NATIONSTAR MORTGAGE

NATIONSTAR COMPLAINT:

Submitted:      June 2015

Reported By:     pattiv in Deltona, Florida

Report Link:   CLICK HERE

They [Nationstar Mortgage] are horrible!

Nationstar has made my life a living hell. In Feb. I made 3 months of payments because I fell behind and at tax time got caught up. This time, I made the payments and continued to make payments. Then in April, my payment was returned. I couldn’t understand why so I called and they told me the payment I made in Feb. was returned NSF. I knew it didn’t and called my bank that agreed it was paid. We sent statements and letters from the bank and I call them on a weekly basis. They kept insisting it was returned but couldn’t tell us where it was returned to. I made another payment in May, which they are just holding. Now in June, they tell me it was not returned it was applied to the account but I’m like no it didn’t, look at the balance. They want me to repay a huge amount that I don’t owe so now I’m going to lose my house. They are so frustrating and clueless about what is going on. I need help I’m at my wits end.

END CONSULTING ADVICE:

Hi pattiv,

Nationstar Mortgage is known for violating the rights of their clients and consumers in general but you do not have to sit back and take it! You have so many consumer rights and consumer protections under the FDCPA and the CFPB and the FTC and RESPA with regard to your complaint and it only takes a few minutes to submit the complaints online to the CFPB and FTC.

In fact, we covered your complaint today on our radio show The Daily Complaint and provided a pathway for success to include how to contact the CFPB and FTC - thank you for posting your complaint online so that others will have the opportunity to learn from the wrongdoing that you have experienced at the hands of Nationstar Mortgage and other debt collectors responsible for servicing your mortgage. There are firm rules in place with regard to the posting of your payments and also to threatening foreclosure when not warranted or in error but again, you must know your rights in order to assert your rights.

In addition to submitting complaint to the CFPB and FTC, I would suggest preparing a QWR for Nationstar Mortgage – you can learn how through the CFPB by typing in QWR in their search bar. They are required to acknowledge the QWR per RESPA in 5 business days and answer it in 30 business days or you do have recourse, so listen to us address your complaint on The Daily Complaint today and contact us if you need further information on how to not only attack your problem but to get the solutions that you are seeking. You can hold Nationstar accountable for their actions!!!

Also, DO NOT listen to any idiot that tells you that you are wrong and do not have consumer rights because they are wrong, period.

Good luck!

Respectfully,

Dana Shafman

Managing Member

END Consulting

(888) 234-7006 Ext 101

Dana@ConsultingEND.com

www.TheDailyComplaint.com

HUD to Delay Foreclosures in Loan-Sale Changes to Aid Homeowners

BLOOMBERG NEWS

APR 24, 2015 11:10am ET

CLICK HERE FOR ARTICLE

The Department of Housing and Urban Development will revise its auctions of nonperforming mortgages to address concerns that the sales aren't doing enough to help homeowners in communities hurt by foreclosures.

After winning a bid, buyers will be barred from seizing properties for at least a year and HUD will begin designating some small loan pools for purchase by nonprofit groups under a set of changes to be announced by the agency on Friday.

The new requirements will take effect for HUD’s next loan auctions, which the agency plans to hold in June and July. The sales will include large pools of loans from around the country as well as one with mortgages concentrated in Detroit, restricted for sale to community groups and local government bidders.

"These changes reflect our desire to make improvements that encourage investors to work with delinquent borrowers," Genger Charles, acting general deputy assistant secretary of HUD's Federal Housing Administration, said in a statement.

Previously, all pools were open to all qualified bidders and foreclosures were barred for only six months. Nonprofits will get a first chance to buy homes that end up going through foreclosure.

HUD is also setting a minimum standard for mortgage modifications offered to borrowers by requiring investors to evaluate whether borrowers are eligible for aid under the government’s Home Affordable Modification Program.

The agency, which has sold $3.7 billion of soured loans since late 2012 under a program designed to aid neighborhoods, has faced complaints from nonprofit organizations that its sale terms favored large investors backed by firms such as Oaktree Capital Management and Blackstone Group. While the FHA's mortgage-insurance fund has benefited from the sales, there are few signs the program has helped areas laden with vacant homes.

