Bankruptcy Lenders - Caution!

I would like to get ahold of this company you all are talking about. Please let me know.
Anna

Do a search on NLMC here and you will find some very good discussions of them and other mortgage companies to use. I googled them, but haven't found a site. Sorry.

Have you closed yet?

If you need NLMC's contact info...send me a private message and I'll send it to you!

Matt,
Dana Capital was one of the brokers who turned me down. I dealt with a guy named Jeff Lett. He wanted me pick a house and tell the seller to inflate the sales price by 40 thousand dollars. I called my attorney and he said that was against the law. He also told me that Dana Capital actually buys houses from people who are in foreclosure and leases it back to the family at a huge profit for your company,or as soon as they are one day late on a payment,kick them out and sell their home at a big profit. I found your company sneaky and underhanded. I would be very careful in any dealings with Dana Capital.

Very interesting...So any "branch" can do what they want? Even try to screw people out of their homes and the corporate "structure" doesn't really monitor them???? Again...I would warn anyone against doing any transaction with your branch brokers.

Oh.....and you say your branch has even lost money getting people into homes?? Come on....do you think anyone believes that? Do you guys sell cars,too?? Commissioned sales people don't do anything,after putting in all those hours to do a loan to "lose money." Sorry...ain't buyin that!

Oh.....and you say your branch has even lost money getting people into homes?? Come on....do you think anyone believes that? Do you guys sell cars,too?? Commissioned sales people don't do anything,after putting in all those hours to do a loan to "lose money." Sorry...ain't buyin that!

I can't speak for this guy, but our Real Estate Agent did just that.

Lost money on our deal.

She's a dear, sweet person who absolutely did not want us to have a Foreclosure on our Credit. And she did what it took to try to sell our house for us. In the end, she talked her broker into their office taking 1% commission.

The office will recoop money spent on all the advertising they did on our property, but the Realtor won't make a penny. She turned the utilities on twice on her own for showings and paid the bills out of her own pocket.

I firmly believe any other Realtor would have dumped us in a heartbeat. But not this gal. She held on to the very end to help save us from Foreclosure. Even got the Selling Realtor to take a commission cut to put the deal together.

So there still are kind hearted, generous commission sales people out there that think of the Customers' best interests first and their own wallets are an after thought.

Most* mortgage companies and brokers are sneaky and underhanded. They are out to put money in their pocket, and most of the time, take you for what you're worth, and then some..... I know first hand. I worked for a mortgage company for a year, and now they are getting ready to go under for their shady and illegal practices.

Always shop around before settling on ANY bank, broker, and the sales person you are working with, because you can bet your butt that guy is making a small fortune off of you in the front or the back!


*NOTE: I said "MOST" not "ALL."

I can't speak for this guy, but our Real Estate Agent did just that.

Lost money on our deal.

She's a dear, sweet person who absolutely did not want us to have a Foreclosure on our Credit. And she did what it took to try to sell our house for us. In the end, she talked her broker into their office taking 1% commission.

The office will recoop money spent on all the advertising they did on our property, but the Realtor won't make a penny. She turned the utilities on twice on her own for showings and paid the bills out of her own pocket.

I firmly believe any other Realtor would have dumped us in a heartbeat. But not this gal. She held on to the very end to help save us from Foreclosure. Even got the Selling Realtor to take a commission cut to put the deal together.

So there still are kind hearted, generous commission sales people out there that think of the Customers' best interests first and their own wallets are an after thought.

Thanks so much, SF, for reminding us that amidst the swirling debris of our financial lives, there are still a few remarkably caring and compassionate souls inside the system who want to help, not feed off us. Your real estate agent is a true angel on earth - it's wonderful you two found each other!

Thanks so much, SF, for reminding us that amidst the swirling debris of our financial lives, there are still a few remarkably caring and compassionate souls inside the system who want to help, not feed off us. Your real estate agent is a true angel on earth - it's wonderful you two found each other!

The most interesting part is the timing of us being lead to our Realtor.

I'd interviewed more than a few. All were saying the same price range. Commissions were all basically the same. But I wasn't very impressed or comfortable with any of them. I mentioned we were looking for a Realtor to the gal we've bought several cars from. She's the top seller at her dealership. Top sales people generally know top sales people in other fields. The car sales gal gave me the name of the Broker and our Agent. She even called the office, told them about us, gave them our phone number and had them call us.

The Broker initially came out. Our Agent had just lost her husband. She was literally in the middle of handling his funeral, so the Broker came in her place. The Broker said, "I firmly believe in the power of advertising." and she promised to highly promote our house. That got me right there.

When we met with our Realtor, she was so sweet and dear. Having buried her husband only a week before. You could see she was still in mourning, but made the effort to come and meet with us. We were literally on our way out of town when we met her. She told us not to worry. That she would take care of our house and get it sold for us. And that's what she did. She stood good to her word.

There really are so many people in this industry that are crooks. It's unfotunate but it is a reality. The mortgage industry is under-regulated by governing agencies and the bar to get into this business is very low. But, like others posted, there are good people in the business, just like there are good people and bad people in any business.

True, but I have more than enough reason to be VERY wary of ANYONE working for a comission based sales position.

Has anyone been able to find anything out about this company besides whats posted here? It kind of concerns me that the same man answers the phone everytime I call. Please help..........I'm kind of scared to deal with him when the time comes.

