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Step 1
Get on the phone to National City Mortgage first thing if you think you're not going to be able to make a monthly payment. The sooner the better. Call a National City Mortgage customer counseling representatives at (800) 523-8654 at the following times:
Monday - Thursday, 8 a.m. - 10:30 p.m. EST.
Friday - 8 a.m. - 5 p.m. EST.
Saturday - 8 a.m. - Noon EST.
"Homeowners should not delay in contacting us if they believe they are going to be late with their payment," National City Mortgage spokespersons say. -
Step 2
It doesn't matter who you look for when you call, just say you're having trouble making payments and you'll be put in contact with the appropriate representative.
"We have hardship assistance representatives who work with borrowers to determine their best option," the lender tells Bankrate.com, the Web's leading aggregator of financial rate information. "Our representatives are highly trained and familiar with a wide variety of intervention and resolution methods." -
Step 3
When you call, the National City rep will want to know some relevant information. In order to facilitate the process, National City advises its borrowers to have the following information to hand:
1. A letter describing your current situation and how you would like it resolved.
2. If your home is listed for sale, a copy of the listing agreement.
The rep will also want to know about your current financial situation so you should have the following:
1. A copy of your most recent pay stub from each income source, or other income verification.
2. A financial statement form documenting all assets and liabilities (debts) plus monthly income and expenses.
National City says its borrowers can download a copy of a financial statement and find other instructions for sending your information to them by visiting the National City web site (link below in resources). -
Step 4
National City Mortgage says it has a number of solutions available to borrowers in trouble and worried about losing their homes to foreclosure. These options include:
1. Forbearance: If you know you will have a source of funds to bring the account current by a certain date, you may be eligible to arrange for a temporary reduction or suspension of payments for a specified period of time. After which, another option must be agreed upon to bring the account current.
2. Repayment plan: An agreement where you would resume making your regular monthly payments in addition to a portion of the past-due payments.
3. Modification: If you can make payments on your loan, but you do not have enough money to bring the account current or you cannot afford the total amount of your current payment, we may be able to modify the terms of your original loan to make the payments more affordable. Under certain circumstances, we may be able to reduce your interest rate, extend the term of your loan, or add the delinquent interest amount to the unpaid principal balance.
4. Partial claim: If your mortgage is insured, you may qualify for an interest-free loan from your mortgage guarantor in order to make your account current. -
Step 5
Additionally, National City offers the following options for customers who choose the option of giving up their homes in order to obtain mortgage relief:
1. Short payoff: If the payoff amount of your loan is greater than the fair market value of your property, you may qualify to sell your home for less than what you owe.
2. Assumption: A qualified buyer may be allowed to assume your mortgage, even if your mortgage states that it is nonassumable.
3. Deed in lieu: If you have had your property listed for a period of time with no activity, we may accept title to your property as settlement for the debt. -
Step 6
Don't send a partial payment of your monthly obligations to the lender.
"We recommend that a borrower contact us before sending in partial payments so that we can work toward a long-term solution." National City says. -
Step 7
Can you expect a sympathetic ear and some help? National City says its goal is to help every borrower keep his or her home.
"Each situation is taken on a case-by-case basis but what can help the process is for the borrower to contact us when he/she may have trouble making payments," National City says. "Very often, contacting the bank can be the hardest decision borrowers make when they begin to have difficulty making their payments. However, this is the most important step they can take to resolve the situation." -
Step 8
Will it cost you to get out of trouble? Probably not a lot. According to National City there are no fees for hardship assistance except for a fee for a completed loan modification. This of course depends on the amount of the loan and you should ask the representative for an estimate of how much this might cost you.
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Step 9
National City encourages troubled borrowers to see help from reputable credit counselors and counseling agencies.
The company says it supports the HOPENOW Alliance and provides its customers with the (888) 995-HOPE number as a free resource for assistance.
Comments
l7ouie777 said
on 6/20/2009 Despite the advice to eb straightforward wirth N.C. I did that, got a workout package and was put in foreclosure after paying workout package off and putting the house under contract. Fortunately, I saved every piece of paper sent to me and am going to file with an attorney since they refuse to proide me with any audits of financial transactions. My advice....go to a non-profit legal aid group in your state and they will help you. Also if you file for bankruptcy they cannot take your home. They lie and are I would not count on them to save your home. I just started a national city blog...please feel free to vent.
I plan to put it over the wire eventually
http://nationalcityhomemortgage.blogspot.com/
joeblow25 said
on 3/1/2009 They actually helped me out. I thought they were going to foreclose i got the nasty pay up or else letters but after talking with them and them realizing I wasnt going to pay they lowered my payment.
jason-ca said
on 2/19/2009 NATIONAL CITY IS A JOKE! I have a 2nd Mortgage with them and called up to request help. After speaking with Sue, Kathy, Debra, Amanda, and now Justin, they basically shot down the little hope I had in getting some help and informed me to look somewhere else for assistance. I was appaled by the service I received and if Justin was actually in my office and we were speaking face to face, I would have thrown him out on his keester! What a JERK! Justin's customer service is a reflection of National City! Inconsiderate and demeaning! Avoid National City at best!
bellebirdley said
on 2/14/2009 NATIONAL CITY NOT HELPING!!!!I submitted a hardship assistance form with full documentation stating that my salary was to be cut as of Feb. 1 09. I have never missed or made a late payment to them ever. I have a high credit score. They denied me any assistance. No loan mod, no anything. Reps don't care. This is a failing bank that has no interest in helping it's customers. If you have a mortgage with them, know that you're on you're own. This is fact. They have been denied bailout money and have no incentive to help you and they definitely will not. Make other plans.
ArinNevada said
on 1/14/2009 I agree with the previous comment. I have been dealing with them for about 9 months after loosing my job and the only option the give is repayment. Can just make the payment I was making but want hundreds more a month and a large payment in the high thousands to even begin the program. Only other option is sell or forclose.