WHO IS MR. COOPER AND WHERE DID HE COME FROM
Nationstar Mortgage Company, one of the country largest home mortgage loan servicers, announced in August of this year that it was changing its name to "Mr. Cooper”. To those of you who may think this is a joke, please be assured it is not. Instead, it's just another example of an arrogant mortgage servicer's refusal to believe that it has done anything wrong. Its low public esteem is surely not due to any misconduct on its part, but rather consumers' misperception of it, or so Nationstar thinks. Thus, the need to reinvent itself in the form of Mr. Cooper. After all, who could hate someone called Mr. Cooper?
THE BEAT GOES ON
Unfortunately for them, the answer to the last question is Phil and Paula. Over the course of the past year, they have been sent permanent modification agreements containing errors five different times by Nationstar. Because of these errors, they could not sign and return the documents which would have gotten them out of their mortgage difficulties. And because they didn't sign them, Mr. Cooper has directed that they beforeclosed on. So much for friendly-faced and kind-hearted Mr. Cooper.
COOPER CLASS ACTION?
There is relief for Phil and Paula on the horizon. They need to send Mr. Cooper notice that it committed errors and demand rectification. This would include dismissal of the foreclosure. If Mr. Cooper refuses, then they can sue it (him?) for damages. This whole episode demonstrates how farcical Nationstar's conduct is. In fact, a class action by all the “Mr. Cooper’s” of the world against Nationstar for slandering their good name would have more merit. At least it might serve to teach Nationstar the basic lesson that actions speak louder than words.