Has anyone been able to find anything out about this company besides whats posted here? It kind of concerns me that the same man answers the phone everytime I call. Please help..........I'm kind of scared to deal with him when the time comes.
I'm a little leery of this myself. I discharged BK 4 months ago and I did get a loan through a broker. I got an 80/20 loan at 8% and 11.5% respectively.

I really believe in the "if it sounds too good to be true, it probably is" mentality. I'm interested, but very cautious.

Do you mean you are leery about dealing with NLMC or the broker you got your loan through?

These guys did my loan. I closed a few days ago. I spoke to Dan and Tom at first and then after the loan was in process,I dealt with Missy and a few others. They are a bank. I know they are legit. I would'nt worry about that at all. They were the only people who could help us after talking to about 10 brokers. Hope everything works out for you! Good Luck!:D

did you get a good rate?

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%:cool:

I'm looking at getting a loan around $165,000 and I'm hoping to get a 100% loan.

I recieved the information from beenthere about nlmc and i checked out ther web site and did a pre qualify application tom called me and took down more information and is currently working on my loan i don,t know how long it is going to take but i hoping for the best, i,m staying positive.

How long ago was that? When was your bk discharged? Also have you had a chance to re-establish credit yet?

yes i spoke with tom from nlnc today and he is working on getting me approved he said he would be calling me back sometime today , and i was discharged 4/17/06 and i have recieved new credit already i have a car and three credit cards .

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%:cool:
So you have to pay PMI?

Have you heard anything back yet from Tom about your loan??

I recieved the information from beenthere about nlmc and i checked out ther web site and did a pre qualify application tom called me and took down more information and is currently working on my loan i don,t know how long it is going to take but i hoping for the best, i,m staying positive.


What are your credit scores? Post your scenario here and we can let you know what type of deal you are getting.

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%:cool:


The reason you are getting a good rate is you were in a chapter 13, a chapter 7 is looked at more harshly by the lenders, and you can not qualify for a FHA loan until 1 year out of chapter 7(with extenuatiing documentable circumstances), it is generally 2 years out. With a chapter 13 you can use your chapter 13 pay history as a tradeline and you can easily geta FHA loan, It seems the other brokers you talked to did not have FHA or know their programs.

yes i spoke with tom from nlnc today and he is working on getting me approved he said he would be calling me back sometime today , and i was discharged 4/17/06 and i have recieved new credit already i have a car and three credit cards .
What kind of rates are you getting from Tom? I am in the same exact boat as you as far as BK discharge. I have rebuilt my credit with a few cards though, and my car loan survived the BK. I'd really like to know what rates you're getting.

I currently have a loan for $178k. 80% at 7.875% for 45 years and 20% at 11.875% for 40 years. It keeps my payment nice and low for the next two years until I can refinance. The only thing I don't like is there is a prepayment penalty. I'm just wondering if Tom can do better than this. All I'm concerned with right now is my monthly payment until I can get refi'd into an FHA.

I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.

That is good. Are you going to go with them? Let me know how it turns out please because I will use them also

I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.

Wait a minute...NLMC is giving you a 6.6% interest rate less than one year out of bankruptcy? He also quoted you 4% when you are discharged one year???

I find that extremely hard to believe. I emailed Tom and gave him the numbers that I was getting from my broker and he said he could get me a deal very close to that and then they would improve one year out of BK.

Do you have a GFE from them? If so, please post it so we can see what you are getting. If they are really giving someone less than 1 year out of BK a 6.6% interest rate, I will be shocked and will use them ASAP. Please verify.

CB

I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.


Could you please post your GFE (good faith estimate) when you get it? I am not sure how they are offering you 6.6 less then a year out of BK, people with perfect credit get rates in that range unless you are doing an FHA loan, but FHa guidelines state you have to be at least 1 year out preferrably 2 years. I am not trying to be negative it justs sounds too good to be true. 4% after 1 year? there are no rates out there that are 4% unless it is a negative ammortization loan and then you have to have money down or a large amount of equity. Has anyone actually closed their loan with this company yet? I just want to make sure people are not getting taken advantage of, many times when it sounds too good to be true.... If anyone can post their GFE here for review we can take a look at what exactly the are offering.

Yea, I was getting prime rates with a lender then I realized the closing fees were like $8,000 - the yhad us buying down points only to put us in an ARM.

Could you please post your GFE (good faith estimate) when you get it? I am not sure how they are offering you 6.6 less then a year out of BK, people with perfect credit get rates in that range unless you are doing an FHA loan, but FHa guidelines state you have to be at least 1 year out preferrably 2 years. I am not trying to be negative it justs sounds too good to be true. 4% after 1 year? there are no rates out there that are 4% unless it is a negative ammortization loan and then you have to have money down or a large amount of equity. Has anyone actually closed their loan with this company yet? I just want to make sure people are not getting taken advantage of, many times when it sounds too good to be true.... If anyone can post their GFE here for review we can take a look at what exactly the are offering.
I talked to Tom at NLMC today and am expecting a GFE sometime later today or tomorrow morning. I will post it when I get it.

We are also waiting on a good faith est. from NMLC. I will post it when I get . We are doing a refi. We are 18 months into a ch.13. What kind of fees are expected for a loan of this kind? So far the only thing Tom at NMLC has said to me it's that everything looks fine but has not given me numbers whatsoever. Has anyone here actually closed a loan with NMLC?

