National City denied loan mod, can someone help?

[zack31]

Hello, I am new here.

We have a loan with National City Mortgage for 449k, the crook that put us in the loan told us that it is a 30 yr fixed and then gave us a 30 yr fixed with a 2/1 buydown.

Our interest went up to 6.875 and again will go up one more time to 7.875 next year. we found some mistakes on our loan paperwork, specifically on the Truth To Lender page with the amounts listed compare to the actual amounts. I pointed this out to City National but they responded that this is not a reason for loan mod. and this page is not a contract so they cannot do anything.

Can someone please let me know if they have or had any luck with National City and what they did. All we are trying to do is lower our interest rate so the payment is more affordable.

Thanks

[Dan Bailey]

Zack,
Glad you found the forum and thank you for posting!

I havn't heard anything about National City Mortgage...but any modification given is up to the investor(National City may just be the servicer of the loan?)

Mistakes on the loan paperwork are not a guarentee of a mod, but may ad leverage. Qualified auditors can tell whats up with that the best.

Hang in there! *** or Moe will be by as soon as they can to give you some direction. Good Luck!

[zack31]

Thanks, i have read many horror stories about this company and just want to do the right thing.

[Moe Bedard]

Hi Zack,

Welcome to the forum and thank you for joining................

We have several members working with National City at this time..........

they are dealing with the
Homeowner's Assistance number
1-800-523-8654

try that number and ask to begin a modification.............the modifications given are up to the investor on your loan, so you would need to see what the options are.

[zack31]

I spoke with them and they said to fill out the hardship program paperwork and send it to them. Process takes about 5 weeks. I also confirmed that they are the investors on my loan.

[Moe Bedard]

Good Luck on the mod!!

Please keep us posted on your progress........

[zack31]

Latest Update:
I called HOPE and they took all the info and setup a hardship package. Now First National Mortgage is reviewing the docs. We are hoping to get the loan to 5% and 40 years if possible.

Got my fingers crossed.

[zack31]

Here is an update on this ongoing problem:

So the bank is playing games with us, first they need paycheck copies which we provided and then they need copy of 1040 (we provided again and asked if we need anything else), of course they said no but when do they tell the truth. Now we need a hardship letter even though we have provided all the financial info.

We have reviewed our situation and docs with a real estate lawyer and found major issues.
1. Truth in Lending doc has wrong amount,
2. paperwork was drawn on Jun 11 and cancellation date is jun. 14 midnight but the paperwork was not signed till Jun 15th at our house.
3. Loan origination fees were more by about 5k.
4. When we called the lending company (Veritus Funding) they said that they are not responsible for their employee's actions and can sue him if we want to in small calims court. Shortly after he was fired.

Sometimes you play nice and follow rules and get screwed really bad, then you have to fight and hire an attorney.

[zack31]

here is the latest update, hopefully someone can help me with my question.
After months of not hearing anything and jumping through hoops i heard from National City, they offered me a repayment program but said that the Investor does not do loan modifications. I called back and was told that the investor is Wells Fargo, does anyone have a phone number for wells fargo to ask them questions about them being my investor and able to approach them about my loan mod.

Thanks

[zack31]

I have my loan with National City and they advised that only thing they can do is put me in a repayment plan but because the investor will not do any loan modificatiions. I called the investor (Wells Fargo) and they advised that they do loan mods and i need to talk to my bank but my bank gives me a run around.

Can anyone please let me know if there is a specific department in Wells Fargo that i can talk to? I am on a brink of loosing my house and have a interest rate of 7.875% is a few months. Trying to lower my payments so we can keep the house but cannot effort to have a repayment plan.

Thanks
Zack31

[PERSISTENT32]

Executive number for Wells Fargo posted by *** for members is 1-800-853-8516. The banks want you to have at least a surplus of 100-200. I know but they do...call and ask for a 3 month forbearance plan. Request to make half payments or no payments until you can get your surplus up to at least 100-200. Also tell the executive team as soon as possible.

[zack31]

Thanks, still have a couple of questions?
1. What do you mean by surplus, is it same as cash?
2. will they talk to me even thought my loan is being serviced by National City but they are only the investor on it.

Thanks