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The website for the Nationstar Mortgage settlement is now live.
Though Class Members are not yet able to file claims, information about the case — including the class action complaint and settlement agreement — is available on the site.
The $91 million Nationstar Mortgage settlement resolves allegations of mortgage servicing misconduct and deceptive practices that financially harmed borrowers.
The lawsuit was filed in federal court by attorneys general in each state.
A similar, separate lawsuit was filed by the Consumer Financial Protection Bureau (CFPB).
According to the plaintiffs, Nationstar Mortgage, which does business as Mr. Cooper, allegedly engaged in misconduct and abusive mortgage servicing practices between 2012 and 2015, violating the Consumer Financial Protection Act of 2010.
The company services about 3 million borrowers who have a total of about $500 billion in unpaid principal balances on their loans.
The lawsuit specifically alleged Nationstar Mortgage violated the Consumer Financial Protection Act by improperly increasing permanently modified monthly loan payments, wrongfully foreclosing on mortgage loans, mismanaging escrow accounts, and failing to honor agreements over loan modifications.
According to the Nationstar Mortgage settlement site, a fund of about $5.8 million has been established in order for eligible borrowers to receive cash payments.
Two groups of individuals may be eligible: the Service Transfer Population and the Property Preservation Population.
The Service Transfer Population is made up of borrowers whose loans were transferred in bulk to Nationstar from Feb. 1, 2011, and Dec. 18, 2017, became 30 days delinquent within 90 days of the transfer, and that delinquency resulted in the dispossession of the property in foreclosure.Â
The Property Preservation Population is made up of borrowers whose property was subject to inspection by Nationstar or an agent of Nationstar, was determined to be vacant, and as a result of that determination, Nationstar or its agent changed the lock between June 24, 2011, and Dec. 29, 2017. Borrowers in this group also must have requested access to the property within 30 days of the initial lock change, or, within 90 days of the initial lock change, the property must have been reported as occupied during a subsequent inspection.
Additional criteria for these groups may also be met.
Those who are eligible to take part in the Nationstar Mortgage settlement should expect an information packet this year. The packet will include a claim form.
According to the Nationstar Mortgage settlement website, more information on the settlement was expected in late January, so it should be available at any time.Â
Top Class Actions is following this settlement and will let you know when the claims period opens.
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71 thoughts onNationstar Mortgage Settlement Website Is Live
Nationstar lost all my paper work and when I tried to get them I was told they were lost and too bad. Many people had the same problem. So basically I paid my mortgage but could not prove I owned it. I was a single mom working 2 jobs to pay them could not sell. I deserved justification for their failure to protect its clients. More senior seniors lost their homes through their failures. I did list my home and had to move in with my kid
August 11th, 2021
I am following up with regard to my settlement. Please contact me asap. My former address of 11 years was 13107 Neumann Cove. Nationstar stole my home.
That is exactly what I told the attorneys. We didnt lose our home, Nationstar took our home from us.
October 04, 2021 and no one has yet to reach out to me with regard to my settlement. I’m growing worried now that Wells Fargo is sitting on all the financial recoveries.
I am a Mr. Copper home loan mortgagee. Still having problems with this company now Mr. Copper reporting my loan as being behind to the credit bureau. It is not in fact it took them 6 months to set up my home loan after a refinance. They should be put into another class action law suit. They have not changed.
When are the checks going to be distributed?
I sent in the card I received about joining the lawsuit. I never received anything else.
I did also. I hear of a packet but never rec’d one. Still awaiting settlement nearly 4 years after 11 years of home ownership. Nationstar stole my home from me.
How can I be a part of this class action suit if I have been impacted?
I was one of the first to complain to the Consumer Protection but I didnt get a packet.
Why have we still not heard anything about our settlement?
I have not received a packet for a claim.
Please add me.