I just re-read through this entire thread and now I'm wandering-- Its Tom the only loan officer at NMLC? He is also the only one that ever seems to answer the phone.....:

How long have you been working with Tom?

I just re-read through this entire thread and now I'm wandering-- Its Tom the only loan officer at NMLC? He is also the only one that ever seems to answer the phone.....:



I am pretty sure because the email address on the website is tom@...com

what do you think about that mtg_banker? i'm just weirded out by this whole thing. who could we contact to see if he is legit?

I am pretty sure because the email address on the website is tom@...com

Mortgage banker, could you contact NLMC to see if it is legit? would be greatly appreciated.

It been almost 4 weeks since my initial application. I had a follow up call from Tom 2 days after the initial app. and then I didnt hear anything back for about week before I called him back. He told me they were really busy but that they were working on my app. Yesterday I called him back and he said they were just waiting on a local appraiser to give them an approx. value on the property. He also told me that I should have my gfe by the end of the week..

what do you think about that mtg_banker? i'm just weirded out by this whole thing. who could we contact to see if he is legit?


I do not think that there is anything that can be done until some people close and they live up to their promises. If they do live up to their promises then I wish everyone luck who uses them but I am a little skeptical at this time. Only time will tell, there is no BBB listing for them. It should not take too long to see if they live up to their promises or not, hopefully it is not at the cost of someone's mortgage.

I can say that my realtor received a pre-approval letter from his office but I am kind of concerned because it is kind of strange that info is not available. I even tried to look up the name of the bank listed on the bottom of the website and haven't found anything. I have found a house and now I'm feeling kind of weird. Maybe I should seek an approval from another company but what company would that be?

It been almost 4 weeks since my initial application. I had a follow up call from Tom 2 days after the initial app. and then I didnt hear anything back for about week before I called him back. He told me they were really busy but that they were working on my app. Yesterday I called him back and he said they were just waiting on a local appraiser to give them an approx. value on the property. He also told me that I should have my gfe by the end of the week..


Once you apply you are supposed to be provided a GFE within 3 days of application, that is the law and if it was not provided then they are out of compliance with RESPA (Real Estate Settlement And Procedures Act) I would ask for your GFE now.

Yesterday I called him back and he said they were just waiting on a local appraiser to give them an approx. value on the property. ..


I HOPE that is your wording and not his. Appraisers do not give approximate numbers.

I HAVE closed a loan with NLMC. I really don't understand what all the fuss is about. I worked with Tom and Dan,and like I said,Melissa and a few others once the process was started. They did a GREAT JOB for us,when no one else would even pre approve us or look at us. When we closed on our house,everything went smooth and all of the fees were what we expected to pay. If you can find someone who can do a better job...good luck! But it seems like some people on here are stirring the pot for their own self interests!! I passed this info on for the benefit of people who were in our situation.(BK) I did it because I found someone who actually does what they say!! After talking to a million brokers,NLMC was the only ones who came through for us!!

Can you post your good faith estimate so we can see it

Once you apply you are supposed to be provided a GFE within 3 days of application, that is the law and if it was not provided then they are out of compliance with RESPA (Real Estate Settlement And Procedures Act) I would ask for your GFE now.


Our broker sent us one before we even knew what it was.

I HAVE closed a loan with NLMC. I really don't understand what all the fuss is about. I worked with Tom and Dan,and like I said,Melissa and a few others once the process was started. They did a GREAT JOB for us,when no one else would even pre approve us or look at us. When we closed on our house,everything went smooth and all of the fees were what we expected to pay. If you can find someone who can do a better job...good luck! But it seems like some people on here are stirring the pot for their own self interests!! I passed this info on for the benefit of people who were in our situation.(BK) I did it because I found someone who actually does what they say!! After talking to a million brokers,NLMC was the only ones who came through for us!!
No offense, but you have been nothing but talk as far as NLMC is concerned. You haven't posted your GFE or told us what your terms are. If they did such a good job, please share that info with us so we can have an idea of what they can do. Please post your GFE.

We want to see!!!! Seriously it would help tremendously..

not true Chucko...I have told my story and how we got approved,who we tried to get a loan through, and who DID help us. I offered what I learned to help other people who were in the same boat as we were. If NLMC bothers anyone.....DONT CALL THEM, or use someone else!!! I really could care less. I was just trying to steer people in the right direction who have had a rough time finding anyone to help them...like me and my family. Though I am generally against posting my personal business on the website and how much I paid for my house,I will go find my cost sheet(when i have a few minutes) and put the costs on here so you can judge for yourself. But please...I was only trying to help people who got screwed around like we did for months from a bunch of brokers. If that offends you...sorry:unsure:

Hi all mostly a lurker here but I just was curious myself about this company and any others you may know of. We had our ch7 discharged 8/2005, we have a few credit lines all in good standing and 2 years ago we had refinanced and got a second mortgage ( fixed) and a first mortgage arm ( i know dumb dumb dumb) but I thought it would help us, turns out it didn't and we slipped further hence the bk, anyhoo we are due for a second adjustment and it is getting really high and I was hoping to find someone to refinance us and combine both mortgages and get out of this terrible loan. But I am afraid with the recent bk, and hubby has changed jobs a few times ( always working just not in same field) that we will have a problem.

So any recommendations are greatly appreciated.

