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Bankruptcy Lenders - Caution!

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  • #16
    Nlmc

    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!

    Comment


    • #17
      been there

      did you get a good rate?
      Filed- May 31, 2006
      341 Meeting-July 7 , 2006-DONE!!
      DISCHARGED & CLOSED-SEPTEMBER 6, 2006

      Comment


      • #18
        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%

        Comment


        • #19
          I'm looking at getting a loan around $165,000 and I'm hoping to get a 100% loan.
          Filed- May 31, 2006
          341 Meeting-July 7 , 2006-DONE!!
          DISCHARGED & CLOSED-SEPTEMBER 6, 2006

          Comment


          • #20
            nlmc

            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.
            Filed bankruptcy oct,7,2005
            341 meeting on nov,16,2005
            discharged on march 9, 2006
            fico scores as of march 16,2006
            transunion :405
            equifax :506
            experian: 498
            hooters card : $750.00
            aspire card: $300.00
            orchard bank : $300.00
            2006 hyundia sante fe 16,250 10%interest

            Comment


            • #21
              brownladye

              How long ago was that? When was your bk discharged? Also have you had a chance to re-establish credit yet?
              Filed- May 31, 2006
              341 Meeting-July 7 , 2006-DONE!!
              DISCHARGED & CLOSED-SEPTEMBER 6, 2006

              Comment


              • #22
                nlmc?

                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 .
                Filed bankruptcy oct,7,2005
                341 meeting on nov,16,2005
                discharged on march 9, 2006
                fico scores as of march 16,2006
                transunion :405
                equifax :506
                experian: 498
                hooters card : $750.00
                aspire card: $300.00
                orchard bank : $300.00
                2006 hyundia sante fe 16,250 10%interest

                Comment


                • #23
                  Originally posted by been there
                  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%
                  So you have to pay PMI?

                  Comment


                  • #24
                    brownladye

                    Have you heard anything back yet from Tom about your loan??
                    Filed- May 31, 2006
                    341 Meeting-July 7 , 2006-DONE!!
                    DISCHARGED & CLOSED-SEPTEMBER 6, 2006

                    Comment


                    • #25
                      Originally posted by brownlayde
                      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.
                      Nick Kusan

                      Comment


                      • #26
                        Originally posted by been there
                        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%

                        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.
                        Nick Kusan

                        Comment


                        • #27
                          Originally posted by brownlayde
                          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.

                          Comment


                          • #28
                            nlmc

                            I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.
                            Filed bankruptcy oct,7,2005
                            341 meeting on nov,16,2005
                            discharged on march 9, 2006
                            fico scores as of march 16,2006
                            transunion :405
                            equifax :506
                            experian: 498
                            hooters card : $750.00
                            aspire card: $300.00
                            orchard bank : $300.00
                            2006 hyundia sante fe 16,250 10%interest

                            Comment


                            • #29
                              brownladye

                              That is good. Are you going to go with them? Let me know how it turns out please because I will use them also
                              Filed- May 31, 2006
                              341 Meeting-July 7 , 2006-DONE!!
                              DISCHARGED & CLOSED-SEPTEMBER 6, 2006

                              Comment


                              • #30
                                Originally posted by brownlayde
                                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

                                Comment

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