Comment

Comment by Adam Woodhall on September 19, 2011 at 9:37am

Samson - It really depends on you, the listing agent, or whomever is actually doing the negotiating. It's possible that NFCU can make a decision based on what they have, but it may not be any faster than they feel like. Calls have to be made 2-3 times a week. Also, it depends on whether the loan was a portfolio loan, or government backed (Fannie, Freddie, etc), how far behind they are, how in debt they are, etc. There are many factors, mostly to do with the loan the seller's situation, both of which are out of your control. It's best to verify what they tell you is indeed true. They can lie to you, but not the homeowner...have them call as well.

Comment by Samson_is_Furry on September 15, 2011 at 7:37am

We are about two months into our short sale process with NFCU. I believe the buyers agent set an unrealistic timeline and our buyers are getting anxious. Things have actually gone pretty quickly with the bank. Full package received in August and BPO was ordered mid-August. In September, I received an update that our package had cleared document review and initial review. 

 

I recently received the following update from my realtor. How close are we to the finish line?

 

"SINGLE TRUST SHORT SALE

This file has cleared document review and is in the valuation stage at Navy Federal. W. Todd is working on the existing offer to determine a final answer to the offer received. No new updates are being requested at this time.

As of September 15 2011 at 1:54pm: No new update requests are being made. File is 100% compliant. W. is still reviewing and performing internal tasks related to this file.

W. was assigned on 8/23/11; so I would expect her to reach out to me shortly.

There is no foreclosure sale date. K. is the associate I spoke with today. There is a standing internal request within NFCU's system for W. to call me. They are not allowed to release contact information for the Negotiator."

Comment by Adam Woodhall on September 12, 2011 at 9:44am

Welcome to the group, DeLana. Please feel free to share your experiences with NFCU as a lender.

Comment by Samson_is_Furry on July 28, 2011 at 7:24am

I think I can answer my previous question. It appears as though my veterans choice loan has LPMI (lender paid mortgage insurance). It seems Navy is fond of LPMI and it could be why they are so keen on requesting a note. I sure hope this doesn't wreck our short sale.

Comment by Samson_is_Furry on July 28, 2011 at 6:48am

Hi folks, I'm in the middle of a short sale with Navy. I recently learned that PMI can complicate things. Without calling the bank, how can I find out if my loan has PMI? If it does, is this something I should be concerned with?

 

Thanks!

Comment by Adam Woodhall on June 15, 2011 at 7:05am

Welcome to the NFCU group, Pauline. Please feel free to share your experiences with them as a short sale lender.

Comment by BMACK on June 10, 2011 at 12:15pm

Who pays the BPO:  Buyer, Seller, or NFCU.  NFCU is telling me that I have to or they close the file.  I've felt bullied so far through this entire process.  Is this another bullying tacitc?  What else can I expect going forward?  My agent claims that once I pay this BPO, then we are pretty much done.  Looking at some of the info on this forum...it looks like the fight has just begun.  Please advise.

Comment by Michelle on June 7, 2011 at 6:08am

My home is currently in short sale with NFCU.  My agent has been very cooperative with them and to say the least they have been difficult.  They kept requiring more and more documentation with the offer and drug out the process an entire month before getting my docs in front of a 'reviewer'.

 

She promptly told me yesterday that she has until July 27th to review my file before sending it over to a 'negotiator.'  And, wouldn't even confirm if we finally had everything they needed.  She basically said nothing would happen on her end until that date.

 

In the meantime, I am officially 3 months behind on my payments as of today and received a certified letter of 'default and notice of intent to accelerate' Saturday.  I have stayed current on my second equity line - it's a NFCU serviced loan - mostly because they emptied out the few $$s I left in my accounts there and applied it to the second mortgage.  My first is Fannie Mae.

 

In the event that foreclosure proceedings move ahead and I opt to 'walk-away' .. my first will be covered under Arizona's non-recourse laws ... I was told if I could prove that the $$s from my second went back into the home - pool and landscaping were done with the $$s - that it too may be covered - does anyone know how about this?  It was also recommended that I may need to enlist an attorney to negotiate out the second for me with NFCU.  Does anyone have experience with this scenario?

Comment by Adam Woodhall on June 6, 2011 at 7:59am

Celeste - You are correct in your statements, NFCU can be difficult. As I have stated  in this group before, they always want a promissory note of some kind. If you are able to convince them otherwise, PLEASE, by all means, share that strategy with us! Otherwise, in the meantime, let everyone here know if you need assistance. Good luck - Adam

Comment by Celeste ODea on June 3, 2011 at 4:50pm

This is the first short sale I've had with NFCU, and the homeowner has both a 1st and a 2nd with NFCU.  I'm reading all the comments to brush up on what to expect from/with them, and got some good advice to suggest the homeowner close out or withdraw any money they have with NFCU or it will be withdrawn for them.  Sounds like they come down heavier on promissory notes, too, than other banks.  This should be interesting and I will share my experiences with the group.

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