Thanks

Hi all mostly a lurker here but I just was curious myself about this company and any others you may know of. We had our ch7 discharged 8/2005, we have a few credit lines all in good standing and 2 years ago we had refinanced and got a second mortgage ( fixed) and a first mortgage arm ( i know dumb dumb dumb) but I thought it would help us, turns out it didn't and we slipped further hence the bk, anyhoo we are due for a second adjustment and it is getting really high and I was hoping to find someone to refinance us and combine both mortgages and get out of this terrible loan. But I am afraid with the recent bk, and hubby has changed jobs a few times ( always working just not in same field) that we will have a problem.

So any recommendations are greatly appreciated.

Thanks


The main thing you need to look at are what are your credit scores currently? and what is your home worth compared to what you owe? You can get a loan right out of BK but you need to get us some answers to these questions and we can see what can be done to help you. You can get your scores up quickly after a BK if you reestablish some credit, also were there any mortgage lates?

The main thing you need to look at are what are your credit scores currently? and what is your home worth compared to what you owe? You can get a loan right out of BK but you need to get us some answers to these questions and we can see what can be done to help you. You can get your scores up quickly after a BK if you reestablish some credit, also were there any mortgage lates?
Absolutely. My BK was discharged in March of this year, and my credit scores were like 502, 515, 509. I got some incorrect stuff deleted, opened 3 credit cards and a Target store card and used them, and worked at getting some other stuff deleted, and two weeks ago when I applied for a mortgage my middle score was 628.

It does take some reading to understanding your credit report and what you can do to make your scores better, but it's amazing how much improvement is possible just a few months post BK. Get all those incorrect items fixed or preferably deleted. I guarantee you have some incorrect info on you report, and you need to get it off there.

When are you going to post your GFE??? We've been waiting for a couple of days now.

Well I contacted Tom at NLMC a week ago and they pulled my credit and everything and I was told I would get a GFE within 48 hours. It's been a week and I have received nothing.

So far I am not impressed at ALL with this company.

well that makes two of us. I have been waiting since the first week of July. I was told that it was mailed over a week ago. We'll see if it ever gets here.

Has anyone heard back from NLMC? Just curious as to if anyone else had gotten any more information on or from them.

Has anyone heard back from NLMC? Just curious as to if anyone else had gotten any more information on or from them.

I requested a GFE two weeks ago and finally get an email from them today saying they sent the GFE to the wrong address and they are working on getting it to me. Unless it's some ridiculous deal, I don't think I'll be using them. They were very quick to respond to me when I was inquiring as to possible loan terms, but as soon as I filled out an application it took two weeks to hear anything back from them.

If they're busy, they need to hire people. That is absolutely no excuse.

that is exactly what I was told. They claim the re -sent via overnight air mail on friday . here it is wednesday and I still dont have it.

that is exactly what I was told. They claim the re -sent via overnight air mail on friday . here it is wednesday and I still dont have it.


According to RESPA (Real Estate Settlement and Procedures Act) Lenders or Brokers are required by law to send you a GFE within 3 days of your application, or they are not in compliance and can get in trouble.
Here is a general website about disclosures for mortgages:


http://homebuying.about.com/od/mortgagefacts/a/good_faith.htm

MTG BANKER OH,

Excellent information.....................

I just talked to Tom once again and now I'm being told that my paperwork will be e-mailed so that I can review it. He told me that apparently they had the wrong zip code and it was returned to them. Chucko, you may want to give them a call and see if you get the same story...

Can I get the contact info as well please? From anyone.

I just got wind of some of the things said on here about NLMC and was hoping I could set things right. We are a mortgage banker who does loans in several States via our home office and our branch offices which are managed by Branch Managers. I am one of those Branch Managers in Texas. Not sure who is putting info on here about NLMC, but our specialty program is an in-house program that allows for someone who has had a Chapter 7 Bankrutpcy that has been discharged at least 12 months and has had no bad credit since the discharge date. We underwrite and fund this program in-house. We are the direct lender. The program's interest rate as of today is 7.5% with an APR of appx. 8.2% and a down payment of 3%. This loan is a 30 year fixed rate with no prepayment penalty.

However, we do have other loan programs and other branches and loan officers. Any loan officer of ANY mortgage company (not just ours) is encouraged by their employers typically to put up a website advertising themselves and the services and programs they provide. So a loan officer, or a branch manager having their own website is very common in the mortgage and real estate industry.

And there is always the possibility that a Loan Officer is not following through or providing proper information. And if anyone from our company has sparked this negative thread, or caused a negative image, I am more than happy to know what and who so we can get the problem corrected immediately. Our customers and potential customers are the only reason we are in business, so we want to make sure we service them properly.
Additionally, and I hope everyone follows this, if ANY mortgage company is asking you to provide your social security # prior to talking to you on the phone and actually pre-qualifying you based on your circumstances and income information, you should NOT be providing your social security #. We ask for information that does NOT include your SS# or your date of birth. We feel like we need to contact you, talk with you, respond to questions, build a raport, and prequalify each one of our customers BEFORE asking to pull their credit. And I personally would never give out my SS# over the internet, so I would NEVER ask one of my customers to provide that over the internet. However, on the other side of that many companies (especially the large companies) do put their entire 1003 on the internet, which requests your SS# and DOB. And apparently one of our branches has done so also. Again, I don't EVER recommend you fill out your SS# on anything over the internet.

