Bankruptcy Lenders - Caution!

[pt0872]

I'm having a horrible time applying for a mortgage.
Been thru 3 banks so far.....can't even get a returned call
My BK7 was 2 years out July 2nd.
Looking for a mortgage of 350k w 20% down.

Issues that seem to be killing me are student loans. One is 2 months away from being out if rehab. The other two I've made payment on but isn't showing on my reports.

Trying but can't even get a call back once I mention I have a ch7

[Mische]

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. What are your thoughts about it?

[Minnymouth]

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......

[NMLC_CFO]

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.

[Minnymouth]

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

[tinroofrusted]

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?

[newstart]

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.

[Minnymouth]

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

[tinroofrusted]

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.

[newstart]

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.

[tinroofrusted]

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....

[newstart]

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?

[Minnymouth]

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

[NMLC_CFO]

I will only be able to answer very broad questions

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.

[tinroofrusted]

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!