In this forum I found bit and piece of information about credit union behavior which are not generic as compared to big banks.So I have created this specific thread to post your experience related to credit unions only. Most of us use them for 2nd loan purpose.Having a 2nd loan itself is a big pain for short sale process.On top of that credit union are kind of very very particular about getting their money back even if they need to spend more.
Now coming back to my scenario
House in California
1st loan Wells fargo (390K)
2nd loan DCU (Digital Federal Credit Union) -34K
Current house value - 230K
Default on both loan about 6 months.
Currently SS process is with WF.NOD is already filed 2.5 months ago. DCU reject my SS offer and now they send my file to a collection agency to collect the loan on their behalf.I am not sure if they will take any settlement offer or not.Will post you my experience once i hear more from CA/DCU. Will appreciate your experience with any credit union which may help everyone to find some useful tips.Hoping to hear from you. Thanks.