I hope this helps clear up a few things about NLMC. Ok guys, feel free to write me back here and let me know your problems with NLMC so I can get the problems and issues resolved
Sincerely,
Jon Bradshaw, NLMC

This is the exact same post he made on my thread. Please read my reply on my thread about not giving these people your personal info!

Mortgage banker where are you when we need you?

Has anyone been told their phones and servers were being upgraded over this last week and that's the supposed hold up?

I was supposed to receive my pre-approval last Thursday and since Monday I have followed up every day, several times a day either via phone or e-mail. I've been told it will be here (e-mail) in 20 minutes, another time was within 2 hours, another within 4 hours, etc. etc. It's now Thursday at 11:15 PM and I still do not have it. I've tried calling into Tom several times throughout today and yesterday and keep getting either vm or it just rings a million times and does nothing.

I've had some GREAT conversations w/ Tom and hate to post something like this but I'm starting to get really frustrated when I can't even get a simple pre-approval. I'm wondering how long the rest of this process is going to take, if it even happens at all.

It's just very discouraging because my husband and I are looking at homes and falling in love with some (not to mention putting ours on the market just from his word that we're pre-approved) - not knowing if this is really even going to happen.

Does anyone have any updates regarding them? Have you received your stuff and is everything moving forward now?

I even gave Tom my fax # to work so he could fax it if he was having e-mail issues but nothing has come through there either.

Like I said, Tom has been extremely nice and seems so legit but it's getting to a point where actions speak louder than words.

Love to hear feedback from others. I really hope it turns out well like everyone is hoping and NLMC is promising! :)

I have been calling a million times into the xxxxxxxxx they have listed and keep getting vm every time.

Is there another number someone knows about that will actually get me in to someone?

My father has been working with "Tom Alexander" at NLMC for over a month now.

He was supposed to have closed TWICE on his loan, and each time, Tom comes up with some BS reason why he can't close.

This is getting ridiculous, and I am tried to step in today to do some damage control.

They won't return phone calls or emails, and the fact that they have prevented my father from closing TWICE, sends MAJOR warning signs to me. They claim that Dad has completed all of his requirements, just for one reason or another he can't close.

The last reason, and this was a doozy, was that Tom didn't have the paperwork ready. Interesting, considering a week prior to that he did.... but now he doesn't? What kind of company is this?!

So, if you are working with this company beware. I am going with Dad next Thursday, and if Mr. Tom has some more BS, I am giving him some of my own, and we are getting the hell out of there, never looking back. It's not worth it.

So beware, and heads up if you are using this company!

PS, they also told Dad that if he backs out at this point, he looses his earnest money that he's put in as well.... not legal or ethical to do this!

I'm sorry to here that Tinroof, but they are full of bull. I hope things work out an he is able to close. Are there any other companies that you could work with that may be able to get the job done in a limited amount of time?

I'm not positive about this but other than this there are no other numbers, hope this helps.

I would be very careful about dealing with this company........ too many problems and too much ??????????? ethics............

This could very well be a very good scam...... get your personal information plus your good faith money........... :blink:

Wrong name. They are NLMC, as in National Lending Mortage Company. NMLC is something else.

Beware of this company as well. I was shopping for loans after my offer was accepted and had a coupld good talks with Tom at NLMC but he never produced a GFE. He first said he mixed up my address, then he said it was emailed, then said he would email it again within 20 minutes. All of this and I've gotten nothing.

I would avoid them like the plague. PLEASE avoid NLMC. I got a PM from the one that posted here asking for more information about the problems I had, and I will call or email them everything. They may be a legit parent company, but their loan officers are worthless.

I'm sorry to here that Tinroof, but they are full of bull. I hope things work out an he is able to close. Are there any other companies that you could work with that may be able to get the job done in a limited amount of time?

I am looking into that as we speak, actually.

I just wanted to give people the heads up about this place so they don't waste their time, or try to have their money stolen.

That's EXACTLY what I'm going through. I had several excellent conversations w/ Tom - I was really impressed but he has been promising my pre-approval and GFE for over a week now. I've been told the 20 minutes, within an hour, should be this afternoon, etc. etc. one too many times. I've left a dozen messages over this past week and had NO phone calls back. I've e-mailed him several times telling him it's urgent because the realtor and our buyers agent need some questions answered. NOTHING.

I'm getting extremely discouraged at this point. I did have another poster on here that I PM'd tell me she is closing in about 2 weeks with them and will meet Tom personally... so who knows. I was also told he's on vaca next week so am I basically screwed for the next week again?

I called into Countrywide yesterday - well, their division that assists people who have less than perfect credit. I think I am going to submit all my information to them and see what we get. We were supposedly approved through NLMC for $372K between my husband and I - so we've been looking at homes between $250-300K (which is about what they go for in my area).

I am getting so upset that I haven't had any feedback because we have a realtor coming to our house in about 3 hours so we can get it on the market and I spent about 2 hours of a another realtor's time last night looking at houses.

Wrong name. They are NLMC, as in National Lending Mortage Company. NMLC is something else.

Beware of this company as well. I was shopping for loans after my offer was accepted and had a coupld good talks with Tom at NLMC but he never produced a GFE. He first said he mixed up my address, then he said it was emailed, then said he would email it again within 20 minutes. All of this and I've gotten nothing.

I would avoid them like the plague. PLEASE avoid NLMC. I got a PM from the one that posted here asking for more information about the problems I had, and I will call or email them everything. They may be a legit parent company, but their loan officers are worthless.

