Nationstar Mortgage Modifications Decline As Nationstar Servicing Company Stocks Soars
By Neil Crane of The Law Offices of Neil Crane LLC posted in Mortgage Modification on Wednesday, August 27, 2014.
In a storyline that has become all too well known, homeowners continue to lose the battle to obtain meaningful mortgage modifications as companies assigned with assisting homeowners drag, delay and fail in even worse results than prior years. Nonetheless, the stock rises and fortunes of these dilatory servicing companies continue to soar. NationStar Mortgage, LLC of Lewisville, Texas has experienced two-fold stock growth since going public in 2012, despite granting approximately ½ fewer modifications than earlier mortgage holders like Bank of America and CitiMortgage.
It's quite apparent that these servicers care even less than the woefully insufficient banks who previously handled millions of defaulted loans. A recent mortgage modification from NationStar dated July 25, 2014 stated pre-approved for a temporary modification starting with a first payment on May 1, 2014 and acceptance of the offer by April 2, 2014 - that is, the acceptance must occur over 100 days before the letter was even mailed.
Worse yet, the house in question has been in the Connecticut foreclosure system since November 2013, taking court time, money and attorneys to battle over the exact same loan modification of the same precise loan. Clearly no one at NationStar knows or cares about the status of this loan. The bank foreclosure attorney knew nothing about the letter or the outdated granted modification, nor did it do anything to slow the foreclosure or save the borrower's family home.