Comment

Comment by Adam Woodhall on May 26, 2011 at 8:21am

Welcome to the group, Mark. Please feel free to share your experiences with NFCU.

Comment by Adam Woodhall on May 12, 2011 at 8:08am

Even if buyer comes up to full BPO, NFCU will stilll want considerable amount from seller. Offsetting loss from 119 to 95 isn't enough for them. They won't be reasonable at all - just google 'navy federal short sales' and see the horror stories. Just do whatever it takes to get the file closed - five kids, five letters! You care about the file more than they do!

Comment by Kevin - Greenville, SC on May 12, 2011 at 8:03am

does.:)

Comment by Kevin - Greenville, SC on May 12, 2011 at 8:03am

Emily, Do your client's qualify for HAP?

 

http://hap.usace.army.mil/homepage.asp

Comment by Emily Crowe on May 12, 2011 at 7:57am

It is a Portfolio loan which I assumed would be easier...I guess not!  The offer is for 300k and the BPO came in at 325k.  Not unreasonable, but not ideal.  We're trying to get the buyer to come up a little.  They have NO extra money.  They have 5 kids and a tight budget.  No money in savings.  Hopefully they'll come down quite a bit.  They are being transferred with the military and have no choice but to sell.

Comment by Adam Woodhall on May 12, 2011 at 7:52am

Emily - To answer your question, yes, that is a standard NFCU response, at least from what I've seen. There is no arguing logic with them. Is this a portfolio loan, or a Freddie/Fannie/separate investor? That would be good to know if you need to escalate. Also, try and find out where you are on BPO. If you know the BPO, you have a bit more leverage. Investor will not stand for messing about when it's THEIR money and time being wasted! If NFCU is the investor, be prepared for an uphill better. If they are asking for the whole amount, they must think sellers have the money. Cash contribution goes a LONG way. If they want 109k, try countering with 25k and 1k contribution. Look for ways to show they don't have the extra money. Think of flights to see children out of state, or required business travel, paying for sick family members - things that do not show up in financials that are expenses but can't be 'written off'. Be prepared to document this. Have the sick family members send medical bills, or write letters pleading for help. Have the children write or draw a picture pleading for help and send it on. This may sound absurd, but I've done it before, and it works. Get them past numbers, if the numbers aren't helping you, and emotionally invested.

 

NFCU is tough but they know a short sale is best for them.

Comment by Emily Crowe on May 12, 2011 at 5:52am

They are active military but bought too late to quailify for the HAP. Thanks for your advice!

Comment by Janie Booth on May 12, 2011 at 5:45am

My experience is that NFCU will push you hard, God, country and member's best interest!!! You think they truly believe they are doing you the member a favor by not agreeing to anything less than full payment. I guess my next question since it is NFCU, are your clients active military and possibly qualify for a HAP short sale? If not, then you will have to push back. If your client's financials show that they can afford to pay, then it will be a struggle but in the end NFCU will not want it to go to foreclosure. Adam, Bryant, what have you seen with NFCU as the first and only lienholder? Can anyone else help Emily?

Comment by Emily Crowe on May 12, 2011 at 5:29am

Janie--It's the first and only

Comment by Janie Booth on May 12, 2011 at 5:27am

Hello Emily. Is NFCU the first or the second?

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