Navy Federal Credit Union Discussions - Short Sale Superstars2024-03-29T14:47:20Zhttp://shortsalesuperstars.com/group/navyfed/forum?feed=yes&xn_auth=noApproval to Close Help Needed - Our Closer at Nevy Fed is MIA...tag:shortsalesuperstars.com,2016-06-30:3468065:Topic:3767932016-06-30T15:56:44.033ZJason Sanseverinohttp://shortsalesuperstars.com/profile/JasonSanseverino
<p>Good Morning All -</p>
<p>I have short sale approval and closing is set for today. We provided Navy Fed with the required closing docs early in the week BUT we still don't have "approval to close".</p>
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<p>I have called Navy Fed begging for assistance and I am being told that the person working on this file is out of the office today and no one else can help me.</p>
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<p>Does anyone have a great contact at Navy Fed who maybe be able to provide "approval to close" so I can get…</p>
<p>Good Morning All -</p>
<p>I have short sale approval and closing is set for today. We provided Navy Fed with the required closing docs early in the week BUT we still don't have "approval to close".</p>
<p></p>
<p>I have called Navy Fed begging for assistance and I am being told that the person working on this file is out of the office today and no one else can help me.</p>
<p></p>
<p>Does anyone have a great contact at Navy Fed who maybe be able to provide "approval to close" so I can get this sale completed today?</p>
<p></p>
<p>Thank you!!!</p> NFCU ShortSale in AZ - Should I continue to make payments?tag:shortsalesuperstars.com,2011-04-03:3468065:Topic:881922011-04-03T20:09:14.587ZMichellehttp://shortsalesuperstars.com/profile/Michelle104
<p>I own a home in Phoenix, AZ that I purchased in Oct 2004 ... I purchased the home through a mortgage broker and later refinanced the exact $$ amount of my mortgage with my credit union - Navy Federal. I took no money out just swapped the mortgage to NFCU and rolled in the closing costs. A year later I took out a 2nd mortgage with NFCU to build a pool and do landscaping. All $$s were used for this and put back into the property.<br></br><br></br>I am now needing to do a short sale. I originally had a…</p>
<p>I own a home in Phoenix, AZ that I purchased in Oct 2004 ... I purchased the home through a mortgage broker and later refinanced the exact $$ amount of my mortgage with my credit union - Navy Federal. I took no money out just swapped the mortgage to NFCU and rolled in the closing costs. A year later I took out a 2nd mortgage with NFCU to build a pool and do landscaping. All $$s were used for this and put back into the property.<br/><br/>I am now needing to do a short sale. I originally had a second borrower on my loan who contributed to paying half of the mortgage. 4 years ago we terminated our relationship and NFCU removed his name from the loan. Since then, my job has restructured our pay packages that has affected my total annual compensation about -$20,000 annually. My pay has fallen continuously over the past four years and we have had no raises in five years. Though I still make an annual income of just over $80,000 ...<br/><br/>Now, I am facing a potential relocation with my employer to California in June. I have tapped out my savings and stock accounts to cover the mortgage over the past 4 years and refuse to cash out my small 401K or start writing credit card checks to cover the mortgage.</p>
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<p>A year ago, I appealed to NFCU for a loan modification. I do not qualify under the government loan mod programs so they offered me the opportunity to apply for their in-house loan mod program. Upon review of my financials, they said they 'doubted' I would qualify and if I did it might only lower my payment $50 a month or so. To qualify for 'consideration' for this in-house loan mod program, they required that I become delinquent on my payments ... sort of. They required I stop making my full payment and only pay them interest for 3 months. During which time they would report me to the credit bureaus in a 'non-payment' status. After the 3 month period they would then review my financials again and decide if they would modify my loan. All of this took 3 months just to get to this point.</p>
