We signed loan papers with National City Mortgage in October. Our broker told us after months of pre-qualifying and jumping through endless hoops of "can you find this paper please" that we would finally be signing. We moved our belongings over 200 miles and put them in the house we were to be buying.
On the day we were supposed to close, the lending company decided they needed more documentation and more money from us in order to "finish" the loan. Not knowing what to do we paid the extra money and signed the papers. Little did we know, that the paper work we signed was wrong, and the title company distributed the funds without approval from the lender. Our broker, along with National City, re-figured our loan, in order to penalize the title company with a new loan amount, a new interest rate and a PMI of over $200 on a $56,000 loan.
After countless phone calls, letters, and lawyer visits, National City has told us to just make our payments, be happy, and wait until all this mess is out of their legal department to see how it comes out for us! Needless to say we are struggling to make such a high house payment, when we bought a cheap fixer upper so we wouldn't have to have such a big house payment in the first place.
If any one would have any advice as to who we could contact to help us out further, we would be very appreciative. Our credit was not great to begin with, but now it looks as though we will be in big trouble for years to come. Hope this helps those who are looking for a mortgage company. I will never use National City again!!!
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