Navy Federal Credit Union / forcing a veteran into bankruptcy
Long story short, we are in the middle of a short sale. Our credit has been impeccable until now. What forced us into this was an auto accident injured my neck and re-injured by back and I was not able to work my second job anymore.
We have a 5 year interest only arm and navy federal credit union is our 2nd lien holder. The first lien holder understood the situation after displaying our monthly expenses and approved the short sale. Navy federal credit union said we could afford to pay essentially 50% of it over 15 years at .01% interest. After moving into another home this monthly amount would force us close to what we paid before the short sale. I told them that we could try to pay this. Then they changed their mind and said we need to pay the full amount, approx $60, 000 over 15 years at .01%. I mentioned that this would force us into bankruptcy in a few months. Particularly when my our second child (Due in 4 months) starts daycare.
Despite all efforts to show a flawless credit history, to show that we had lost significant income due to the accident, that we even maxed out our credit cards on daily expenses to make payments to our mortgages and utilities on time... It still did not matter. I tried to explain that we will be forced to file bankruptcy once our second child is in daycare if they continue to force us to pay such an astronomical amount a month. I even mentioned that I asked for underwear for christmas to save money and I can not see how we could pay an additional $340 a month (Even closer to what our mortgage was before the short sale).
None of this phased them. So now we are agreeing to the short sale and agreeing to pay the amount of $340 a month. And once our child is born and we incur another $800 expense in a few months... We will file bankruptcy.
Way to take care of your navy veterans!
4 years ago my wife and I purchased a home. My income was based on the two jobs I worked. Three years into paying everything on time and I was in an auto accident which prevented me from working my second job. We continued to pay on time by using our credit cards to pay for daily expenses. When the credit cards were getting maxed we started contacting our 1st lien holder (80/20 loan, interest only arm) to take advantage of the plans obama had made. Nothing had been put in place. Two more months went by and we getting close to the limits on our credit cards and we tried again with our 1st lien holder and nothing still had not been set so that citizens could take advantage of the programs obama put out. Another month went by and we finally caved to the only option we had... A short sale.
Navy federal credit union was our second lien holder
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