Bankruptcy Lenders - Caution!

[Tedderbear]

Chucko-

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

[chucko]

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.

[Tedderbear]

Nlmc??

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.

[tinroofrusted]

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.

[SinkingFast]

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.

[lrprn]

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!

[tinroofrusted]

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."

[SinkingFast]

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.

[been there]

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!

[been there]

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.

[been there]

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.

[been there]

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

[MTG_BANKER_OH]

Have you closed yet?

[anonymuse]

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.

[apatterson4630]

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