National city 2nd Success - Loan Modification Forum

tc4gold · 08-13-2009, 08:38 AM

HI,

Well, after 5 months of dealing with National City, their rude employees, the lies, the pressure, the changing of contact people, the losing of documents. My case finally got escalated to someone who was nice (good guy/bad guy procedure I think). This person realized I was in trouble, I had someone offer to settle the debt (i am paying them back over 10 years). My second was at $346k and I started at 10% of the balance, they countered with 35%, we finally settled on 20% of the debt $70k. It is paid and I got the lien release letter, it will show as debt settled for less than full amount but I am still in my home thank goodness.

I also managed to settle all my credit card debts for 20% of the balance owed (chase 28%)without going through debt collection firms which charge you upfront. I didn't want to go BK route so I was willing to settle. B of A was the easiest of those to settle. Now I am working on my foreclosure/short sales on my rentals where tenants ran off without paying for months. One day at a time but it is a full time job to sort through this. Hope I can regroup and get a job soon.

Keep persevering to those who are struggling, take good notes and stand firm.

Evan Bedard · 08-13-2009, 08:56 AM

Congratulations on your settlement very wise choice!

tc4gold · 08-13-2009, 10:02 PM

Thank you for the words of encouragement, it really helps to have this site. I wish we didn't have to fight so hard though, most of us didn't want to go through this but the old domino effect put us here and the banks etc., can't figure out how to help us and stay human. I had perfect credit in January of this year and now it is in the toilet but I had to learn to let go and try not to feel guilty.

Right now, I just want it all to be over, I have lost my shirt thanks to tenants who didn't pay, trashed the places and not being able to collect. I thank those that just said I can't pay, I will leave and leave it clean. THe others should rot in hell for the pain and damage they caused not just me but others.

My heart goes out to the homeowners who are losing so much, at least I had a friend who was able to pay my settlement and allow me time to pay him back. I was lucky.

Thank you again for all you do to help us get through this.

Danville · 09-03-2009, 06:06 PM

Congrats on your success with Nat City. I see this post was back from April, so some time has passed. We are also struggling to have Nat City modify our second and we have been working on this for months experiencing much of the same frustrations you did. Do you have a contact person you can share who helped you in the end? It would be greatly appreciated.

Thanks,

Danville

jazzyjnatl · 09-22-2009, 01:26 PM

Quote:

Originally Posted by Danville

Congrats on your success with Nat City. I see this post was back from April, so some time has passed. We are also struggling to have Nat City modify our second and we have been working on this for months experiencing much of the same frustrations you did. Do you have a contact person you can share who helped you in the end? It would be greatly appreciated.

Thanks,

Danville

Dan

I am also with National City

I am waiting for any response. I hear it may ake 90 days...

jhn_plsn · 10-10-2009, 10:39 AM

Good to hear that you are more comfortable with your settlements, debt and all. I must point out that sometimes, and every situation is different, BK is the better route. My understanding is that the written off debt will follow you for 10 years just as a BK but with a BK after 2 years you qualify for FHA loans again.
BUT, the key here is what can we all live with and I am still going back and forth waiting for my 2nd to settle reasonably.
What kind of verbiage did you use when speaking to your agents concerning settling the 2nd?

tc4gold · 11-10-2009, 12:48 AM

Hi

Sorry, I wasn't watching this post for the last month or so. If it isn't too late, I just kept telling them I couldn't afford to pay any more than I offered. I did have to give them comps as they did a BPO and it came in higher than what I found. I told them about the drugs and such in the neighborhood which bouht the values down. I also told them I would file bankruptcy if they didn't settle.

Bankruptcy is an option for some but each situation is different and it wouldn't have been right for me. I also had someone who would pay it for me as long as I pay them back and that helped. I have no problem speaking with you if you want to send me your phone number to tc4gold@pacbell.net. Hope this isn't too late.

jazzyjnatl · 11-10-2009, 06:10 AM

tc4gold

I just receivd a letter yesterday from National City Mortgage informing me that they coukd not help me but they could assist me in selling my home. I don't know what I can do at this point. I would really like to keep my home and was trying to work something out. I was too upset to call them. Not sure what else I can do....

Thanks Moe

tc4gold · 11-10-2009, 08:14 AM

HI,

You need to ask them why they feel they cannot help you.
Is your National City mtg a first or second? If it is a second have they done a BPO and what did it come out at. Have you looked at comps in your area to see the value.

THey need to understand that they won't get anything from a sale, do you have a realtor that can give you a letter of opinion of value based on sold comps. THere are too many questions I need answers to in order to try and help you. Are you talking to real negotiators in loss mitigation or customer service?

Are you writing down everything they tell you and who you spoke with?

Evan Bedard · 11-11-2009, 03:35 PM

Hi tc4gold,

Was your 2nd mortgage a HELOC?

