home owners who have remodified mortgage from credit union?
We have 30 year conventional loan at a rate of 6.85% from High Desert Federal Credit Union located in Apple Valley, CA. They are now under “conservatorship” from NCAU, meaning that they are no longer in business. Has anyone remodified mortgage from NCAU or a credit union in general from High Desert area of Southern California?
The NCUA will honor your mortgage at it’s terms and sell it at the terms, or better terms.
IE: If your CU ends up merged with another credit union, they can offer to refi your mortgage at a better rate or keep your mortgage with the current terms.
Conversatorship from the NCUA (national credit union association) means that your money and loan are currently under the umbrella protection of the NCUA. Keep making your payments and make sure that you follow up on any letters if they state where to send your payment (some people try to scam individuals and get them to mail a payment to a different address).