Navy Federal Credit Union
Information
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:
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 0 Likes
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 0 Likes
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 0 Likes
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 0 Likes
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
Comment Wall
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Comment by Janie Booth on September 6, 2010 at 5:41am
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They own the loan.
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Elise ~ Today, you are my hero. Kudos to you for persevering and not giving up. Your story will help all of us. Now go enjoy the holiday!
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Comment by Elise Fay on September 6, 2010 at 5:37am
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At the risk of sounding ignorant...what is the difference between a portfolio loan and any other loan. Why is that making your transaction a bit more difficult?
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Comment by Adam Woodhall on September 6, 2010 at 5:27am
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I'm sure your sellers are glad to have you as your agent...motivation is key! I've read a lot recently about agents going past servicers straight to investor and deals 'magically' getting approved...I agree it's amazing Navy Fed can't get anything done until you go over their head...stay with it! Now if only I could do that with my NFCU portfolio loan...doh...haha.
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I left off telling you that I put a call thru to Fannie Mae. Called the 1-800 number and they patched me thru to another dept. where I left a message. Honestly I never thought I would get a call back but I did. They were able to see on their system that I had submitted 2 offers on this property. I explained the Shared Risk loan to them, told my story and also re-read to them the new Fannie Mae HAFA guidelines (even tho owner did not qualify for the program) which states that a Shared Risk loan can be short saled.
The gal told me that I would get an answer to this in 2 weeks. After 1 week she called me back to say they are working on it and give it another week. At the 2 week mark, I did not hear from Fannie but from the negotiator at NFCU. She told me she was instructed from Fannie Mae to proceed with this transaction and allow the short sale to go thru. Pretty Amazing huh? At this point I had nothing to lose and I was really frustrated at this runaround and my only recourse was to go to the top. It is important to never give up and keep those fires burning to the very end. I have now called Fannie on 2 other lien holders who are telling me they are not participating in Fannie Mae's HAFA program. I now have Fannie Mae looking into it for me. We will see what happens.
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Good build-up....waiting for it......go on then...
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Great News Adam. Now I will share a really cool story. The transaction I am working on Now, with NFCU, has been going on for almost 1 year. Last year the tenant decided to purcahse the home on a short sale. Well this loan is a Shared Risk Loan. Share with Fannie Mae. NFCU wanted to do the Short Sale but first they had to buy the loan back from Fannie. Fannie says NO.
NFCU supervisors don't know why. This was now in Jan. 2010. They thought it had something to do with the "numbers" and maybe in a month or so Fannie would change their mind. We waited and I figured once the new Fannie Regulations went into effect, we could resubmit and presto...wrong! In June it was rejected again. Well foreclosure date was looming, the market was heading in a downward spiral and I was Mad! I had one thing left to do (since no one responded to my Shared Risk Discussion on any forum) I called Fannie Mae in Washington DC. I don't mean to leave you hanging...next post will explain how this all went down and why you should call the Big Dogs.
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Currently we're one of SSS's featured groups...woohoo! Everyone talk up their NFCU experiences before we disappear out of relevance again, haha...
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Theresa - Thanks for joining the group, what has been your experience with Navy Fed?
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Ahh...I should note my deal is a portfolio loan...ALL their money...so that could be way they are stricter on the prom. note requirement. But way to go, Elise, you show them!
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