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Bankruptcy Lenders - Caution!

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  • #31
    Originally posted by brownlayde
    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.
    Nick Kusan

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    • #32
      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.
      Filed 09/05
      Discarged 1/2/06
      Closed 1/13/06

      Comment


      • #33
        Originally posted by MTG_BANKER_OH
        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.

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        • #34
          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?

          Comment


          • #35
            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.....:

            Comment


            • #36
              Cruser

              How long have you been working with Tom?
              Filed- May 31, 2006
              341 Meeting-July 7 , 2006-DONE!!
              DISCHARGED & CLOSED-SEPTEMBER 6, 2006

              Comment


              • #37
                Originally posted by cruserone
                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 [email protected]
                Nick Kusan

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                • #38
                  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?
                  Filed- May 31, 2006
                  341 Meeting-July 7 , 2006-DONE!!
                  DISCHARGED & CLOSED-SEPTEMBER 6, 2006

                  Comment


                  • #39
                    Originally posted by MTG_BANKER_OH
                    I am pretty sure because the email address on the website is [email protected]
                    Mortgage banker, could you contact NLMC to see if it is legit? would be greatly appreciated.
                    Discharged 2/27/06, closed 6/1/06

                    Comment


                    • #40
                      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..

                      Comment


                      • #41
                        Originally posted by Tedderbear
                        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.
                        Nick Kusan

                        Comment


                        • #42
                          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?
                          Discharged 2/27/06, closed 6/1/06

                          Comment


                          • #43
                            Originally posted by cruserone
                            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.
                            Nick Kusan

                            Comment


                            • #44
                              Originally posted by cruserone
                              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.
                              Filed 09/05
                              Discarged 1/2/06
                              Closed 1/13/06

                              Comment


                              • #45
                                Nlmc

                                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!!

                                Comment

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