What is USAA doing to assist members with assistance announced by the VA and Freddie/Fannie MAC more than a week ago encouraging all lenders to allow for up to 12 months forbearance on mortgage payments. This will cost the USAA nothing, but it is sure to greatly help members whose families will continue to be for months. I called USAA and was thrown to the wolves in nationstar who services USAA loans and they had no information whatsoever, as usual. https://www.military.com/money/va-loans/va-home-loan-relief-those-impacted-covid-19.html
VA Working with Lenders
The VA says it is also urging lenders to work with impacted borrowers to ease the financial burden the COVID-19 pandemic is placing on veterans across the nation.
It is asking borrowers to give leeway to veterans who are unable to make their mortgage payments at this time, remove or reduce late fees, suspend credit bureau reporting of delinquent loans, and take other necessary action to allow veterans to remain in their homes during this unprecedented national emergency.
The VA is also urging lenders to liberally apply existing public laws and regulations that are designed to prevent foreclosures and loss to the government.
Many of the larger mortgage companies that cater to veterans have already issued statements saying they will work with individuals affected by the economic fallout associated with the COVID-19 outbreak and will make payment arrangements with those individuals if needed.
If you are experiencing financial difficulty as a result of the COVID-19 outbreak, you are urged to contact your lender directly to discuss your situation. In most cases, lenders will accept a few late payments and not take action, such as foreclosing on your home.
However, if your lender isn't cooperating, you should contact the VA and see whether there is any assistance it can offer you. Most likely, you will get some help.
Fannie Mae Assistance Options for Homeowners Impacted by COVID-19
https://www.fanniemae.com/portal/media/corporate-news/2020/covid-homeowner-assistance-options-7000.h...
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) wants to help ensure families are given options in these uncertain times in the case of job loss, a reduction in work hours, illness, or other issues. We want to remind those impacted by COVID-19 of available mortgage assistance and relief options. Under Fannie Mae's guidelines for single-family mortgages:
- Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
- Foreclosure sales and evictions of borrowers are suspended for 60 days
- Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
- Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
- Homeowners in a forbearance plan will not incur late fees
- After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification
Fannie Mae also offers help navigating the broader financial effects of this national emergency to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network*, including:
