The complaint has been investigated and
resolved to the customer's satisfactionResolved Navy Federal Credit Union — Mortgage line of credit
resolved to the customer's satisfaction
I have been a nfcu customer for almost 20 years and up to this point had been very satisfied. Due to the recent economic conditions, I am in a bit of a pickle. I owe $190, 000 on a first mortgage and $150, 000 on a line of credit. My home is currently valued at $175, 000. Before the real estate bust my home appraised for $430, 000. I thought I was beeing wise when I purchased a rental home with the line of credit 5 years ago. I was not investing to flip but for a long term investment. I planned on refinancing this loan once I had %20 equity in the rental. Well, now the rental home I purchased for $155, 000 and remodeled is worth about $70, 000. I have had to reduce the rent from $1200 a month to $800 a month to keep it rented. My current combined payment is $2100 per month. My line of credit matures this summer. My payment will then be about $4000 a month!
I have contacted nfcu multiple times over the past year to try to find a solution. I have spoken to custome r service and they tell me "sorry there is nothing we can do. Those were the terrms you agreed to. "
I have let them know that I am willing to repay what I owe but I need the terms adjusted. I explained that I could afford $3000 a month. They will not hear it. I suggested refinancing the entire amount and amortizing it over 30 years at a reasonable interest rate considering I have a credit score of over 800. They say "that due to the current value of my home and there new requirement of needing %20 down I would need to put down $250, 000 in order to get approved. Ha ha funny right. The sad thing is they are serious.
I have suggested a loan modification and they tell me that those are for people who are currently struggleing. I explain to them that I am not struggling currently but I will be. I am trying to solve this problem before it becomes a problem instead of waiting until it is a problem.
I feel that I made the decision to borrow the money and had planned on living up to my end of the deal. I am trying to be a reasonable person and repay my debt. After many hour of research and phone calls, I am beginning to see the writing on the wall. I am probably going to loose my home to forclosure and end up with bad credit and a judgement against me. They will then probably come after me with a judgement and garnish my wages.
I have wife and two young girls who depend on me and I have failed them. I do not know how I will live with myself when all this happens. All because some greedy jerks will not work with me at navy federal credit union.
They act like they need the money back right now. Thanks for ruining my life. I had been an honest responsible person and due to circumstances outside of anyones control and navy fedreal credit unions lack of flexibility and empathy my families future is now very bleek.
Thanks for reading my post.
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