You said there is nothing said good. Do you mean that there is bad said or nothing at all?

I'm far from an expert, but I would guess that refinancing is your only option if you don't want to deal with the lender you've been dealt. I'll be interested to hear if others tell about other options.

everything said about the company is bad.

it happens all the time..

it was luck of the draw the last time we ended up being "purchased" by our local bank...just make sure until you're sold again, to keep accurate records on transactions...

unless you have stellar credit rating, and the possibility of out of pocket expenses, to refinance, hang in there...make sure your taxes and insurance are paid..

patches i went back and read all the complaints...omg...in this case i'd really talk to someone at your bank/credit union, and see if they're accepting mortgages...it might be worth the out of pocket expense to get away from this co...what about your previous co?

the problem is getting a loan... if you're in a house with an upside payment (paying more than house is currently worth) it's next to impossible...

It happened to us. When I googled the company, it said it was for primarly people who where behind on payments (we were not), and our loan was sold at least 3 times before we refi with Washington Mutual. Because we traveled alot, we tried to put it on auto payment, and they would sold it again trying to get us behind. They also stuck on charges we had to fight to get off, which we did. Document everything you do and like like susan stated, make sure your taxes and insurance are paid on time and get paid notices from both.
Meantime, look around for a local bank or credit union and maybe refi the loan.

I did google the name and did see quite a few complaints. From my experiences, make sure you have an account # and where to mail the payments NOW, do not wait. Get names, addresses and phone numbers. Don't wait until the next payment is due. Get paperwork so you have an impound account set up to pay insurance and/or taxes. If not demand to do away with the impound account and pay these yourself. If it near time the payment is due, and you have not received any paper work, call every day, at least to find out why not. Pay by check, so you can trace it. Write the account # on the check. Date the outside of the envelope when you mail it and if necessary mail it to a person, and get a return receipt who got the check and when. Make sure you get a statement every month to make sure they credited the account for you, not someone else.
I have been thru all this and believe me it is NOT fun.
Marie

I would NOT go to the considerable expense of refinancing just to have your mortgage with a different lender. What's to prevent the new one from getting bought out the same way? Most mortgages do not remain with the original lender anymore. I don't have a mortgage anymore, but I don't remember caring one way or another WHO held that mortgage when I did. Sort of a non issue. How/Why does it make a difference who the payment goes to?

I owe the original poster an apology....I should have read the online complaints before I wrote that last comment. Perhaps I've just been lucky....all the banks we've had a mortgage with...Chase, Wachovia, a couple local banks, etc were never a problem and I never even realized a place that held/serviced your mortgage could be as bad as the complaints I just read about Nationstar. I'd be worried, too.....sorry, but I have absolutely no idea what you can/should do....

Apology accepted. When i read your post i wondered if you had read all the problems with this company. I guess i just try it for awhile and see what happens. Not a whole lot available to do other then try to go somewhere else which would take a lot of money and time. Will see how it goes.

I know this happens to a lot of people, but there's one thing I don't understand about it. Are there really THAT many people who don't have a regular bank they can go to for their mortgage? We've had 2 over the years, and got them from the bank we regularly do business with--an old, established, small (2 branch) bank that's been around for over 100 years. They treat their customers as assets and don't sell their paper to others. And, they pay WAY WAY more interest on savings than the big commercial banks do.

Don't other people bank locally? Can't they get a mortgage from the bank who knows them, and who will continue to value their business?

Give what you've posted, I'd definitely be looking to refinance WITH MY OWN BANK, rather than do business with someone I don't know well, and could not trust.

If you refinance, you need to have a serious conversation with the new company about selling your loan- when they do it etc. Sold one house and the buyer's loan was sold even before closing! You (and other good loans) were probably bundled with the bad loans so the new company would accept the whole lot of loans.

We have ours through a credit union- Delta Community. If you live in specific counties in Georgia and come other areas or you have a close relative working for Delta Airlines, you can use them. We had our last house loan in GA through them and now have our house in WV through them. They do not sell their loans- they are just very picky who they lend to. We have been very pleased, even with the closest DCCU/DECU branch being back in GA.

Good luck and keep us posted so everyone can learn from your experience!

I didn't like banking with Wells Fargo and switched my checking and savings accounts to a local credit union I am happy with. When I refinanced my home loan a couple of years ago it was with Wells Fargo and I have noticed no problems. I use an independent mortgage company to get my home loans and my agent there, who is also a friend now, gets me the best loans.

I was going to suggest a small, local bank, as they usually are better at keeping their mortgages, and are more service-oriented.

Or a credit union ... they are member-owned, and almost all give good service. Some young folks find that they are more willing than most banks to lend to what appears to be a quality worker who lacks assets.

Can you transfer your mortgage? This morning as I drove on a nearby street a bank had a notice board outside asking whether we'd like to tranfer our mortgage, free?

What rules govern your paying off your mortgage, in full, in the near future? If it can be done without penalty, how about arranging a mortgage elsewhere, then have the new lender pay off your current mortgage?

By the way ... rather than getting mortgage insurance, the face value of which decreases as the amount remaining owing of the mortgage decreases (but the amount of the premiums doesn't), and which pays off the lender, what about getting a regular term insurance policy for enough to cover the amount owing now (possibly even more, if necessary to support your survivors), as the amount of coverage won't decrease, and will be paid to your heirs, who can then decide whether to pay off the mortgage.

ole joyful

Thank goodness I'm mortgage free.

you might want to mail your payments priorty mail/ this way someone has to sign and you will have a reciept. If you keep records and document everything you should not habve a problem

OP, who owns your mortgage is not as important as who services the loan. Many loans are sold with the servicing function remaining at the originating bank. The servicer will be the company who posts payments to your note.

As others have said, if this company will also be servicing your loan, I would go to great lengths to send in a payment with some sort of verification that it was received. Whether that be a certified letter, or an electronic payment, etc. There are many ways to accomplish this.

I'm doing a lot of my banking online now. I get a verification or confirmation number that the payment has been made. I'm sure your lender accepts e-payments.

The point was made and accurate about refi. What's to stop the new holder from selling it? And small, local established banks are sold all the time too so there's no guarantee there. The reality is, this is how it works on home loans. I don't remember how many times my loan was sold. Although I usually had no issues with late payments they were all pretty happy. I also worked hard to pay it off early which is still one of the best things a person can do. Refinancing can be expensive. Early payoff can save a lot of money.

I can understand the situation with mortgage lenders. Think about the number of repos and defaults are out there. This is killing a lot of banks, therefore a lot of good bank members are being affected and it's a sad situation all around. People bought way more house than they could afford, paying far more than they should and then just figure "I'll file bankruptcy" and walk away. And the banks were culpable in this too for giving these deadbeats in training these loans too but there's a lot of responsibility to go around but that's for another thread.

Another option I have with my bank is if they don't have an e-pay set up with a place, they'll mail a check for me as long as I set it up at least 6 days in advance and they'll cover any charges if the payment is received late. You might check into this.

It certainly would be wise to document everything as best you can but that won't guarantee trouble free dealings. But OTOH, there's no guarantee that you're going to have major problems either. People hit the internet to complain about a place far, far more than they do to compliment a place. If they're neutral, i.e. had no trouble, but nothing extraordinarily good happened, they'll nearly never post on it.

I'd use a refi as a last resort only. It's usually expensive and often you're better off taking other options.

Also, for the ones who say pay insurance and taxes yourself, if it's an FHA loan you're not able to, nor can you drop PMI - it is (or at least was) all required by law to be escrowed, and for good and obvious reasons. If you have a conventional mortgage, that's different.

One other option, do you have a GI loan option if you really want to refi?