My wife lost her job due to layoffs related to the Coronavirus. I see a number of other financial institutions offer some type of abatements or deferrments for mortgages and other secured loans. USAA has been oddly silent about it. The only COVID response I could find related to mortgages, was to call them at 855-430-8489. The only option from there is to get transferred to Nationstar - who apparently is servicing our loans. Well, they won't even answer the phones there - we'll just get a recorded message saying, "hey - we're busy" or something to that effect, but you can do certain things on "Mr. Cooper"'s website. I have no idea who Mr. Cooper is aside from a sitcom from the 90's, but okay - let's go to that site and check. Guess what they say? Call them.
Come on USAA. Do better. Just publish what you intend to do on your website, and let us apply for whatever relief you're offering that way. If we get a 90-day deferral to be repaid at the end of the loan, a common offering, than that means the $6,000 I would have spend on my mortgage can be used to get my family through this crisis, back on our feet, and thus mitigate the risk of your loan going into default.
Hi Greg, thank you for reaching out to us. We know it is a difficult time for everyone. At this time Nationstar is offering a payment deferment options. If that option does not work for you please continue to check back as additional options may become available.
Passing the buck to Nationstar in an attempt to make them look like the bad guys is terrible and USAA should be embarrassed. Offer the same relief that all major banks are offering, a 3 month deferment which is added to the end of the loan. People who can't make the next 3 months payments aren't going to magically have 3 months worth of mortgage payments in July. I understand you're a business and clearly have a focus on making money but this is awful and no way to treat loyal customers. Do the right thing.
I completely agree. My brother in law with Wells Fargo mortgage got a response within minutes to defer his payments for 3 months. I am in the process of shopping for new insurance for our home and four rental houses away from USAA and preparing to move to Frost Bank for our two checking and savings accounts. Tired of USAA's hoops and continued pats on the back when they have a cumbersome online banking system. And our investments and college savings. My dad worked for USAA for over 20 years and I worked for them for 17 and have been more and more disappointed with them as time goes by. Good by and good riddance.