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Old 03-13-2009, 11:40 AM
 
894 posts, read 2,819,315 times
Reputation: 655

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This home purchase was our second with the VA. We filled out the form that NFCU requires to search VA for all pertinent information about the prior purchase and payoff. Closing happened about a month ago. Yeah, we already bought the house. Got a call last week--almost a month later--that the NFCU "forgot" to charge us a fee. A whopping, $9,000 fee. The loan officer at NFCU (NOBODY F**KS Customer's like Us) told us that they made the error and pay up--and when would we be sending the check?

I know I've left out some details, but that's from frustration and spending the entire weekend ruminating and dwelling and re-reading all the documents. We had some seemingly large fee's as we were paying down points, but you would think that they could have caught this BEFORE WE BOUGHT THE HOUSE, right???!!!!!

We asked them to eat the money as it was their error. No way, they said. I guess all in all this is a rant about that company. The first time they screwed us we was travel related and with our credit card. This one is just too much. USAA's rates are just too high. NFCU is dead to us--except for that little mortgage thingee. We'll be taking all our money to USAA.
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Old 03-13-2009, 12:04 PM
 
3,647 posts, read 9,311,633 times
Reputation: 5427
That's why we made the switch to USAA 5 years ago. Never regretted it.

NFCU Customer "service" told me that my $$ was "nothing" to them. So I took my $$ and now we bank through someone else.

When I first spoke with USAA about the switch over, they told me this happens all the time. Their rates might be a bit higher, but I'm willing to pay that when I actually get treated like A PERSON when I need something!
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Old 03-13-2009, 08:20 PM
 
Location: Chesterfield, VA
1,218 posts, read 4,439,737 times
Reputation: 533
Have you tried talking to JAG? Honestly, if you have the means, I would pay it and then fight the issue. You would hate for them to flag your credit over something like this. Would it be possible to roll it into the loan? And then as a last resort, I would contact your Representatives and Senators, along with your state lending institution.
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Old 03-14-2009, 07:31 AM
 
69 posts, read 266,946 times
Reputation: 51
Wait.So you closed already? Was this fee on the HUD Disclosure??
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Old 03-15-2009, 09:08 AM
Status: "October is the eighth month" (set 21 days ago)
 
Location: Just south of Denver since 1989
10,679 posts, read 28,500,687 times
Reputation: 6842
You need to speak with an attorney with knowledge about real estate mortgages.

If you signed all the closing papers and you agreed to a final settlement; there may have been a page about correcting clerical errors. This is not a clerical error.

I'd say no way, unless they sued me and they won.
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Old 03-15-2009, 09:35 AM
 
596 posts, read 2,495,190 times
Reputation: 201
Quote:
Originally Posted by 2bindenver View Post
You need to speak with an attorney with knowledge about real estate mortgages.

If you signed all the closing papers and you agreed to a final settlement; there may have been a page about correcting clerical errors. This is not a clerical error.

I'd say no way, unless they sued me and they won.
I think I agree with this poster. Although the sum is substantial enough as to warrant the expense of bringing it to court, it would seem. But on principle some things are hard to let go. What are they going to give up for the hassles of time, headache, hours lost from other ventures, etc, when you have to go in and correct their mistake?
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Old 03-15-2009, 03:06 PM
 
894 posts, read 2,819,315 times
Reputation: 655
They really took a hard stance against us and asked us to put it on paper if we weren't going to pay them. They said they would pursuing legal action if we didn't pay up. Honestly, we couldn't get a lawyer to talk to us without paying them for the initial conversation--even to find out if this situation was something they could handle.

No, this sum wasn't in our Hud 1 paperwork. Unfortunately, NFCU is now the number 1 credit union in the states if not the world. We're out gunned and we only stand to lose our excellent credit rating. Our loan officer told us that we have the highest credit rating she's ever seen. Guess in the end that didn't matter to them, did it?
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Old 03-15-2009, 03:14 PM
Status: "October is the eighth month" (set 21 days ago)
 
Location: Just south of Denver since 1989
10,679 posts, read 28,500,687 times
Reputation: 6842
This should not effect your credit score.

If the gist of this is that you asked for an interest rate buydown and they "forgot" to charge you at closing, but they want your $$ now....shameful.

Make sure all of the conversations you have with them are in writing from now on.
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Old 03-16-2009, 05:50 AM
 
Location: MID ATLANTIC
7,600 posts, read 17,629,190 times
Reputation: 8084
You need to get legal counsel, NOW. Second, get any money on deposit OUT OF THERE.

When you closed your loan, it's standard procedure to also require you to sign what is called an "Errors and Omissions" statement. This statement states if the lender made any errors that rendered the loan unsaleable or made a mistake, you the borrower would work with them to make it right. JUST BECAUSE THEY LEFT IT OFF DOES NOT MEAN YOU DO NOT OWE IT. It most certainly can hurt your credit score and will if you force their hand.

It sounds like they left off the Funding Fee. Look in your papers and see if it was disclosed anywhere prior to closing. I can think of at least 4 loan disclosures that reference this fee. It's anywhere from 2.15% of the loan amount to 3.3% and is usually financed.

You don't mention if your spouse is active duty. If he is, he signed the Military Financing Checklist, which spells out how they can go after him. This is why they want something from you in writing saying you won't pay up, they want to go after you. They usually start w/ the CO. This will be considered non-payment of a debt owed.

I am only the messenger here, letting you know where their ammunition is. Many (actually most) big banks and/or mortgage companies would have "eaten" this fee. NFCU is owned by members and does not have the ability to do this. By-laws would prohibit such action. HOWEVER, I would write a letter stating the 9K is a hardship and is now committed elsewhere. I would think at the very least, they should be refinancing your loan and rolling in the $9000 (FF) without any additional charges to you.

Whatever you do, do not give them anything in writing and get legal help NOW. Don't screw around, don't wait for it to be deducted from a paycheck, or worse, garnished. Theoretically, a $9,000 payment in arrears is enough to foreclose on.

You can ask 20 people for opinions and 19 may tell you what you want to hear. This is the one you don't want to hear and unfortunately, I don't know how to scream louder than the rest to convince you to move quickly before this gets worse. Please call an attorney.
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