"My second loan was with Navy Federal Credit Union. We agreed to complete a short sale and settle the account in good faith instead of walking away. In return, Navy Federal Credit Union withdrew money from my mothers account on three separate transactions. These unethical actions have cost my mother money who is not on the mortgage with me nor aware of my situation with NFCU on the short sale. I am retiring from the Navy and have always supported NFCU. I opened a family member account for my mother who is not rich so I could oversee her financial situation. My mom had $1900 in her account. NFCU took money from my mother for my debt! That is sick. What low life to sneak money out of this account without a call or warning. I can not believe NFCU would stoop so low to attack my family during these difficult times. I am enlisted, serving my country and trying to do the right thing. On top of trying to do my short sale, NFCU wants a $20k note for settlement. At this point after stealing my mom's money I feel like I was betrayed. I did trust my money with NFCU but now I am closing my accounts. I intend on telling all my coworkers about my true life Navy Federal Credit Union short sale horror story. I hope to spread the word that NFCU thinks what they did is 100 correct and has no remorse from stealing from family member. SICK, Shame on NFCU".
The following was taken from a phone call I received today from a 28 year active duty Navy Senior Chief. Realtors beware of NFCU. Shame on them for thinking that this was ok. Shame on them for not having any compassion for a troubled borrower. Shame on them for taking a family members hard earned money. SHAME ON YOU NFCU.
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My short sale folks each more over 80,000 a year :-) and the MI co wants 70,000 from them - go figure.
I don't believe it is state specific. I don't recall which state Lori is from but my RE partner encountered the same thing with a local credit union in AZ. i guess we all need to really read the fine print when we sign on the dotted line for a new mortgage.
I am so sorry to hear about this but...in all honesty this is legal. I have spoken with several attorney's and when you bank with the same institution where your mortgage is held, there is some fine print that allows the lien holder to sweep out any payments to cover the debt! Credit Unions are the worst but I have heard that some of the larger financial institutions have done this as well. In fact there was a large institution that increased an account holder's Overdraft/Line of Credit withouth their knowledge with the plan of pulling out enough money to cover the mortgage payment, hence causing an overdraft situation, which they were covered for.
This attorney has advised anyone considering a short sale or who is/may become delinquent on their mortgage to first change where they bank...if it is the same institution as their lien holder. Change banks and move out all of your money because they will sweep the funds.
I know it sounds wrong and unethical but these are some of the things that we need to share with others so there is not any additional undue stress added to an already stressful situation.
Elise Fay
John Hall & Assoc.
AZ Short Sales
www.HomesbyElise.com