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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:
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
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
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
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
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Navy Federal just told me that HAFA is only for mortgages owned by Navy Federal. The HAFA website says that it is for mortgages that are owned or guaranteed by Fannie Mae or Freddie Mac. I spoke with two different NFCU reps and they both quoted an internal memo regarding HAFA for NFCU loans only. Seems like either the memo or the government is wrong. Either way, I get the feeling that any attempt to get pre-approved for a Fannie Mae HAVA short sale through NFCU is going to be a tremendous waste of time. Neither rep knew anything about HAFA and very little about HAMP for that matter... comforting.
Is a traditional short sale the only way to go with NFCU?
Tracy - Yes, I am familiar with that video, as well as all of 4610's online video blogs. They are business associates of mine here at KW - we've met in person a few times - and I will be attending their short sale training for the fourth time in a few weeks.
In regards to that video relative to NFCU - what state is your loan in? As Kevin and Fred stated, AZ is a non-recourse state. So if a homeowner stops paying and goes into foreclosure, NFCU can't go after them for the balance. It's gone. I live and work in FL, and that is not the case. NFCU could come after a borrower up to 7 years after the foreclosure. Meaning five years down the line, once your credit and life are back to how they 'were', they can hit you up for 'their' money.
I agree it would be difficult to secure an unsecured loan for that amount - but I don't know your personal financial situation, perhaps it is indeed possible. In either event, foreclosure or deed-in-lieu is should NOT be an option.
Adam, Thank you for your response. I am not sure we could get a 40,000 unsecured loan. Have you seen this?
http://www.youtube.com/watch?v=CfanFlis-8QTracy - My short sale with NFCU was a portfolio as well - it actually seemed to be quicker since they were the only party involved (no MI or Fannie/Freddie to ask). Owner owed 320k and we sold it for 218k, so the loss was even greater than yours. The note was for 25,000, no cash contribution. If you can bring cash to closing to sell the house (meaning the loan you spoke of), it most certainly is better than a short sale. Your credit would be unaffected, more than likely.
However if you cannot sell the property without paying off the loan, a short sale is the better option. Relocation for work certainly qualifies you. If their loss is 40k, minus title/attorney/fees/commission, you might get away with a 5-10k prom. note, interest free, or a 5k cash contribution. It certainly wouldn't hurt to try. Ask your agent to explain your options, I am sure they will be happy to help.
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