Comment

Comment by Elise Fay on September 1, 2010 at 3:41am

Adam--who are you working with on the 2nd? Is it the LCR Dept. in Florida? I have found that dept. to be great to work with for the 2nd's and prom notes.

Comment by Adam Woodhall on August 31, 2010 at 6:56am

Hi Mary - Thank you for joining. What are your experiences with NFCU?

Comment by Adam Woodhall on August 30, 2010 at 10:23am

Hello to Michelle - Thank you for joining. What are your experiences with NFCU?

Comment by Adam Woodhall on August 29, 2010 at 4:22am

Elise - I'm still working with seller to validate his request to 'lower' the prom note from 50k to 25k, haven't gotten to appraisal yet, but that's good to know. Since they want him to pay for BPO I'm going to insist on a copy, so that should help me be prepared. This a portfolio loan contingent on NFCU committee approval (or whatever nonsense they call it). I'm 99 percent certain appraisal will be in lower by the time we get there, FL market is awful, haha...

Comment by Adam Woodhall on August 29, 2010 at 4:19am

Janie - I can't verify that story, can't recall where I heard (think I read it online, actually), but as we know, it can and will happen. The seller did have his name associated with the account, since he is the 'member sponser' or whatever...but yeah stealing from an old lady, not very nice.

Comment by Elise Fay on August 28, 2010 at 2:21pm

I can't believe I did not join this group sooner. I have a wealth of information on Navy Federal. This may take several posts. I have done 2 short sales with NFCU. This last one, Navy Federal required that the borrower pay for the appraisal. Fannie Mae loan. I believe the borrower has a couple of accounts with NFCU but has left only pennies in the account. As a result he had to deposit money into his Navy Federal Acct. and then the bank took out the $250 for the appraisal. They would not accept payment any other way.

Yes...all the banks have the ability to withdraw funds from your checking or savings account, if it is with the same institution as your mortgage. It is written there somewhere in fine print when you sign the papers for your mortgage. That is the first question I ask all of my clients and then I encourage them to change banks before they default on their mortgage. That does go for ALL accounts that have your name on them....kids college, SS accounts...

Comment by Janie Booth on August 28, 2010 at 1:57pm

Adam - Unbelievable! He must have been on the account for them to take the money, but I just don't get how they can do this. Thanks for the heads up!

Comment by Adam Woodhall on August 28, 2010 at 10:20am

Janie - Thanks for the update, I've made buyer aware of such shady practices already, he plans on banking elsewhere. I've heard of NFCU taking money from relatives accounts as well, seller opened an account for his retired mother to use, they wiped out $1700, all she had...

Comment by Janie Booth on August 28, 2010 at 7:25am

Hi, Adam ~
My experience with Navy Fed is with a 2nd, so I have not encountered a $100 charge to the seller for a BPO. Also, in response to their ability to bank with Navy Fed in the future, customer service initially told me that they will not be able to bank with Navy Fed; however, my negotiator said that there will be limited services once the short sale is complete, i.e. no atm privileges and they will have to come into the bank to do their banking, then after about 90 days from the closing date, their full banking privileges will be restored. I'll keep you posted if this turns out to be true. Remember, NFCU dipped into the account without the seller's knowlege and helped themselves to a payment. My clients are keeping a very small balance open, so they will have the option of banking with NFCU in the future. I wish NFCU appreciated their loyalty! We just lost our buyer a couple of days ago because he is losing his job. On to Round 2!

Comment by Adam Woodhall on August 28, 2010 at 6:40am

Hi Elise, thanks for joining, what are your experiences with NFCU?

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