In October 2010, I requested to refinance an existing mortgage with Navy Federal Credit Union. The process was the most miserable experience I have ever endured. Despite the fact that they already hold my mortgage, the underwriting committee procrastinated with a decision for more than two months. When they finally gave me loan approval, they told me that I had only two days to settle before the rate expired. My settlement attorney was out of town. When they extended the loan approval, they increased the rate by 3/8% and increased the discount points to 4 5/8!! Obviously I did not accept these terms. I have been a NFCU member for more than 35 years, and they treated me like deadbeat scum. (My credit score is 785, so I don't deserve their disrespect.) The whole process cost me $850 for application and appraisal fees, and the lost opportunity of good rates from other lending institutions who might actually want my business. Did they intentionally delay loan approval until the rate expired? I guess I will never know whether to impune them with malice or incompetence. I just know that they have lost a very loyal customer. Don't believe the television ads. They do not care about their members.

I have been a member with NFCU for quite sometime now. 6 or more years to be exact. I have a checking and saving account. My brother is an authorized user of the account. He went into the branch to apply for a loan. He was advised that he needed a co-signer. He then applies online. He used my information: name, and access number I believe. Well, NFCU stated once more he needed a co-signer to get approved. Anyhow, they sent the promisary note via mail for me to sign. Needless, to say the note was never signe but NFCU processed the loan anyhow. Mind you this took place Aug. of last year. Well a year later, two weeks ago to be exact I go to cash my check. The rep. states that she is not capable of cashing my check because I have a loan in default. I state that I do not have a loan. I go into the branch to talk it over with a member service rep. She calls collections (i believe) and they state that the promisary note was never signed but they processed the loan application anyhow. Since our accounts are linked together, and I'm a co-signer then I have to make a payment. Well I tell them that I was not aware of this loan and if my signature was not present how were they able to promise the loan. So I signed an affidavit and my file was placed under fraud investigation. My check was deposited into my checking acct and NFCU transferred my money to the delinquent account. Moving forward, I spoke with several different reps/supervisors and no one can refund my money until the investigation has been closed. WOW! NFCU has strict guidelines to follow. I can't seem to understand how they take extreme precaution to ensure identity theft is not committed but these same guidelines do not apply to their reps. How is NFCU able to process a loan that needs a co-signer without their consent. My signature was not on the loan and regardless if our checking account is tied together, no signature qualifes as no drafting of my funds. I'm burnt out physically and emotionally because they (NFCU) took it upon them selves to process a loan application without my consent. Now I have to fight back and forth with collections, fraud, and the banking center to have my funds replinished. How can you all post a site stating your mission, commitment and so forth when they do not live up to their own standards. I am willing to contact an an attorney to get my money back. No one has appolized or owned up to their mistake. I'm willing to stay calm if someone would atleast say: Ma'am we dropped the ball and we are willing to do any and everything in our power to resolve this issue. I am out of my money, they refuse to put it back in my account until fraud closes the investigation. I have worked for customer service and collections with numerous of companies. My complaint is NFCU refuses to replish my funds and take ownership. They want me to file a police report (in which I don't mind) against my brother but the issues still remains. NFCU processed a loan with out the necessary paper work. They have committed fraud just as well as my sibling. But in their eyes, it's company policy to process that individual and not them because they have done no harm. WE ARE ALL HUMAN THEREFORE HUMAN ERROR DOES TAKE PLACE. If only they could see themselves in fault and take ownership. I'm still fighting to have the outcome result in my favor. I'm not asking for them to bend the rules. I'm asking for them to be honest with themselves and correct the manner in which they created. I guess I am just another whinning customer who does not take responsibility for their own actions. Moving forward I will no longer do business with this credit union. They are cruel and heartless. I wish I could go into their bank accounts and withdraw money because I felt like it. If only they could see the wrong in which they have done. But yet again, that's like asking Jeffery Dahmer, did he mean to eat those humans???!!! *sigh*

I am the wife of a deployed soldier. We've been member's of NFCU since they opened to all members of DoD in May 2008 since we heard they were such a great institution. (From the myFico forums) I have Power of Attorney so I am able to handle my husbands accounts while he is deployed. This company refuses to honor it unless they get it within the 24 hrs of them receiving it. BUT, They will not let you know if or when they have received your mail or your fax. Useless trying to speak with someone about his accounts. I have mailed in copies of the POA and his orders 5 times and faxed them several more. This was so he could get the interest rate adjusted under the SCRA as he qualifies. These papers were sent in Jan 2010 after he was issued order Jan 5. I KNOW they received them, because on our joint car loan, they reduced the interest rate to 6%. Their customer service representatives are rude and unprofessional, not to mention so lacking in knowledge, they will put you on hold for half and hour then come back to attempt an explanation that still makes no sense. They could learn a thing or two from USAA. I have had them walk me through the process of my husband's deployment and what I really needed to take care of first and they offered me help and a packet of information. They have taken their time and let me cry when coming to a sensitive subject, such as if my husband were to be killed, did we have enough life insurance, etc. They have given me their name and extension number in case I may need to talk to them again. Usually at NFCU, I get hung up on. Rude is an understatement. I'm sick of wasting my cell phone minutes and stamps to get me no where. They have been so awful THEY have upset me and made me cry. Not because of something that may happen to my husband, but me totally frustrated with a company that was boasted about to be one of the best for military families. Now I wish I had just kept EVERYTHING with USAA. Most of everything is, thank goodness. Once our debt is paid with them, that will be the end of using that company. I wouldn't recommend them to my worst enemy. I usually will never complain about anyone, but I feel they deserve it and then some.

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

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.