Nation Star Mortgage Nationstar Mortgage, LLC assisted to refinance during a crisis in my personal life not educated in finance I signed an agreement to a 40 yr mtg w balloon payment instead 10 yr amortized over a 30 yr period. in essence, I pay the mortgage and still owe 1/3 balloon no matter when I sell. Lewisville Texas
Two years ago in 2011, I was approached by Nation Star to assist in a mortgage modification. I was in a crisis situation due to the fact my wife was in an automobile accident and I was unable to make mortage payments in a timely fashion. In addition, my employer, Rutgers University, unbeknowest to me, had reduced my salary by 20% which caused additional hardship.
Nationstar understanding my situation and that I was not knowledgeable to mortgage financing took advantage of the situation. I was under the impression they were working with the government to assist those who were in a financial distress situation not to lose their homes. Instead, I have since learned when I tried to sell my home that there was a payoff that included a very large excessive balloon payment after the mortgage was satisfied in the amount of 96, 000 approximately with a mortage principal of 365k.
Nationstar has taken advantage of my naivetivity to mortgage process and trust that that they were reputable mortage company. Nationstar took advantage of my crisis situation dispite the fact I was a good customer paying on time until that moment.
Nationstar has taken the opportunity to having me be a customer who pays for 40 years with high interest and an additional balloon payment of 96,000 approx at the end of 40 years. In essence, I am always in debt to Nationstar and never recover from a financial distress situation.