Then I wonder what is going on he should be reported for being unethical. I don't care who they are I would say don't do business with them. Maybe he's running some of it from his home or something.

He's a broker and their brokers are all over the US.

Heads up folks!

My dad was supposed to close AGAIN this week Thursday.

Tom emailed him today to let him know that the loan expired a week and a half ago, and now it's got to go through the whole approval process all over again.

I sent the nastiest email and letter via fax that I could to his boss today since the damn phone lines don't work.

Did you try calling the phone number I posted? The number I posted verrified that Tom worked for them. I had a feeling about this place. It sucks your dad has to go through this. I also feel for the people who are selling the house to him!

tin...what does NLMC stand for? Judging from your post the company and Tom are not one I want to do business with either. The obvious red flags have to be the constant delays in closing. Where did you hear about this company? And you are so right that is unfair if your dad loses his earnest money because of all these delays and sloppy paperwork. I would not stand for this at all...I would contact the Real Estate Commission in your area. We have a similar company in Tennessee who has finally been banished from real estate totally. He pulled the same kind of stunts on a number of consumers.

There was a poster "beenthere" that would go on and on about this company never saying how to contact them. (So he wouldn't be accused of spamming) but he'd give out the info in PM's.

Hey, Tin check your PM.

Allegantions are in my hand right now. No worries about that.

And since I have been a very productive member of this board for more than a year, I highly doubt that MY ethics will be called into question....

Ubelievable! :beee:

This person sounds like they work for the company. I don't see anyone else backing up the claims that have been for the posititive, only the negative.

We called a new mortgage company this morning. My boss's son works at a mortgage company, and one of his friends there came highly recommended.

I went over all the paperwork at 10 AM this morning with a fine tooth comb. Then I emailed it all to Dad, and re-went over it with him again.

Dad's credit scores are 50 points higher than when he originally started this process (thanks to me!!) and he was able to get a 100% financing with an 8.6% interest rate.

They will have all the final closing papers ready for the closer on Thursday....

:)

THANK GOD!

Thank goodness Tin, I am happy to hear that. Congrats to you and Dad.

Great news Tin.

I was on the other thread about NLMC and was hearing something about what they did to your dad but didn't know the full story - so I researched your posts so I could educate myself.

What your dad is going through is EXACTLY what I'm dealing with right now, although I haven't been able to get past the pre-approval and GFE part of it, never mind getting to the supposed closing.

I'm glad you posted your experience, it's a great way for all of us to make a more informed decision.

They really screwed your dad over by doing that. It's not just about dragging your feet - to put someone's life on hold and toss them around like a ragdoll is so unbelievably wrong, in a million different ways.

Although, like I said, I did not get that far w/ NLMC - I DID however rely on Tom's word and met w/ a realtor and decided to put my house on the market. We also met w/ another realtor who we signed on as our buyer's agent to look for a new house.

My blood is boiling to think I just got scammed into thinking they could help us. Tom and I spent many phone calls talking about how we're a younger family (I'm 29, hubby 26 and we have two children and a third on the way in about 6-7 weeks!) and how stressful a time it is and I just need someone to count on. I put everything right out there because so much was riding on this company and now it's looking pretty darn good that I am going to be left high and dry like so many others.

I have no idea what to do about getting into a new place now that the decision has been made (and ball is rolling) to sell our house. Unless we can get a loan through Countrywide (which we won't get pre-approved for another 30 days due to needing our scores up) - then we're pretty much homeless unless we find something really quick.

There's so much more to it than that. We wanted to make the move BEFORE school starts up because we planned to move to another town w/ a different school system. Now my older son is going to most likely have to start school and move in the middle of the year. We also really wanted to do all of this BEFORE our new one makes his appearance. We would have had plenty of time had I not been jerked around!

Ughh, I'm so stressed but oh well - like the old saying goes, "build a bridge and get over it". I probably shouldn't dwell on it right now and just organize myself and get a plan B together.

Thanks for keeping us posted on your dad.. it's great to hear things are working out well for him.

Fantastic news for your dad, Tin! He's very lucky to have such a wonderful child - you really made a difference for him in this situation! You must be so relieved that everything has turned out so well!

Sounds like you've really had a rough time of it, macahs. Sure wish there was something more we could do for you than just listen, but we are here to do that any time you need to vent.

Con men are smooth as silk - they make their money on being your best friend and making you believe they care about you when all they want is your money. I hope that someday this Tom person finds himself desperate for help and gets treated the very same way he is treating others now.

And to those posting that we aren't being forgiving enough of Tom, whether he can actually deliver these loans or not isn't what is important. He's leading desperate people in desperate situations on promising what he can't deliver when he says he can deliver it. At worst that's a scam, and at best it's a lie. Either one is enough for me to never want to do business with him, ever.

Your last paragraph says it perfectly. Well put.

Thank you for the kind words. I'll definitely keep everyone posted on what happens w/ NLMC (not that I think I'm going to pursue that anymore, I may just want to hear Tom's reasoning for everything) but also what happens to us in regards to selling/buying/moving, etc. :)

Sounds like you've really had a rough time of it, macahs. Sure wish there was something more we could do for you than just listen, but we are here to do that any time you need to vent.

