Real Estate News About Woodbridge, Mount Vernon, and Lorton Virginia: One More Reason To Avoid Navy Federal Mortgage Services

One More Reason To Avoid Navy Federal Mortgage Services

One More Reason To Avoid Navy Federal Mortgage Services

Navy Federal Credit Union Among The Least Trustworthy Lenders

Realtors and Title Companies Cringe When Buyers Choose Navy Fed

Premier Northern Virginia Attorney Shocked, Stunned By Navy Fed Bad Behavior

Special Report: Navy Fed Confiscates 14 Year-Old Girl's Savings When Mom Falls Behind In Home Loan Payments

When you buy a home, you are free to choose any lender.  If you choose to hire me to help you, and you want Navy Fed to handle your mortgage, I shall support your choice 110%.  I also have a duty to disclose to you potential issues uniqe to your chosen lender.

I took the liberty to copy/paste a blog post by Robert Weed, Esq., about Navy Fed bad behavior, and the risk you take when you let your child open a savings or checking account at Navy Fed.

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Navy Federal takes money from children

by Robert Weed on April 30, 2010

 

Last month, Navy Federal emptied out the savings account where 14 year old Tammy (not her real name) saved the money she made baby sitting.

Tammy’s mom had been out of work for nine months.  She was now two months behind on her second mortgage.  (The second mortgage was from Navy Federal.)  She just got a new job paying half of what she had been making, and she was glad to get that.  But she knew she would not be able to pay the second mortgage and still feed her children.

So Tammy’s mom came to see me about filing bankruptcy.  But she mentioned in passing that Navy Fed has helped themselves to her daughter’s savings account.  How could they do it?

First time I heard of Navy Fed doing this, I was shocked too.  But I figured out how they do it.

Most banks set up children’s accounts under the Uniform Transfers to Minor’s Act, where the parent is the custodian of the account, but the child is the owner.

Navy Fed apparently doesn’t do it that way.  Instead they set up a joint account, with the parent and the child.  This gives them right, as they see it, then to take Tammy’s money to make mom’s payment.

I think that stinks.  The child, by definition, is a child, and hasn’t agreed to co-sign for mom.  So I don’t think the credit union can pretend the little girl did.

I’ll see if I can find a judge who agrees with me on this.

The big lesson of this.  If you lose your job, take your money out of Navy Federal.  And that include’s your children’s money, too.

Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

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8998C Lorton Station Blvd
Lorton, VA  22079
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Comment balloon 8 commentsErick Blackwelder • May 23 2010 01:55PM

Comments

Great information, thank you for posting

Posted by Stacey Smith, Your Orange County Beach Cities Realtor (Keller Williams Realty) over 8 years ago

Fantastic info; we know Mr. Weed well as we used his services AND had (had) Navy Federal accounts for our kids, which we closed two years ago due to this issue. Navy Federal emptied both kids account minue $5 ea. to ensure the accounts remained opened.

Posted by Brooke Trelinski about 8 years ago

Wow, the blogs that spew over with righteous speak! Politicians and Lawyer's. Always looking out for the little guy! What ever happened to self respect, dignity, fair pay for a hard days work. I'll tell you, Lawyer's and Politician's have erroded it. Now corporate america is scared to do things that benefit us little guys, afraid they will be sued, Politician's are trying to find new ways to get our dollars. Ask the bankruptcy attorney how many times they have filed a chapter 20 to stall the creditors. Ask them if they give advise that may be unethical (Get your money from the bank before you file Bankruptcy). Sure you deserve to be treated with respect regardless of your financial postion, but ask yourself how things would be if the lawyer's and politician's were the creditors. I bet the laws would be much different, they would probably be able to take your first born for defaulting. I feel little pity for lawyers, I'm sick of the TV commercials, "call 1-800-Attorney for this or that. Enough already,lawyer's need to go find productive work, make something besides our cost for goods and services increase. I have worked with many lawyers across the US and found alot of simularities. I'm sure some will spin this but I warn you, we need less lawyers and politicians and more banks and business' willing to lend and give us jobs.

Posted by Watchdog about 8 years ago

Wow, the blogs that spew over with righteous speak! Politicians and Lawyer's. Always looking out for the little guy! What ever happened to self respect, dignity, fair pay for a hard days work. I'll tell you, Lawyer's and Politician's have erroded it. Now corporate america is scared to do things that benefit us little guys, afraid they will be sued, Politician's are trying to find new ways to get our dollars. Ask the bankruptcy attorney how many times they have filed a chapter 20 to stall the creditors. Ask them if they give advise that may be unethical (Get your money from the bank before you file Bankruptcy). Sure you deserve to be treated with respect regardless of your financial postion, but ask yourself how things would be if the lawyer's and politician's were the creditors. I bet the laws would be much different, they would probably be able to take your first born for defaulting. I feel little pity for lawyers, I'm sick of the TV commercials, "call 1-800-Attorney for this or that. Enough already,lawyer's need to go find productive work, make something besides our cost for goods and services increase. I have worked with many lawyers across the US and found alot of simularities. I'm sure some will spin this but I warn you, we need less lawyers and politicians and more banks and business' willing to lend and give us jobs.

Posted by Watchdog about 8 years ago

The answer to our moral and legislative dilemma will be arrive on November 2nd when we get to vote the loony liberals out of office.

Liberals believe a small elite group of people in a far-away capital can manage our lives better than we can.

Now is a time for choosing.  Do we let the liberals continue spending us into bankruptcy, or do we vote for candidates who have the moral courage to do what is right for America.

Liberals don't understand that cutting marginal tax rates actually INCREASES the revenues to the treasury because lower taxes stimulates businesses to grow, and increases the velocity of money through the economy.

Lower marginal tax rates raise revenues to the treasury every time it's been tried. 

Posted by Erick Blackwelder, Text or call Erick now at 703-677-1120. (Cell: 703-677-1120) about 8 years ago

As a saver and an investor, you have to make sure you know what you are doing.  Although I feel bad for "Tammy", her mom has done her a major Disservice.  The bank has the right to collect funds from the Mortgage holder.  It is written in the fine print.  I know for a fact that Navy Fed offers custodial account as it took me two clicks to get to that page.  So there was some type of conversation that took place in which the Mom decided to put the money in joint name.

With all this being said, we as a society find it so easy to point the finger at big banks.  If a bank has a bunch of hidden fees or teaser rates (Wachovia is famous for this) just don't bank there.  I feel for Tammy's mom but the bottom line is...you need to pay your bills.  You need to have a savings built up to pay for emergencies.  Why did Tammy's mom set up this account in joint name?  They offer custodial accounts. 

I'm sick of liberals blaming institutions for the mistakes that they make.  It can't be my fault...it must be the faceless institutions fault.  How about this...we eliminate the banking system and mortgages all together.  You want a house...buy it with cash or find a private lender.  Would that fix things?

Posted by John over 7 years ago

It all boils down to individual liberty.

Tammy is a 14 year-old girl who is not on the Deed Of Trust or the Note for Mom's mortgage.

Shame on Navy Fed for making her subject to a rule that violates her liberty, and a policy that can take away her money to pay the debts of another person.

At what age does the account become 100% Tammy's account?  When is Mom no longer a party to her account?

As was said about Wachovia's hidden fees, don't bank there... This is an example for folks who want their kids to bank with Navy Federal.... don't bank there.

Posted by Erick Blackwelder, Text or call Erick now at 703-677-1120. (Cell: 703-677-1120) over 7 years ago

Is this a joke?

Posted by Anon about 3 years ago

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