Instructions

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.
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."
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).
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.
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.
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.
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."
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.
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.Read more: