Navy Federal Credit Union

Information

Navy Federal Credit Union

NFCU - Membership restricted to active and retired military and government employees, as well as immediate family.

Members: 76
Latest Activity: Aug 28, 2019

NFCU Contact Information

 

 Click the button to hire a Short Sale Agent Superstar in your area

NFCU General Customer Service - 800-368-3657 - Must have member account number

Mortgage Collections Dept.
Fax: #703-255-7947
Phone: #800-258-5948
Short Sale FAX (703) 255-7947
Letter of Authorization Fa 703-255-7947 

P.O. Box 23800
Merrifield, VA 22119-3300
PACKAGE EMAIL: [email protected]

Email format: FirstName(underscore)[email protected]
Example: [email protected]

REQUIRED Short sale docs:
NAVYFCU.pdf

UPDATED authorization to above package:

NFCU_auth_notarized

 

Discussion Forum

Approval to Close Help Needed - Our Closer at Nevy Fed is MIA...

Started by Jason Sanseverino. Last reply by Ben Benita Jun 30, 2016. 3 Replies

Good Morning All -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".I have…Continue

Navy Federal Second - Charged Off

Started by Janie Booth. Last reply by Kim Chitwood Aug 28, 2013. 2 Replies

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…Continue

New HAFA rules

Started by Tracy. Last reply by Tracy May 6, 2011. 3 Replies

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…Continue

NFCU ShortSale in AZ - Should I continue to make payments?

Started by Michelle. Last reply by Kevin - Greenville, SC Apr 3, 2011. 1 Reply

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…Continue

Tags: sale, NFCU, Short, Union, Federal

Comment Wall

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You need to be a member of Navy Federal Credit Union to add comments!

Comment by Sarah on December 31, 2011 at 5:51am

We have a house in San Diego that we are upside down in.  Tried to do a modification with NFCU but were denied because we make too much money.  We will be PCS-ing to DC in late spring.  We orginally wanted to get a mod on our mortgage to get the interest rate down (currently paying 6.75%).  We figured if we could get the payment down we could rent the house for what our payment is and not be struggling with paying rent for a new place and having to make up the difference on our mortgage.  So now we are exploring the short sale avenue.  Our house is a Fannie Mae home and we don't have PMI.  Does anyone have any short sale experience with this kind of scenario?  I know CA is a no recourse state.  Just looking to see if anyone has had any luck with NFCU doing a short sale without them looking for a promissary note.

Comment by Terry Parrish on November 17, 2011 at 9:15am

Hello,

I have a file that has been with the Negotiator since Oct 11th.  Full file submitted mid Sept.  I was expecting to hear from the Negotiator this week, when I call in I cannot get transferred to her, am put off to call back or told I should hear from her soon - I have left messages for her to contact me.  If I don't hear from her by mid next week I am escalating the file - does anyone have the information to escalate?  Please email to me at [email protected].

 

Thank you!

Comment by Michele Murphy on November 16, 2011 at 2:05pm

This is my personal case, the owner of the home. I’m also a License real-estate agent in the state of Virginia. My Home is in Ohio. My husband is active duty E-7 with 25 years of service. Our credit score is 780 and 800. We are going to be transfer in July, 2012 to California. All our accounts (Mortgage, Checking, Savings, Car, Credit Card) are with Navy Federal we have no other bank. After reading all this here on this site we been thinking to change everything to USAA and have already talk with USAA about the transfer of our accounts but did not mention our situation to them. We have not talk to NFCU yet. We Never been late on the payments and can afford the home. Our problem is we have to PCS this summer. I listed the house in July of this year FSBO but paid a realtor to get it on the MLS and I’m paying commission to buyer agent. The listing price was the purchase price that we paid 3 years ago $275,000 for about 2 Weeks. Then I change it for what I have currently listed for $259,999. I had a lot of showings but no offers. We can lower it even more though I know is well price. The house 3 years ago when we bought it appraise $10,000 above the purchase price. I’m willing to lower it to what we owe on it plus $15,000 more ($230,000) that is the amount we have in savings. But my worry is, what happened if I still can’t sell it after we do that!! All we have left is 8 months before we have to move. We can refinance the car with USAA (is almost paid for) and get another $15,000. We already talk with USAA and that is how I got that number. They don’t know what I will be using the money for, I said a vacation maybe. We have another car that is paid. But I hope it does not come to that. The reason we thought about refinance the cars is because we will be getting a 3.75 inertest rate. That is better than a personal loan and we can pay it in 3 years. I just don’t want to wait until May to talk to NFCU. Because I know that a short sale can take a long time. We don’t want to foreclose or go bankrupt. I need help I don’t know what to do. The reason we cannot sale the house is because our price is too high for the area is not because the house went down in value. I know now (not when we move here) that it will sell eventually but it will take time to sell. Below are my Loan Facts:
10 year interest only Conventional Loan with PMI, Purchase Price: $275,000, 10% Down Loan amount $247,500, Date of purchase August, 2008. My husband and I are the only ones on the loan.