Con men are smooth as silk - they make their money on being your best friend and making you believe they care about you when all they want is your money. I hope that someday this Tom person finds himself desperate for help and gets treated the very same way he is treating others now.

And to those posting that we aren't being forgiving enough of Tom, whether he can actually deliver these loans or not isn't what is important. He's leading desperate people in desperate situations on promising what he can't deliver when he says he can deliver it. At worst that's a scam, and at best it's a lie. Either one is enough for me to never want to do business with him, ever.

Hey everyone,
Just went on hud website and was looking for so home buying programs they have a listing on looking up any lender I typed in nlmc and the information for tom and another gentleman named j, bradshaw came up, if hud has information on them does it mean that they are legit?

Deal with them at your own RISK. Legit? any but.

just asking not willing to take chance.

They are Legit. We are working with NLMC. Closing next week on the 30th. Had zero problems with Tom whom we will see in person at our closing.
I guess everyone has their own experiences, but ours has been positive.

Would you be willing to post (without any specific identifying info) your closing sheets?

I have reason to believe Tom is not allowed to close loans right now so I am wondering who your broker/agent is.

They are Legit. We are working with NLMC. Closing next week on the 30th. Had zero problems with Tom whom we will see in person at our closing.
I guess everyone has their own experiences, but ours has been positive.

You haven't had any problems, well let us know when you close because I certainly will be quite surprised. That is something I would have to see to believe but for what it's worth good luck.

Just a quick note that I NEVER heard from Tom... wrote him off!

There was someone who pm'd me that was supposed to be closing with him the end of August - I'll have to find out if that ever came to fruition.

That's terrible! I wonder if the father ever got his money back?

That's terrible! I wonder if the father ever got his money back?



Nope.

He's got a lawyer, and is filing suit this week though. :D

We should ask the administrators to make this a sticky to warn others against this unscrupulous behavior. Predators! They make me sick!

Gee, and people thought I was jumpihng the gun and rude about this company. I'm glad your father retained an attorney!

Someone on here mentioned they thought he was temporarily banned from practicing/lending - or something to that affect. I wonder if that's the case?

I'd be so ashamed to ever treat someone the way he (this company) seems to be. Thank goodness I don't know too many people who are as immoral and unethical!

I just refinanced and bought out of my Ch. 13. I feel for Tin and his father's experiences. I just thought I'd put my 2 cents in about scammer mortgage companies...even supposedly reputable ones.

After 9 years with COUNTRYWIDE, I felt pretty confident that I was safe with them. They lull you into a false sense of security and that they'll "always take care of you."

I called them first because I figured that whoelse could serve me better, given I had been with them for so long. I spoke to Adam in the Full Spectum Lending Division. Since I had a BK now, I couldnt be served on the 'A' paper side... I had to go with the sub-prime department. He said they do Ch. 13 buyouts "all the time" and he was "familiar with all the rules and procedures."

To make a long story short, Adam promised me the sun, moon, and stars. I heard "No problem" about 100 times. He said that since I already had my mortage with them, all I had to send in was current proof of income and my last 2 years tax returns. I faxed the items to him at 10 a.m. and he called me 2 hours later to say that I was approved and an appraiser would be at my house that afternoon.

The appraiser came and the next day Adam called...everything is set...Lets close next week. Never mind that we needed court approval...which he didnt know...despite all of his alleged BK experience.

He ended up sending me a GFE with $8500 in closing costs, which included $3500 in points buy-down. He said the best interest rate I could possibly get while in BK was 8.5% after buying down 3 points.

The Trustee totally objected to the rate and the fees, saying that she wasnt denying our motion, just that we could probably get a better deal elsewhere, and to shop around.

By happenstance, I was referred to a friend who works for a mortage broker. She was wonderful and she agreed that Countrywide was trying to take advantage of our desperation. She found 5 lenders with better rates and we picked the one that best fit my needs.

We got a good rate 7.5% and I ended up paying only $1500 in orginination and fees. She encouraged me to give the GFE to Adam at Countrywide and see if they would match the offer. No response for several days... then finally he called and said that Countrywide could not match the deal. He told me to "go for it" because it sounded like a good deal. I did.

The Trustee approved the refinance with the other lender and I am done with BK! Plus, I got $23K in cash out of the deal!!! I cant believe I almost fell for the "trust us" scam from Countrywide.

Well, I have to take back EVERYTHING good I ever said about this man and his so called "company". Not even sure where to start!! I will say to EVERYONE...DO NOT CALL THIS MAN, DO NOT USE THIS MAN FOR ANYTHING!! I am too tired to conclude tonight, however I will post more info about his lies later. Sorry I ever spoke good for this man or his company. They are PATHETIC SCUM!

Ha, it must be a conspiracy theory, right? All of us innocent (and DECENT) people on here are just ganging up on NLMC, trying to put what should/could have been an honorable company to shame, right? I think we have much better things to do with our time and energy.

Just this post goes to say a whole lot about the type of people running this pathetic company.

I stuck up for you jerks until I myself was burnt by Tom and all his pathetic promises that led me to put my house on the market and sign on w/ a buyer's agent. The fact I shared my social security number along w/ other personal information makes me sick.

Say all you want to defend yourself and NLMC, if you think you're worthy enough but the rest of us will sit back and laugh at the joke you people are.

BTW, it doesn't cost anything to file a complaint w/ the Attorney General's office. Enough complaints against NLMC and you'll find out soon enough why you don't screw with people's lives!

