READ for borrowers

I also contacted Nationstar Mortgage about a refinance.  I did not let them pull my credit but just generally asking questions about the mortgage they could provide me.  The loan officer was too aggressive for me and I could tell in our 45 minute conversation that he did not have my best interest at hand.  I gave him my credit scores which are 588,549,580.  I explained to him that I had two collection accounts on my credit report and was currently disputing them and I know they will be removed.  I asked would it be better on me to have them removed then have him pull my credit report.  He replied it was okay and that I really should hurry up and let him pull my credit because the interest rates are going up every day.  I watch the rates and I have observed them getting lower the last couple of days.  I also asked him if it would be better for me to work off some of the baddies on my report and he said that he would and could work around the items.  I just needed to let him pull my credit report.  I have already been told that I have a debt to income ratio problem because of self employment, Nationstar rep told me not to worry about it.  That was the final straw and I ended the conversation. 
Message 4 of 6
Regular Contributor

Re: UPDATE on NationStar Mortgage... a MUST READ for borrowers

Soaring... thanks for the honest feedback on NationStar Mortgage. You saw and heard exactly what I did: high pressure sales tactics and false claims about "HURRY UP BECAUSE RATES ARE GOING UP AND UP AND UP!!"

The loan officer I dealt with seemed to want to work aggressively on my behalf, but perhaps behind the scenes and out of my view he was simply working with his managers to ratchet up my rate and gouge me on closing costs. Whatever the case, the bottom line is it appears that NationStar Mortgage is simply using scare tactics to try and lock nervous borrowers into a bad deal for the borrower and a very profitable deal for NationStar.

Good for you that you cancelled your application and didn't go any further.
Message 5 of 6
New Visitor

Re: A must read about refinancing with NationStar Mortgage

I will tell you that you did the right thing by doing so. I used to be employeed there, and can tell you that much of the high pressure comes from the pressure to make quotas and lack of internal organization. Before I was asked to resign, they were going through layoffs in the sales side, I worked in servicing. There was not a company announcment about this, but I heard about it through the loan officers that where being promoted over me. Right now they are not accepting any "new" business or refiancing of current loans. So if you know of anyone trying to refi with them, tell them not to waste there time.
Message 6 of 6