Home mortgage sold to Nationstar

[Scott K]

Recently my house mortgage was bought by Nationstar Mortgage, from Bank of America. I still havent recieved anything from Nationstar, no account number, no payment book, no place to send a payment to. The transfer was done last month, and my payment was due on May 1st, but I dont know where to send it. I have called them, only to get a bunch of runaround by the automatic operator. I pressed 0 to speak to an operator, and it required me to enter my account number, I dont have one.

I googled Nationstar Mortgage, and it seems they bought a bunch of mortgages from BoA this year, and no one is happy about it. People complaining of missing escrows, payments higher, payments that were mailed, checks cashed, but not credited to their accounts. Everyone is saying to just go refinance, and dont deal with that company what so ever.

I was just wondering, if anyone else has dealt with them? Are they that bad? Should I just refinance my loan, so I dont have to deal with them?

How? Where do I make my payment to? Should I just wait until they contact me, and mail me this "Welcome package" ?

[Gus]

Re check your paperwork you received and look for anything indicating who will be servicing the loan or if there are any instructions on making the next payments.

My mortgage was sold, but my local CU was still the servisor of the loan. I keep paying them and they handle everything just like when I first got it.

If that's not the case, sorry I don't have any further advice.

[ClownColor]

I know in other circumstances, lost paper work, claiming you didn't recieve a bill, them having your wrong address, etc...is not a valid excuse for not making a payment. They will state that you know you have a bill and when it's due. They may work it out with you once and not penalize you but that doesn't happen often.

Keep investigating and get those payments in on-time or you could get hit with some hefty fees and injurying your credit score.

This is even from their site...stating you need to pay even if you didn't recieve a bill (I know it sucks and wrong but nothing you can do...other then social media)

Your monthly billing statement is mailed approximately two weeks prior to your next scheduled due date. If you have not received a billing statement, please do not delay your remittance. Mail your payment to:

Nationstar Mortgage

P.O. Box 650783

Dallas, TX 75265

To ensure your monies are posted correctly, please write your loan number on your payment.

Please contact Customer Service at 1-888-480-2432 if you have trouble receiving your statement. However, if your loan is in bankruptcy, a billing statement will not be mailed.

Sorry- I have no personal info about this mortgage provider

[nofishfisherman]

No experience with Nationstar but my mortgage has been bought and sold a few times over the last 4 years. Each time its sold its a whole new set of challenges to get everything running smoothly again. I've dealt with missing paperwork, no existent communication, inability to set up automatic withdrawls for payments, etc.

You'd figure when you're in the business of buying mortgages you'd have a better system in place for dealing with the people on the other end of the loan.

My only advice is to keep investigating and keep working the customer service line.

I wouldn't do a refinance just to get away from a particular company. There are a lot of factors that determine if refinancing is the right financial move. If the time is right based on all those other factors than it probably makes sense to cut ties with them but if you're doing it just to get away from them and it doesn't make great financial sense you may end up costing you a fair bit of money.

[Scott K]

I know in other circumstances, lost paper work, claiming you didn't recieve a bill, them having your wrong address, etc...is not a valid excuse for not making a payment. They will state that you know you have a bill and when it's due. They may work it out with you once and not penalize you but that doesn't happen often.

Keep investigating and get those payments in on-time or you could get hit with some hefty fees and injurying your credit score.

This is even from their site...stating you need to pay even if you didn't recieve a bill (I know it sucks and wrong but nothing you can do...other then social media)

Your monthly billing statement is mailed approximately two weeks prior to your next scheduled due date. If you have not received a billing statement, please do not delay your remittance. Mail your payment to:

Nationstar Mortgage

P.O. Box 650783

Dallas, TX 75265

To ensure your monies are posted correctly, please write your loan number on your payment.

Please contact Customer Service at 1-888-480-2432 if you have trouble receiving your statement. However, if your loan is in bankruptcy, a billing statement will not be mailed.

Sorry- I have no personal info about this mortgage provider

So, do I just mail them a check? With no account number on it? No info at all, because I dont have any?

This is what I found from doing a little googling. Not very promising!

http://www.consumeraffairs.com/finance/nationstar_mortgage.html

[JONOV]

BofA could still be servicing the loan. It is very possible that the loan is serviced by BofA and you continue to pay them. This should have some answers for you.

http://www.consumer.ftc.gov/articles/0190-making-payments-your-mortgage-servicer

[Lip_Ripper Guy]

I would highly recommend calling BofA. Most likely you are going to make payment to them until further notice.

[Scott K]

I called Bank of America, and went online, I have no access to any thing on line for my loan, and Bank of America told me to call Nationstar, that they bought the loan, and to Pay them, not Bank of America. I asked BoA about it, they said they may be running behind, because they have purchased a large quantity of loans from them in the past few months. The lady at BoA told me that any new accounts cant be reported to a collection agency for 60 days.

[Tom7227]

I would mail a payment to BoA and send it certified, return receipt. I would use the old account number. Copy everything. That way if anything happens you have proof that you were ready willing and able to make the payment.

I also would file a complaint with the MN Ag's office, call their consumer division.

[echotrail]

BOA is not customer friendly! You have to make more than one call and ask for a supervisor. Don't be afraid to ask for their name and/or employee number.

I paid off my BOA mortgage last fall and it should have been a happy experience. NOT SO! I called a few weeks ahead of time to get a payoff amount. I called a second time to confirm the amount and was given a different figure and a different address to mail it to. On the third call I asked to talk to a supervisor. This resulted in yet a different amount and to send a cashier check only to the address I was given on the first call. I also was told the final amount was determined by the date THEY WOULD RECEIVE the check and a difference of one day would change the amount. WHAT A PAIN!

Knowing I would get a refund of my escrow balance I sent a cashier check for $150 over the highest amount I was given. BOA added a $40 "Mortgage closing fee" that none of the reps/supervisor told me about! I did get the proper refund, but was glad I padded the payment amount. About 1 month later I received a customer service survey and I really had fun filling that thing out!

[Scott K]

After hours of depressing reading through the complaints on line, I found a way to get through to a live persons answering machine to Nationstar. So I called it, and left a message, explaining what was going on. I did get a call back and they told me, they are backed up, but to call them tomorrow, and enter a certain pin number to get past the animated operator, and they will have my account ready, and they will give me an account number, and directions on how to make my payments. Seems like a pain, but at least there is hope.

And for the record, Bank of America told me "Do NOT" send the payment to Bank of America, because it will just get returned.