Comment by DeeB on November 15, 2011 at 9:41am

Hi Mike, we submitted an offer to the sellers on 9/22/2011, the BPO was completed by 10/28/2011.  NFCU approved the short sale on 11/3/2011, but the sellers were still negociating with them on the amount of the promissary note.  Then on Wednesday, 11/9/2011, they (NFCU and the sellers) agreed to terms, and we have the final approval from NFCU.  We have to settle/close by 12/20/2011!!  So a little over six weeks to get final approval!  We have tentatively set the closing for the first week of December!  Thrilled!

 

Comment by Samson_is_Furry on November 9, 2011 at 10:28am

HI DeeB. Congratulations! When did you submit your offer to NFCU? Did the bank give you final approval already?

Comment by DeeB on November 9, 2011 at 10:22am

Good news!  We have a deal!  Faster than I thought would happen.  Hope to close by the end of this month...  YAY!

Comment by DeeB on November 2, 2011 at 8:26am

Thanks Mike!  That was one of the first questions I asked the seller is if they had PMI, which they don't...so that's good (for me anyway).  I think the buyers of my current home like the idea of spending Christmas in a new home, but it will really put me in a tough spot (I have too much stuff to move twice!).  Well, I'll keep this board posted on the progress of this short sale with NFCU.  The listing agent's last update was that her contact at NFCU said now that the BPO is complete, it may take another 4 to 6 weeks before we hear anything because it now has to go before a "committee". I'm not sure if the loan is owned by an investor...or not.  Maybe that's the committee?  The listing agent is doing the right thing; she says she's calling 2 to 3 times a week... Here's hoping for a speedy sale (we can dream, right?)!  Thanks again, Dee 

Comment by Samson_is_Furry on November 2, 2011 at 7:52am

Hi Dee,
We had a contract on our home the end of August. BPO was done early September and we still do not have a decision from Navy Federal. The only progress we've made since the BPO has been a reasonable deal with the mortgage insurance company. That was in the beginning of October. In my experience, how quickly things go will depend on:

If the seller has PMI (extra 2-4 weeks for approval + promissory note/cash at close from seller)

If the loan is owned by an investor such as Fannie Mae (extra 2-4 weeks for approval + promissory note/cash at close from seller)

So, provided the BPO is good and Navy has all the required paperwork from your seller, I would expect anywhere from an extra 4-10 weeks to get final approval.

That's my best guess based ob my personal experience. Of course, I'm no pro and every case is different.  

Is the seller open to a preoccupancy/rent-back so that you don't have to move twice? I hope you can close soon!

Mike

Comment by DeeB on November 2, 2011 at 1:32am

Hi All!  I am a buyer *hopefully* of a short sale home and the seller's (only) mortgage is with NFCU.  From what I can see, the seller is under water approximately $200K to $250K with NFCU.  Once the BPO (interior) is completed, does anyone have any idea of how long it will take (even an estimate would be helpful)?  I'm having my agent check with the listing agent on the BPO results, but I'm about 99% sure that our offer was right where it should be, in terms of the local market and specifically the nieghborhood comparables.  I have a buyer for my current house, and they want to get in my house by Christmas, but I really don't want to have to move twice...  I guess I'm hoping things will move now that the BPO is completed.  Any thoughts?  The listing agent is calling about 2 to 3 times a week...so that's a good thing.  BTW, great site!  All of the comments are so helpful to a newbie like me! 

Comment by Adam Woodhall on October 3, 2011 at 10:33am
Welcome to the group, Richie. Please feel free to share your experiences with NFCU as a lender.
 

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