Who Owns The Loan?

We suffered a hardship, like all others. We were making 110k a yr. but unfortunately, like all others, husband’s heavy equip. company went down hill but was able to get a job & I, after 17 years of employment was laid off. So now we have loss of income/only 1 income. 

Here’s the question, I have been fighting and filling out Hardship paperwork  and letters with National City Mortgage and all they want to do is give us a 6 month forbearance agreement.  We have asked for them to extend the loan, lower the payments, or put 3 months of mortgage in the rear of the loan and all they want to do is give us a forbearance agreement, however, they will not guarantee us that at the end of the 6 months we won’t be asked for 6 months of mtg. payments including late fees. WELL WHAT GOOD IS THAT THAT DOESN’T HELP US. 

I have followed every step, have done all the right things and paperwork and EVEN called a debt solutions for help/guidance.  We get NO WHERE!!   So now what?  There are all of these commercials, broadcasts, etc. call this number and they will help you get your loan modified, guess what NO, we can’t.  Unless you have some other information that can get us somewhere with NATIONAL CITY MORTGAGE!

Colleen

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Hi Colleen,

National City is your loan servicer, but they might not be the owner/holder of the loan.  Here’s the difference between originator, holder, and servicer.  A borrower can write to his or her servicer to determine the identity of the owner of the loan under a provision of the TILA.  Specifically, 15 U.S.C. § 1641(f)(2) states (in part):

“Upon written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address, and telephone number of the owner of the obligation or the master servicer of the obligation.”

Also, the type of loan that you have (i.e. FHA, VA, FNMA, FHLMC, Subprime, Alt-A, HELOC, etc.) may govern the type of workout that you are able to receive (i.e. forbearance, special forbearance, principal forbearance, loan modification, partial claim, re-aging, etc.) or more specifically, the pooling and servicing agreement as it may apply, so I don’t have much to go on.

Was your loan originated in the past three-years?  You may be able to cancel the loan.  Again, I don’t have much to go on – or I suppose I could type: I DON’T HAVE MUCH TO GO ON (but you’d have to smile when you read the all caps).

Thanks for the questions and find out who owns your loan!

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.