Nationstar Mortgage success with NACA!

[Mike]

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!