Mortgage Payments and Interest deferral for Covid-19?

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Contributor

I have not seen anything on whether USAA will defer Mortgage and interest on mortgages for those who have been effected by the Corona-19 virus. My wife is out of work and this puts us in a real bind when it comes to making the mortgage payments. Fannie Mae mortgages are deferred 3 months no penalty, no credit reporting. It just gets tacked on the end of the loan. 

32 REPLIES

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@SgtSak, Sorry to hear that the COVID-19 is impacting you financially. I am going to forward this to a subject matter expert. Please take care.  ~Tom

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USAA WE NEED DEFERRALS, NOT FORBEARANCE. IF THERE IS LITTLE TO NO INCOME COMING IN. HOW IN THE WORLD WILL CUSTOMERS BE ABLE TO MAKE THE FULL PAYMENTS AFTER 3 MONTHS. PLEASE USE YOUR HEAD AND HEART!!!!!!!!!!!!!!!!

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SgtSak - I am sorry to hear as well but I have the same situation with the same EXACT question! I called yesterday and was told that "investors have not made any decisions about this." When are they? Forbearance dictates that you pay the lump sum in 1-6 months after you are out of forbearance. I am sure that payees will not have that kind of money in 1-6 months. Why not add it to the end of the loan like Fanny Mae did? I asked if they were going to stop the hounding phone calls for payments and was told, "no, not at this time and it will go on to your credit report as late or as a missing payment."

FRUSTRATED!

 

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USAA is not going to be caring as other financial institutions. During the recent government shutdown we were still responsible for making the full mortgage payment once the shutdown was resolved. Didnt care shutdown meant no income, and some of us lived off money saved. You would think the majority of customers are people who served and sacrafice for their country would be treated with a little more dignity during financial hardship. Not and never USAA. Good luck and God bless to everyone who feels hardship during this crisis.

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We were told the exact same thing. I am a reservist and a civillian working on a military base. My wife unfortunately lost her job last week due to this crisis. I agreed to a forebearance not knowing it wouldn't be added at the eThis. We cannot afford to pay it back in full in three months. We dont have the money to pay our payment now. This is extremely stressful. I live in Georgia. How come 5 of the the biggest banks in the world suspended payments with no loan repayment but we cannot even get 30 days or even the payments added to our loans. We pay USAA over $2500 a month via different means. I am just beyond words on what to do at the moment

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This happened to a friend of mine who was affected by the government shutdown last year. Mr Cooper ( Nationstar) who is in charge of all USAA Mortgages was of the same mindset. They were of very limited help and after playing phone tag they did " forbearance" which basically forced him to make all of his payments just a month later with no penalty.  Given the poor treatment he moved all of his loans to  Navy Federal who has been very accommodating and helpful during this time.  It is a shame that USAA is supposed to be for veterans however during the last several crisis they have been of very limited and sometimes no help. I no longer can recommend USAA given as veterans we have many options of Credit Unions that not only have lower loan rates they actually give a d_ _ _ when thos who always pay our bills on time actually need a little help. 

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This is my exact predicament. There is a fraction of the income coming in and I have to choose which bills to pay
Fannie Mae's website says they will defer up to a year! My real question is why isn't that a federal mandate yet?
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This is time for USAA to truly show their support (or lack thereof) for their members. Allowing for loan deferrals without any negative consequences to credit or loan status would definitely help many people including me.

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Yes, I feel that USAA should do their part in letting those with mortgages defer 3 months of payments and add it to the back of the loan. When I asked USAA, they said that they would enact a forbearance on the loan for 3 months for April, May, and June but that on July 1, all would be due. PLUS, it will have a negative effect on people's credit.  Really? If people do not have their mortgage payments for April, May, and June because they are not working, will they have the entire amount on July 1, plus the July mortgage payment? I don't think so. I, like others, may think about refinancing my mortgage with someone else after this is all over.