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 Elise Fay on September 1, 2010 at 9:10am
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Okay...maybe I have set precedence. On my first file with NFCU, the 2nd was for a ton of money, maybe something like over $150K. We gave the 2nd $40K and they just asked for an $8K prom note. Done! On this other file that I have right now, NFCU 1st and 2nd. The first is being shorted about $65K, they have not asked for a Prom Note. The 2nd on this file is owed also about $65K (rough numbers) and they asked for a $4K prom note with the 1st giving them just $1500 out of their proceeds. This is a Fannie Mae loan.
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Comment by Adam Woodhall on September 1, 2010 at 8:11am
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Tony - I follow Fred and Kevin via their video blog daily, and I don't recall them sharing the outcome...but knowing them, I'm sure they did right by their seller, and did what it took to get the file closed.
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And you are welcome for the invite - 10 and growing!
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Tony - I can't speak for 2nd liens at Navy Fed, but I can tell you a promissory note is always required *(in my experience, personally, and from what I've read and heard from other agents) for Navy Fed members. I've never heard of anyone getting a short sale approved with-out it. Google 'short sale power hour navy federal' for a video to support this.
To give you an example, in my case, borrower was living with girlfriend when he bought the house, with his two kids (first wife) and daughter (theirs), but she wasn't on the note because of credit. They broke up, she moved away with the daughter, his two sons moved away from him. Now he has this 2500$ mortgage with one income. He is paying child support on a total of 4 kids, takes more than half his wages (and all his Marine pension), and Navy Fed STILL wanted a $50,000 prom note.
Do what you can...please let us know if you can get out of it and set precedence!
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Tony..the 2 that I had went to LCR. This dept. is great. I have worked with Kim Brown and she is really kind. They will not get hostile and they will work with you. In both instances they gave us a couple of scenarios for Prom notes.
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Hello Claudia and Tony - welcome to the group! Please share your experiences with Navy Fed!
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Oops I am sorry. I thought you said you had a 2nd...well so much for my speed reading.
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It depends upon how far behind the 2nd is. The other department is collections and once it goes to collections it is far easier to negotiate. Are you speaking with someone directly regarding the 2nd?
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In regards to the prom note - fairly certain it's direct with Navy Fed headquarters in VA, based on my correspondence. Do they have another department who oversees the committee to approve the prom. note?
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Elise - my only NFCU deal, in progress, has just one loan. Conventional, put down ten percent, paid 350, now we are under contract for 218k...
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