Borrowers resumed payments on fewer than 13% of the mortgages sold as of February, according to a HUD report. Almost half the loans were still in "interim status" because many borrowers, who’ve failed to make payments for an average of three years, have abandoned their properties.

Winning bidders have four years to get at least half the loans in a portfolio into repayment or another approved outcome, such as holding the property for rental or selling to an owner-occupant.

Performance reports by winners of the first three HUD auctions, in which a total of $1.57 billion in debt was sold, show a wide range of outcomes, according to reports obtained by Bloomberg through a Freedom of Information Act request.

HUD has auctioned more than 98,000 nonperforming loans with unpaid balances totaling $16.7 billion since 2010. The majority of the loans — about $13 billion worth — were sold in national pools outside the neighborhood-stabilization program. They came with few requirements aimed at improving communities or helping delinquent borrowers.

The loan-auction program was established by HUD as it faced mounting losses to the FHA's insurance fund stemming from the housing crash. The fund needed a $1.7 billion infusion from the Treasury Department in 2013, the first in the agency's 80-year history.

Demand for soured mortgages has been increasing as Wall Street firms compete to buy loans at a discount after a real estate market rebound. Freddie Mac has auctioned about $2 billion in defaulted debt in three separate sales since last year. Fannie Mae announced its first bulk sale this month of 3,200 loans with an unpaid balance of $786 million.

Feds call out national mortgage servicer

April 21, 2015

by 

Colleen Tressler 

Consumer Education Specialist, FTC 

http://www.consumer.ftc.gov/blog/feds-call-out-national-mortgage-servicer?utm_source=govdelivery

The Federal Trade Commission and Consumer Financial Protection Bureau don’t play games when it comes to making loan servicers pay for illegal and unscrupulous behavior. Case in point: Green Tree Servicing LLC.

Today, the FTC and CFPB reached a settlement with Green Tree. In a joint agency complaint, the FTC and CFPB alleged foul play: Green Tree committed a slew of unfair and deceptive practices in loan servicing, debt collection, and credit reporting that affected homeowners nationwide.

Among Green Tree’s alleged swing-and-miss-behavior:

Strike One — Loan Servicing: Green Tree misrepresented that customers had to make additional payments to be eligible for a loan modification; failed to honor loan modifications from previous loan servicers; and misrepresented the time it would take to respond to a request for a short sale, causing people to fall into delinquency or even foreclosure.

Strike Two — Debt Collection: Green Tree falsely represented how much people owed or the legal status of their debts; told third parties, including employers, about people’s debts; and called people repeatedly and used abusive language.

Strike Three — Credit Reporting: Green Tree furnished credit reporting agencies with customer information it knew was inaccurate, and failed to correct inaccurate information in a timely manner.

Under the proposed settlement, Green Tree will pay a total of $63 million: $48 million in refunds to consumers, and $15 million in civil penalties. In addition, Green Tree must create a program to test the accuracy of its data, cease its illegal debt collection and credit reporting practices, and implement a home preservation program to ensure that it honors loan modifications.

If you’re having trouble paying your mortgage, or your loan has been transferred to another servicer, learn about your options and your rights.

Tagged with: credit report, debt collection, loan, mortgage

Blog Topics: 

Homes & Mortgages

OCWEN LOAN SERVICING & ALTISOURCE

OCWEN / ALTISOURCE COMPLAINT:

