A Navy Federal Credit Union loan modification may be elusive, but it certainly is a possibility under the right circumstances. Many borrowers applying for Loan Modification with Navy Federal Credit Union feel hopeless and discouraged after attempting to work with the lender for months, and sometime years, but recently things seem to have gotten a little better.
Navy Federal Credit Union is a participant in the federally sponsored Home Affordable Modification Program (HAMP), which offers loan modification alternatives to borrowers facing financial trouble. In addition to HAMP or Making Home Affordable (MHA) government regulated loan modification programs, Navy Federal Credit Union offers (NFCU) “in house” loan modification programs as well.
Navy Federal Credit Union HAMP Loan Modifications
Applying for a HAMP loan modification through NFCU is much like applying for a loan modification with any other lender offering HAMP loan modification options. The difficulties homeowners experience are oftentimes not with the lender itself, but with the intricacies of the HAMP program itself. The differences among lenders are typically that some lenders are more helpful in the process than others. Navy Federal Credit Union is notoriously one of the least helpful lenders. However, if a complete loan modification package is submitted to Navy Federal Credit Union the meets all the requirements and fits all the guidelines for HAMP, it must be approved.
Navy Federal Credit Union Loan Modification “In House” Programs
In addition to NFCU HAMP Loan Modifications, Navy Federal has its own “in house” programs to offer borrowers assistance in avoiding foreclosure and keeping their properties. Typically any lenders “in house” programs are not as good or advantageous to homeowners as HAMP programs, so HAMP or MHA loan modifications are your first option. In house programs can still get the job done, but they car vary widely in their terms including wide degrees of variations in interest rates, initial contributions, term in months, and balloon payments. Also, “in house” programs can change without notice, even when a borrower is right in the middle of being approved. This is one of the things that drives borrowers and loan modification attorneys nuts…just when you have a deal, the rules change.
NFCU Loan Modification Attorneys
Even if you have been denied once for a Navy Federal Credit Union loan modification, it may be something that can be resubmitted either due to a “change in circumstance,” or submitted for an alternative loan modification program. How the file is presented can make all the difference, even if it contains similar information.
McFarlin LLP attorneys handle all aspects of NFCU loan modification for borrowers in Los Angeles, San Diego, Pasadena, Torrance, Long Beach, Fresno, Salinas, Hayward, Garden Grove and throughout California. Our attorneys are available to provide you with honest reliable advice at our Orange County or Los Angeles offices or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified California loan modification attorney to represent you and protect your interests. Call us today at (888) 728-0044.