Comment

Comment by Samson_is_Furry on April 26, 2011 at 10:17am

That makes sense Adam. It's too bad because the HAFA process seems to be relatively painless considering the circumstances.

Comment by Adam Woodhall on April 26, 2011 at 9:41am

Mike - To my knowledge, and I am by no means an expert on HAMP or HAFA programs, NFCU can indeed stipulate that they will not participate unless it is a portfolio loan. Unless something has changed recently, NFCU (as well as other participating lenders) can choose to participate or not participate. It sounds like to me they only want to if it is 'their' money, meaning not FMae/FMac, where they would merely be the servicer. I might suggest having your agent or attorney contacting them on your behalf...these banks have a tendency of bs-ing clients off the phone, assuming they don't know any better.

Comment by Samson_is_Furry on April 26, 2011 at 9:37am

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?

Comment by Adam Woodhall on March 29, 2011 at 7:49pm

Mike - Only submit ONE executed contract to the bank, with one dedicated buyer. Depending on your state's laws, I wouldn't recommend having your seller execute more than one, either. It is your role to get them to accept the one you send - so be certain the one you send has the best price and terms.

Comment by Mike Narlis on March 29, 2011 at 9:57am

what is NF requirement when receiving more then one offer? do they want both signed by the Ratifying agent or just presented until they accept one?

Comment by Adam Woodhall on March 28, 2011 at 9:06am

Tracy - NFCU headquarters are in Vienna, VA, so that might end up being an advantage to you. They can ignore you or I on the phone, but a random pop-up at their offices certainly go a long way as well. I sent you my contact information via personal message on this site, let me know if I can be of assistance.

Comment by Tracy on March 28, 2011 at 8:50am

We are in VA and the bank can sue.  Foreclosure is not an option because my husband needs security clearance for his Navy job and a civilian job in his field, plus the bank can come after us.   Without that, pretty much everything we have worked for the last 6 years is gone.

Comment by Adam Woodhall on March 28, 2011 at 8:10am

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.

Comment by Tracy on March 28, 2011 at 7:31am

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-8Q

Comment by Adam Woodhall on March 28, 2011 at 6:52am

Tracy - 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.

• ‹ Previous
• 1
• …
• 4
• 5
• 6
• 7
• 8
• …
• 16
• Next ›
• Page