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
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:
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:
Someone needs to ensure the VA understands that USAA is ignoring the veterans who are needing this assistance. USAA should not be allowed to take VA backed loans in the future.
If you are impacted by this, be sure to let people know.
I understand how stressful and trying this time is, @docjoyce. I've requested a colleague in the mortgage group take a look into this for you. Please know: they aren't in the office at the moment, and will need time to research the details. - Cathleen
I have called USAA four times since the shelter in place order in California twelve days ago. As of now, they are basically offering zero meaningful assistance to borrowers impacted by covid-19. The best they could offer was 90 days without credit bureau reporting if the lump sum owed was paid at the end of 90 days. I am really suprised at how little they are doing, especially when four of the five of the major banks in California are offering 90 day mortgage deferment without penalty. The fifth one, Bank of America is still allowing mortgage deferment but on a monthly basis.