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NovaStar Mortgage Inc.

Eugenia of Brooklyn, NY October 26, 2009

Hello, In 2002, I went from NY to Atlanta. I liked the city and decided to buy a condo. The broker, La Shawn T, hooked me up with Steffon S, a loan officer. She said she'd been working with him for about a year. He got me 2 loans--one for 9.75%, the other 13%. At the time my credit score was 754. A few days before closing, the realtor told me that S had told the mortgage company (NovaStar) that I made 120,000 a year and that somebody had written a letter to the mortgage company saying I had a publishing company. I was shocked but thought I had to go through with the closing. Then, I found out I had overpaid for the condo. It foreclosed, in spite of all my efforts, on November 1, 2005.

Trinna of Little Rock, AR May 4, 2009

I had my mortgage loan with Novastar since Jan 2001. Several times they tried to say they did not recieve the pmt and each time I had to provide proof to keep from foreclosure. When my medical bills got the best of me I had to file chapter 13 and then Novastar refused a pmt, when asked why they stated "We don't like our properties to be in bankruptsy so we are not taking the pmt so we can sell the house".

I immediately notified my attorney and he pulled the house into the plan to keep them from taking it. The pmts had always been made on time until all this. Even while the house pmts were made through the courts Novastar still insists they have not recieved pmt and tried several times requesting a seperation from the bankruptsy so they could foreclose. The courts refused since they in fact have the proof the pmts were made to Novastar.

After the loan was moved to Saxon they refuse to deal with the problem stating "thats between you and Novastar". Saxon then filed foreclosure against my property from the information they recieved from Novastar and attorney fees that I feel is unjust since I had not missed a pmt. Novastar just collected the money and didn't apply it to my acct. So I am still out of 5200 and can not get a response from Novastar to refund the money or send to Saxon to be credited to my loan.

Having to go out on disability and facing the foreclosre put me through such a mental and physical strain. There wasn't a day that I didn't cry not knowing if I was going to lose my house and the added burden of not having anywhere to go. I did manage to get it restructure to a fixed rate but still have not recieved my 5200. I would never refer someone to finance with Novastar or Saxon.

Marilyn of Third Lake, IL March 27, 2009

Marilyn of Third Lake IL (03/27/09)
we purchased our home in december of 2003 with an ARM with novastar holding the mortgage. when it came time for the ARM to adjust we called novastar to get the house fe-financed. they loan officer that i talked to said that she could get us into a 30yr fixed. when she told me what the payments would be i told her that we could not afford that. she explained that she was also giving us cash out of our house that we could use with our payment until we re-fi again in 6mos.

i lost my job the next month. novastar did indeed help me find another job, but by then we were so far behind. i called their lost and misacation dept and spoke to rebecca and explained. she said that we would need to come up with 35000. in order for them to help in anyway. i asked her about a loan mod. and was told that they only do that for people who have had a loan with the company for over 1 year. it did not matter to her that i had been a customer for over 3 years already, she stated that this loan was too new.

they started forclosure so i went and filed a chapter 13 in order to save my home, that was more money then we could afford so again i went and talked to rebecca. i begged and pleded with her to help - all she wanted was the money! i explained to her that if they were to do a loan mod we would make the payments and would refiance at a later date - no all she wanted was the money

they foreclosed in january of 2008, we were not even notifed that the was was forcloded on until we got a letter to vacate. we went to court and their laywer told us that rebecca must have been working on commision and that is why she would not help us in any way. now we rent a house for more the our mortgage payment was, my credit is in the toliet and they lost money when they sold my house that was worth 200,000 for 130,000. as far as i'm concerned they stole my house so that they could make a quick buck.

Laura of Pensacola, FL March 23, 2009

Laura of Pensacola FL (03/23/09)
In August 2006 I was to purchase a home to help get my friends out of Foreclosure only for them to re purchase the house back after 6 months. Never in my mind did I except to qualify for this house, but it was a quick sale and they apparenlty made it happend. I had two loans....one for 216,000.00 and another Adjustable balloon rider for 54,000.00. Keep in mind I was making less the 32,000 a year. Once my friends were no longer making the payments and they were starting the foreclosure paper work I actually sat down and took the time to go through the paper work, since it was all a rush dealing in the first place (quick sale). I notice there was income on there that WAS NOT MINE.

I spoke with a Mr. Steven M several times trying to explain this to him and even sent a certified letter to company to except the Deed in lie of foreclosure, but then never responded and the house was Foreclosed. I even had several who were willing to work out a quick sale with them but the only thing they were interest in was FORECLOSING AND NOTHING ELSE.

While I was trying to help a family in a financial bind I ended up losing the house and my good credit. Not to mention the physcial stress it put on me. I am a single parent with three kids and for the next 7 to 10 years got screwed.............I guess WELCOME TO AMERICA!!

Selena of Hubbardston, MA May 6, 2008

Selena of Hubbardston MA (05/06/08)
we were told that NovaStar was the only lender who would lend to us so we were facing losing the house we were in so we decided to go with it. HUGE mistake!!! They gave us an inflated appraisal the broker we used followed suit with them and poked us for every penny they could, and gave us different numbers at closing andthen never bothered to send any statements to us in order for us to send the payments to them.

We have had a mortgage thru them for 2 years and we have never seen a statement from them. when i called them on this they said oh well, computer shows its going out so theres nothign i can do for u.

then they didnt get a payment due to this issue and immeadiately put us in pre-forclosure and refused to work in any way with us. they stopped taking payments and that put us even further behind then started adding on attorney's fee's which made it impossible and would up foreclosing on our home this past month. they had an illegal auction of which we were never informed of and a foreclosure that we were never made aware of and now are giving me, my husband and 4 children 60 days to vacate. How do u do this to a family and still look at yourself in the mirror???

I lost my job. I work retail and my employer due to the foreclosure felt i was a risk for theft. I might even lose my marriage...How can they be allowd to do this???

Darlene of Poplar Grove, IL February 25, 2008

Darlene of Poplar Grove IL (02/25/08)
I got a 2 year fixed with an arm every 6 months. I bought the house as an investment to keep for a short time. I'm near foreclosure because I can't sell it for the price I need to, to get my money back out of it. I bought it with investment money, no job. What can I do about losing all my money now to a quick sale? I have a part time job for right now in the evenings,so I can contact offices during the day to find out if they should be sued or not? Please help.

I'm losing all my investment money.

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