<p><br/>I opted to not go that route as becoming delinquent and taking the hit on my credit with a 'maybe' seemed risky and might make me ineligible for other potential programs out there, etc. <br/><br/>So now, after much consideration I want to proceed with a short sale as I have exhausted every other option short of leveraging myself financially beyond repair. I have met with a short sale specialist in AZ that seems very knowledgable and has an excellent BBB rating. I am completing the stack of paperwork he requested this weekend and will begin the process next week.<br/><br/>One question though:<br/><br/>I have had mixed opinions on whether I should continue making my mortgage payments ... what to do? I will need to be able to rent an apartment or house if I can get this place sold ... and fear if I stop making payments and they run my credit that I may not qualify to rent?? Any money I retain by not making my mortgage payments would be put towards credit card balances.<br/><br/>I have moved all of my accounts away from NFCU - checking & savings and had my Mother take me off her account as a joint owner -- I was on her account in the event of any medical issues. I have heard NFCU likes to seize $$s.<br/><br/>Any tips would be very appreciated.<br/><br/>The facts:<br/>Credit Score: Over 750<br/>Mortgage balance 1st and 2nd both w/ NFCU: $267,400<br/>Estimated Value based on comps: $110,000<br/>Mortgage type: conventional w/ home equity loan<br/>Never missed a payment or late<br/>All bills are current - no lates<br/>Credit Card Debt: $11,000<br/>Savings balance: $2,000<br/><br/>Thanks,<br/>M</p> Options with Navy Federaltag:shortsalesuperstars.com,2011-04-01:3468065:Topic:877032011-04-01T13:33:24.429ZSamson_is_Furryhttp://shortsalesuperstars.com/profile/MikeLastfogel
<p>Hi folks, </p>
<p> </p>
<p>I have a mortgage through Navy Federal that is owned by Fannie Mae. I owe 265,000 and was told by a realtor that I should list it at 257,000. I have about $10,000 cash in the bank. I don't have enough cash to cover the difference plus a 6% commission. I attempted to sell the home off and on between 2008-2009. I applied for HAMP and was denied (wasn't everyone?) in December of 2009. I've managed to scrape by with the help of family and remain current on my mortgage…</p>
<p>Hi folks, </p>
<p> </p>
<p>I have a mortgage through Navy Federal that is owned by Fannie Mae. I owe 265,000 and was told by a realtor that I should list it at 257,000. I have about $10,000 cash in the bank. I don't have enough cash to cover the difference plus a 6% commission. I attempted to sell the home off and on between 2008-2009. I applied for HAMP and was denied (wasn't everyone?) in December of 2009. I've managed to scrape by with the help of family and remain current on my mortgage payments. My mortgage payment is $1970 per month. </p>
<p> </p>
<p>I must sell the house now. My parents have been helping me out by employing me through their insurance agency, but it must end. I have a job lined up that will require me to relocate out of the country. The organization will not hire me until I resolve the home ownership issue.</p>
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<p>Based on my research, these are the options that I see:</p>
<p> </p>
<p>- List the home with a realtor, hope it sells, and try to find the cash to make up the deficit at closing.</p>
<p>- Put my $10k in cash towards the equity and list the house as a FSBO with an aggressive price of $255,000, hope it sells at my asking price</p>
<p>- Work with a short sale specialist, hope it sells quickly, and that I don't have to sign a note that would require the same cash contribution as the first two options</p>
<p>- Apply for deed in lieu in accordance with HAFA (I received the app from Navy Federal, but have not submitted it)</p>
<p>- Mail NFCU the keys and keep my cash</p>
<p> </p>
<p>I spoke with NFCU regarding deed in lieu and they were helpful, but a tad aloof. I couldn't get a read on whether or not they would give it serious consideration. She did commit to a three month timeframe to reach a decision, but my HAMP experience doubled the original 8-12 week estimation. I'm afraid to put all the eggs in the DIL basket, only to find out three months from now that I never had a real chance at successfully pulling it off.</p>
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<p>Thanks for your feedback and support!</p>
<p> </p>
<p>Mike</p> New HAFA rulestag:shortsalesuperstars.com,2011-03-22:3468065:Topic:821022011-03-22T03:12:57.773ZTracyhttp://shortsalesuperstars.com/profile/Tracy
I am a homeowner facing pcs with a house worth about 140,000 we owe 160,000. I am reading this information on the HAFA program regarding short sales. I was wondering if anyone knows anything about it. I saw on the HUD website that Navy Federal is participating.