I think I can speak for everyone when I say you and your posts are insignificant to us - go prey somewhere else.

I just refinanced and bought out of my Ch. 13. I feel for Tin and his father's experiences. I just thought I'd put my 2 cents in about scammer mortgage companies...even supposedly reputable ones.

After 9 years with COUNTRYWIDE, I felt pretty confident that I was safe with them. They lull you into a false sense of security and that they'll "always take care of you."

I called them first because I figured that whoelse could serve me better, given I had been with them for so long. I spoke to Adam in the Full Spectum Lending Division. Since I had a BK now, I couldnt be served on the 'A' paper side... I had to go with the sub-prime department. He said they do Ch. 13 buyouts "all the time" and he was "familiar with all the rules and procedures."

To make a long story short, Adam promised me the sun, moon, and stars. I heard "No problem" about 100 times. He said that since I already had my mortage with them, all I had to send in was current proof of income and my last 2 years tax returns. I faxed the items to him at 10 a.m. and he called me 2 hours later to say that I was approved and an appraiser would be at my house that afternoon.

The appraiser came and the next day Adam called...everything is set...Lets close next week. Never mind that we needed court approval...which he didnt know...despite all of his alleged BK experience.

He ended up sending me a GFE with $8500 in closing costs, which included $3500 in points buy-down. He said the best interest rate I could possibly get while in BK was 8.5% after buying down 3 points.

The Trustee totally objected to the rate and the fees, saying that she wasnt denying our motion, just that we could probably get a better deal elsewhere, and to shop around.

By happenstance, I was referred to a friend who works for a mortage broker. She was wonderful and she agreed that Countrywide was trying to take advantage of our desperation. She found 5 lenders with better rates and we picked the one that best fit my needs.

We got a good rate 7.5% and I ended up paying only $1500 in orginination and fees. She encouraged me to give the GFE to Adam at Countrywide and see if they would match the offer. No response for several days... then finally he called and said that Countrywide could not match the deal. He told me to "go for it" because it sounded like a good deal. I did.

The Trustee approved the refinance with the other lender and I am done with BK! Plus, I got $23K in cash out of the deal!!! I cant believe I almost fell for the "trust us" scam from Countrywide.


Unbelievable.

We need to start a "predatory lenders" thread here to warn people!

I have been asked to refrain from direct questions that could cause a controversial talk. This subject does not directly pertain to bankruptcy and if I continue I will be banned. If I can help let me know, a toll free line exists but I would have to get permission to post.

ANY MEMBER that has questions regarding NMLC can discuss this with their representative VIA PRIVATE MESSAGE......

If any member has a problem with this company NMLC_CFO ( a representative of this company) will be glad to answer your questions and concerns.

This has to be done thru PM only...... it will not "play out on the forum" nor create a disturbance on the forum.....

As with any company you do business with, always check them out, ask for references, etc....

Our members do not like to be "bashed" and neither do reps from companies that some of you might do business with....

Give the kind of respect that you wish to receive in return......

Minny

I don't have any questions just a comment the company we were all referring to was called NLMC not NMLC so is this the same company?

I don't have any questions just a comment the company we were all referring to was called NLMC not NMLC so is this the same company?

That's becoming harder and harder to tell.

It appears to me, that it's all one and the same though....

I guess I'm just confused because why does it seem like a representative has to keep coming on here and pleading a case? why are they watching this forum any way that my question.

I guess I'm just confused because why does it seem like a representative has to keep coming on here and pleading a case? why are they watching this forum any way that my question.

I don't find anyone pleading a case though.

What I find is people coming here to recommend this company, and people claiming to be from this company coming here to bash us, and to not even TRY and defend their company. That scares me a bit to be perfectly honest.

Who knows, could be the same company, or a different one....... makes no difference.........

I don't find anyone pleading a case though.

What I find is people coming here to recommend this company, and people claiming to be from this company coming here to bash us, and to not even TRY and defend their company. That scares me a bit to be perfectly honest.

I'm with you Tin, it scares me too. That is all that has been done, they want to bash us but they are also trying to drum up business.

I'm with you Tin, it scares me too. That is all that has been done, they want to bash us but they are also trying to drum up business.

Isn't this the kind of business that YOU would want to work with? :beee:

As always it's known as "BUYER BEWARE"...................... if its too good to be true - it's not................

By the way most of this has spun out of control it is best that I withdrawal any offers to help. The tone of the conversations are so argumentative that no good will come out of any attempt to resolve. Please continue contacting the office with your current means I can be of no assistance.

Yes you have a right to free speech, so do we.

I thought one of the better posts was, "why would this CFO spend his time here?" You know that is really a good thought, why would I? I totally agree, fruitless effort.

This thread has been disignated to list after bankruptcy lenders. All other information will be deleted as it has nothing to do with lenders.

Minny

REMEMBER - After filing bankruptcy its hard to get credit and good interest rates.....
Most prime lenders will not even deal with you.... You have to prove your credit worthness again, to get the good rates without all the fees, etc....


So when doing business with lenders, BUYER BEWARE......

You know, be careful of companies that ask upfront for a consultation payment. In most cases, these are scammers, because most of the legit ones only ask for payment once they are in the process of negotiation, not beforehand.

That's what I know, although I'm not sure if it's applicable to everyone. :unsure: (http://www.loanmodifyexpress.com/) What are your thoughts about it?