Submitted:      January 2015

Reported By:     lone ranger 1957 in Oregon

Report Link:   CLICK HERE

I filed Bankruptcy chapter 13th 12-29-14. Foreclosure date was 12-30-14. I contacted Ocwen 12-30 early morning before foreclosure sale and told Ocwen bank. rep regarding filing and gave him all info regarding filing location and no; he stated that he had uploaded all the info and that foreclosure would be stopped and not to worry? Afterwards he asked me for more information so I could submit paperwork to initiate modification process, Well I just got served with a sheriffs sale on my home?!!.. It sates property sold to satisfy a judgment against me. Purchaser was deutsche Bank national trust. I called Altisource today and rep. told me Ocwen now owns the property? Also that I have until June 29th to purchase property back. I can stay on property until then and that I also have an option of receiving monies to relocate and get paid for it and not have to pay back any monies??Something sounds fishy here but heck I can’t afford an attorney and me and my wife are both retired .Can anybody please refer me to some help here, please. Thank you

END CONSULTING ADVICE:

Dear lone ranger and other violated Ocwen borrowers,

Ocwen has been all over the news recently with the ousting of their CEO William Erbey as well as with their $150 million settlement that prompted admitted and discovered wrongdoing on so many level it is difficult to specify all violations in this post for escrow fraud, wrongful foreclosure, FDCPA violations…and on and on! 

Here’s a link to the full story on Ocwen’s settlement to include wrongful foreclosure: http://www.reuters.com/article/2014/12/22/us-ocwen-financial-settlement-idUSKBN0K00CX20141222

After reading your complaint, I realized that there are some truly unanswered questions that should be addressed immediately such as:

(1) Was the house sold at auction or just repossessed by Deutsche Bank?

(2) Did the foreclosure attorney and/or Ocwen receive notice from the courts the day that you filed when you listed Ocwen as your creditor?

(3) Why is Ocwen/Deutsche Bank offering you a buyback option if your house was truly sold as wouldn’t that warrant a new real estate transaction with a qualifying loan – or – it is simply to get you to pay the monies owed?

(4) At what amount are you purchasing your home back for and is it for the entire

mortgage amount or a true market value?

I agree with you that this situation is fishy at best and it appears by your posting that your consumer (wrongful foreclosure) AND constitutional (bankruptcy stay) rights have been violated on every level. Believe it or not, there are many avenues for homeowners just like you lone ranger and I would recommend fighting for your rights outside of and you can start with the CFPB at http://www.consumerfinance.gov. You can actually post a complaint against Ocwen for false foreclosure through the CFPB that requires an immediate response from Ocwen within 15 days; that is well within your buyback range and I would suggest fighting to the finish.

I routinely look for posts to answer in hopes that it will not only bring optimism to those homeowners and borrowers in distress but also some basic information to assist in fighting the banks that are "too big to fail" but yet don't appreciate the bailout that we provided in their time of need.  The debt collectors like PHH, SPS, SLS, Green Tree, Ocwen and Nationstar are simply just piranhas but they can be beat at their own game too just like the big banks can be defeated.  You CAN win this fight!!!

It is not too late to fight for your rights but you will have to first get familiar with your consumer rights.  You can learn more about your consumer rights and the responsibilities of Ocwen as a mortgage servicer by visiting the CFPB's website and becoming educated about the rights afforded you under the FDCPA, Dodd-Frank and RESPA via the CFPB. Here is a link to the current rules that went effect in 2014 and stronger rules are forthcoming in 2015: http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

Thank you as I commend you for taking the first step in asserting your consumer and constitutional rights by complaining about the situation in an effort to shed light on the abuse and encourage change. With that said, many overlook the key aspect of the fight, which is putting the violations and abuse in writing in the form of a proper QWR and attaching proof of your consumer and constitutional rights that have been violated. 

I would be more than happy to educate anyone interested on how to fight for your rights as my firm routinely seeks out complaints online so that we can educate as to how to fight back on our weekday show called "The Daily Complaint” where we review a complaint and how to tackle it successfully.

We reviewed your complaint on the show if you would like to listen, visit www.TheDailyComplaint.com

In the event you have further questions, you can contact me via email, web or phone (full contact information is below) as I would be more than happy to answer your questions, call Ocwen with you and/or point you in the right direction.

Every new beginning comes from some other beginning's END

Respectfully,

Dana Shafman

Managing Member

END Consulting

(888) 234-7006 Ext 101

Dana@ConsultingEND.com

www.TheDailyComplaint.com