08-13-2009, 08:38 AM	#1 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	National city 2nd Success HI, Well, after 5 months of dealing with National City, their rude employees, the lies, the pressure, the changing of contact people, the losing of documents. My case finally got escalated to someone who was nice (good guy/bad guy procedure I think). This person realized I was in trouble, I had someone offer to settle the debt (i am paying them back over 10 years). My second was at $346k and I started at 10% of the balance, they countered with 35%, we finally settled on 20% of the debt $70k. It is paid and I got the lien release letter, it will show as debt settled for less than full amount but I am still in my home thank goodness. I also managed to settle all my credit card debts for 20% of the balance owed (chase 28%)without going through debt collection firms which charge you upfront. I didn't want to go BK route so I was willing to settle. B of A was the easiest of those to settle. Now I am working on my foreclosure/short sales on my rentals where tenants ran off without paying for months. One day at a time but it is a full time job to sort through this. Hope I can regroup and get a job soon. Keep persevering to those who are struggling, take good notes and stand firm.

08-13-2009, 08:56 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Congratulations on your settlement very wise choice! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

08-13-2009, 10:02 PM	#3 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Thank you for the words of encouragement, it really helps to have this site. I wish we didn't have to fight so hard though, most of us didn't want to go through this but the old domino effect put us here and the banks etc., can't figure out how to help us and stay human. I had perfect credit in January of this year and now it is in the toilet but I had to learn to let go and try not to feel guilty. Right now, I just want it all to be over, I have lost my shirt thanks to tenants who didn't pay, trashed the places and not being able to collect. I thank those that just said I can't pay, I will leave and leave it clean. THe others should rot in hell for the pain and damage they caused not just me but others. My heart goes out to the homeowners who are losing so much, at least I had a friend who was able to pay my settlement and allow me time to pay him back. I was lucky. Thank you again for all you do to help us get through this.

09-03-2009, 06:06 PM	#4 (permalink)
Danville Junior Member Join Date: Jul 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Congrats on your success with Nat City. I see this post was back from April, so some time has passed. We are also struggling to have Nat City modify our second and we have been working on this for months experiencing much of the same frustrations you did. Do you have a contact person you can share who helped you in the end? It would be greatly appreciated. Thanks, Danville

10-10-2009, 10:39 AM	#6 (permalink)
jhn_plsn Senior Member Join Date: Apr 2008 Location: Riverside, Ca Posts: 136 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Good to hear that you are more comfortable with your settlements, debt and all. I must point out that sometimes, and every situation is different, BK is the better route. My understanding is that the written off debt will follow you for 10 years just as a BK but with a BK after 2 years you qualify for FHA loans again. BUT, the key here is what can we all live with and I am still going back and forth waiting for my 2nd to settle reasonably. What kind of verbiage did you use when speaking to your agents concerning settling the 2nd? __________________ *John, Upside down big time.* *1st modified again=USBank, 3% for 5yrs, 4.95 cap for the life of the loan(no principle write down but a stable solution)* *2nd(heloc)=BofA offered three month trial at 1/3 the payment. We'll see.*

11-10-2009, 12:48 AM	#7 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Hi Sorry, I wasn't watching this post for the last month or so. If it isn't too late, I just kept telling them I couldn't afford to pay any more than I offered. I did have to give them comps as they did a BPO and it came in higher than what I found. I told them about the drugs and such in the neighborhood which bouht the values down. I also told them I would file bankruptcy if they didn't settle. Bankruptcy is an option for some but each situation is different and it wouldn't have been right for me. I also had someone who would pay it for me as long as I pay them back and that helped. I have no problem speaking with you if you want to send me your phone number to tc4gold@pacbell.net. Hope this isn't too late.

11-10-2009, 06:10 AM	#8 (permalink)
jazzyjnatl Senior Member Join Date: Aug 2009 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success tc4gold I just receivd a letter yesterday from National City Mortgage informing me that they coukd not help me but they could assist me in selling my home. I don't know what I can do at this point. I would really like to keep my home and was trying to work something out. I was too upset to call them. Not sure what else I can do.... Thanks Moe

11-10-2009, 08:14 AM	#9 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success HI, You need to ask them why they feel they cannot help you. Is your National City mtg a first or second? If it is a second have they done a BPO and what did it come out at. Have you looked at comps in your area to see the value. THey need to understand that they won't get anything from a sale, do you have a realtor that can give you a letter of opinion of value based on sold comps. THere are too many questions I need answers to in order to try and help you. Are you talking to real negotiators in loss mitigation or customer service? Are you writing down everything they tell you and who you spoke with?

11-11-2009, 03:35 PM	#10 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: National city 2nd Success Hi tc4gold, Was your 2nd mortgage a HELOC? __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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