I am a homeowner facing pcs with a house worth about 140,000 we owe 160,000. I am reading this information on the HAFA program regarding short sales. I was wondering if anyone knows anything about it. I saw on the HUD website that Navy Federal is participating. Navy Federal Second - Charged Offtag:shortsalesuperstars.com,2011-03-21:3468065:Topic:813492011-03-21T14:27:14.459ZJanie Boothhttp://shortsalesuperstars.com/profile/JanieBooth
Does anyone out there have any experience settling Navy Federal 2nds that have gone to charge off? Both negotiators that have been handling our account/covering for the other have ben MIA on sick leave and vacation! Any good escalation contacts? Please post here or email me at <a href="mailto:janiebooth@cox.net">janiebooth@cox.net</a> Thanks!
Does anyone out there have any experience settling Navy Federal 2nds that have gone to charge off? Both negotiators that have been handling our account/covering for the other have ben MIA on sick leave and vacation! Any good escalation contacts? Please post here or email me at <a href="mailto:janiebooth@cox.net">janiebooth@cox.net</a> Thanks! Real Estate Commissiontag:shortsalesuperstars.com,2011-02-24:3468065:Topic:739802011-02-24T01:11:30.069ZEmily Crowehttp://shortsalesuperstars.com/profile/EmilyCrowe
Hi everyone...I am about to list a home that will most likely be a short sale with Navy Federal. My sellers have talked to several people in the short sale department and they all say they do not negotiate realtor commissions at all. The have to either be paid out of pocket by the buyer or seller. This doesn't make sense at all to me. What is your experience with getting them to pay Realtor fees? Their loan is direct with NFCU. Thanks!
Hi everyone...I am about to list a home that will most likely be a short sale with Navy Federal. My sellers have talked to several people in the short sale department and they all say they do not negotiate realtor commissions at all. The have to either be paid out of pocket by the buyer or seller. This doesn't make sense at all to me. What is your experience with getting them to pay Realtor fees? Their loan is direct with NFCU. Thanks! Any advice?tag:shortsalesuperstars.com,2010-11-23:3468065:Topic:604002010-11-23T00:12:22.082ZDavid Cashhttp://shortsalesuperstars.com/profile/DavidCash
<p>Hey All,</p>
<p> </p>
<p>I owe a Fannie Mae or Freddie Mac loan serviced with NFCU. We owe 188,000 and I have an offer for 136,000 (the most I will get based on comps in the neighborhood). I have the short-sale paperwork ready to send them with the 50+ pages of statements, HUD, etc. We were planning on attempting to finance the short-fall with NFCU...even though we have an uncertain future as I am separating from the Air Force, but we don't want to have the negative credit mark if we…</p>
<p>Hey All,</p>
<p> </p>
<p>I owe a Fannie Mae or Freddie Mac loan serviced with NFCU. We owe 188,000 and I have an offer for 136,000 (the most I will get based on comps in the neighborhood). I have the short-sale paperwork ready to send them with the 50+ pages of statements, HUD, etc. We were planning on attempting to finance the short-fall with NFCU...even though we have an uncertain future as I am separating from the Air Force, but we don't want to have the negative credit mark if we don't finance the difference.</p>
<p> </p>
<p>However, my lawyer told me today that I should be able to the HAFA and the difference will be forgiven. Has anyone done this? Also, how long does the short-sale process take?</p>
<p> </p>
<p>Dave</p>