Comment

Comment by Adam Woodhall on February 24, 2011 at 8:43am

David - I would think more than likely, you'll not see that money reversed, even if you go to court. I am truly sorry such a thing happened to you, it only goes to show 'banks' only care about themselves and their bottom lines, not the consumer.

Comment by Janie Booth on February 24, 2011 at 8:40am

Brigitte is absolutely right. Can't speak to any laws of consumer protection, but you probably had to sign something when you agreed to the mortgage.

Comment by David Cash on February 24, 2011 at 4:45am

Brigitte,

Are there any laws to protect the consumer from this happening?  Luckily I don't have any money in NFCU except $5 to keep my account open.  However, in accordance with the approval letter, NFCU and I made an agreement (contract) that I would pay $20K to settle the account.  So if they are keeping money that I accidently sent them, then this would be considered stealing.  If I don't hear from them again soon to reverse the payment, I plan I speaking with the Air Force JAG and possibly take them to small claims court.

 

Comment by Brigitte Powell on February 24, 2011 at 2:13am

I think I have said this before on this site. If you/your client banks with Navy Fed or any bank that carries your mortgage switch banks ASAP if you are contemplating a short sale. If your mother or father/relative banks with them, switch immediately, because they can take their money also if your name is on that account. They will take it all if they can...over and over.

Comment by David Cash on February 23, 2011 at 2:44pm

I just learned a good lesson; cancel your automatic bank mortgage payment withdraw after you complete the short sale.  I didn't and am still trying to get back the last payment back. NFCU said they usually keep the money since they have lost so much in the deal, but they made an exception to me.  Still haven't gotten it reversed yet.

Comment by Adam Woodhall on January 27, 2011 at 8:54am

Erich - You do have some options available to you. Both the promissory note and the cash contribution can be negotiated down, but you will have to provide financial data to counter it. They came to those numbers based on your assets and income. If there are expenses you did not specify in your original submission that you can now show evidence of, it might help you. For example, children in college you send money to on a regular basis, or gifts and trips on a regular basis to see them with your divorced spouse, etc. In my case, I had my client's two ex wives write letters explaining he paid for more than is required by the regular court payments. Be creative and be assertive. You won't get rid of the note or cash contribution entirely, but you can knock it down.

Comment by Adam Woodhall on January 21, 2011 at 6:16am

Hello Maya - Welcome to the NFCU group. Please feel free to share your short sale experiences via this forum.

Comment by David Cash on December 28, 2010 at 6:59am

Adam, that is promising news about the time frame to hear back from NFCU. 

 It has been challenging to speak with our NFCU short sale specialist (who is not the negotiator...I haven't been assigned one yet).    When I call the "customer service" line, our specialist will either not talk to me or the customer service folks send her an email to call me.   Of course, she hasn't called me.  I usually call about 3 times a week to try and talk with the specialist...my realtor I think tries too.  But honestly, I would much rather be the one calling them then my realtor because I have alot more motivation.  My agent doesn't seem fully aware of the short sale process and she is extremely busy as well.   I get more info doing my own research.

 

Oh, and I not sure if I was ripped off, but NFCU charged me $175 for the BPO...I see others on this site paid $100.  The customer service people told me it was an appraisal but turned out to be a BPO.  Since then they seem to use BPO and appraisal term interchangeable....doesn't seem right.

 

I think it is good news but my BPO came in at $124,000 and our current offer on the house is $136,000...we owe $188,000 on the note.  My realtor thought that was bad news that the BPO came in so low...I had to explain to her it was good news since our offer was higher than that.  I believe i am right on that.

 

Dave

Comment by Adam Woodhall on December 28, 2010 at 6:21am

David - Assuming your offer has already met internal NFCU guidelines, it shouldn't take more than a few weeks to hear back from investors. Four would be excessive. Be certain your agent is contacting the negotiator twice a week to follow-up. If you haven't already, find if there is mortgage insurance, and with whom. They will have the final say over NFCU and Freddie - and MI can be a lot harder to get approval from. It all depends on how big the deficiency will be, relative to what they may have to pay-out, etc. Contacting Freddie Mac directly won't help you at this point if they are only now seeing the file; they'll just tell you to go through the process per their standards for the time being.

Comment by David Cash on December 28, 2010 at 1:34am

Following up on my discussion above "any advice?".  Navy Federal just told me my package has moved onto Freddie Mac for the short sale approval.  Does anyone know how long it takes to hear something?  Navy told me 4 weeks.  Any phone numbers at Freddit I can call to harrass? 

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