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Loan Modification Due to Hardship

Loan Modification Due to Hardship

Farmer Brown's avatar User  Farmer Brown  (Opens a pop up layer) Occasional Visitor

Been a USAA memeber for over 25 years.  Recent employment changes have significantly reduced our household income.  Attempted to get a loan modification on our home equity loan we took out 8 years ago and have less than 2 years until fully amortized.  Was told because my debt to income was to high, they would not reduce my interest rate; however if my DTI had met their standards, they would have.  I came asking for help not for a handout...

Re: Loan Modification Due to Hardship

darmic's avatar User  darmic  (Opens a pop up layer) Occasional Visitor

I had a similiar problem when I needed to refinance my car.  Because my debt ratio was too high I was told I could not refinance. 

 

The car is now paid off now thanks to my due dilengence and nothing that USAA helped me with.

Re: Loan Modification Due to Hardship

Jeff H.'s avatar User  Jeff H.  (Opens a pop up layer) New Member

I want to spread the word about the Consumer Financial Protection Bureau. It is a government agency formed to take action against companies who take advantage of consumers. The more information they get about a company, the more they can help you and others. In the middle of your very stressful situation I hope you find time to file a complaint at consumerfinance.gov.

Re: Loan Modification Due to Hardship

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SoldierBoy1992's avatar User  SoldierBoy1992  (Opens a pop up layer) New Member

I had same issue with USAA Home Equity Department regarding my second mortgage, I requested a modification or refinance because my current interest rate was rather high give the new rate now in the market........USAA now claim they don't do modification or refinance because there system is not capable of performing the underwritting to refinace my loan. And, this is after they told me I could have it done.... and now they saying differently now.

 

They waited for my SCRA protection to expire so they can revert to the higher interest rate on my second mortgage, this how they treat members, and the talk about how they are serving military members, what a waste of time and effort. All you get is the run around.... I guess I may have to follow-up with CFPB. I rec'd a call from USAA Executive Office after I file a complaint with CFPB. I still go the run around a gain, transfered to all different departments with the same talking points by the customer representatives. 

Re: Loan Modification Due to Hardship

Gus USAA's avatar User  Gus USAA USAA Service

SoldierBoy1992,

We understand this matter is important to you. As you are currently working with a Bank Point of Contact, we ask that you refer to them to discuss this matter further. Your Bank Point of Contact will be your best resource for assistance regarding your concerns.

 

Thank you for being a valued USAA member.

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