National City Mortgage Loan Modification

National City Mortgage is an Ohio-based subsidiary of National City Bank, a leading originator and servicer of mortgage and personal loans. The company specializes in sub-prime mortgages and assistance for sub-prime borrowers who are facing default or foreclosure. Among its mortgage assistance options are forbearance, repayment plans, and most recently, loan modificaion.

Most National City borrowers opt for loan modification, a process in which the mortgage is restructured to more comfortable terms. Mortgage modification also halts the foreclosure process, so that borrowers can take the time they need to catch up. The main requirement for a National City loan modification is a valid financial hardship such as job loss, illness, or death of a family member. The bank may also require financial documents as proof of income, such as bank statements, pay stubs, and tax forms.

Although it’s possible to modify a loan without assistance, working with a loan modification attorney can greatly improve one’s chances of getting a mortgage modification. A capable attorney can negotiate directly with the bank’s Loss Mitigation department, using legal violations as leverage to get better offers. Legal representation can also speed up National City loan modification process and ensure a more timely response from the bank.

For those who don’t qualify for a National City mortgage modification, the bank provides other means of avoiding foreclosure. Forbearance, for example, reduces or suspends payments for a certain period during which the account must be brought current. Another option is a repayment plan in which past-due payments are spread out over regular monthly payments.