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Occasional Contributor

BEEN USAA members for 25 years- never thought we could be this far along in the home buying/loan process with USAA wondering not just when but if we are going to be able to close.
LOST EVERYTHING we had worked so hard for when the economy crashed, including our former home, to an illegal fraudulent foreclosure by Capital One Bank in February 2012. Without belaboring details, we went from paying the bank to paying an attorney and after protracted litigation still never got our day in court to prove the evidence of fraud. In hindsight, a short sale would have been much easier, but we took on the battle because we understood that illegal foreclosures are a symptom of a much greater system of corruption and we believed we could help expose Truth and make a difference.
IN EARLY 2014, we spent months trying to find a housing solution (not an easy task when you have animals – all rescues -- that include horses, dogs, cats, and chickens). Our attorney suggested that we attempt to buy back our former home. Sounded crazy at the time, but since we were|are both gainfully employed and outside of the ‘fraudclosure’ have maintained flawless credit, we figured why not. VA guidelines allow for purchasing two years after a foreclosure. There was no question who we would call since we’d completely lost faith in most banks, with small exception – mainly NFCU and USAA.
WE WERE THRILLED TO get prequalified through USAA in May 2014 and though we were not able to purchase our own home back we were happy to start searching elsewhere. We still had to move during this time and ended up moving into an RV on a private horse ranch in October 2014 because it was the only short term option we could find to keep our animals safe. We got lucky when a larger nearby casita opened up on the same property but that is about to end.
RENT AND STORAGE HAS been expensive (I am now living|working in our soon to be new hometown), and we have gone through many heartbreaks during this process with five deaths, including four of our pets. We now have two weeks from today –Saturday November 14th 2015 - to vacate our rental. We have invested all of our time, energy and resources into this home buying process with USAA.
OUR NEW HOME SEARCH took a while with plenty of stops and starts –so we were relieved to finally be in escrow on a new home being built in the area we kept coming back to at a price range we were comfortable with. That escrow was opened in December 2014 and still has not closed. Initial delays were from building permits (out of everyone’s control), then builder delays – soil testing, weather, utilities, you name it, etc… When USAA told us this past week that the VA appraiser revisit had been completed and our loan was submitted for final approval we were so excited because we thought we were at the finish line.
WE HAD BEEN PROVIDING requested documentation to USAA timely and consistently for 18 months, and had recently submitted all requested updated financials. They pulled our credit again, asked for an updated letter about the ‘fraudclosure’, verified employment, etc…
I’VE HAD THE SAME EMPLOYER for the last 17 years and my wife has for the last 8 years but she was questioned (as if she had lied) about her employment because our processor stated they verified her start date as January 2014. Even though the information had been provided multiple times, they didn’t seem to grasp that she was a 1099 independent contractor for several years before becoming a W2 employee at the same company. They also asked her why she is choosing to work more than 95 miles from her employer (who is based in another state) though she has repeatedly stated that she works remotely from a home office and has for many years – in fact she gave USAA a letter from her employer stating this.
ONE OF THE ITEMS we have signed and returned every time it’s been requested is the 4506-T tax transcript request so they can get our tax transcripts from the IRS. Though USAA didn’t explain this and we had to do our own research, we understand now that signatures on those forms expire every sixty days, so it’s understandable they would need a new one, but now we are waiting on these transcripts for our loan to be submitted for final approval.
WE ARE PERPLEXED as to why USAA didn’t request this update sooner. And when a newly dated form was sent, it was to our external emails with our social security numbers openly listed! We know people make mistakes but that’s not acceptable. This could have been sent to us securely.
PER THE IRS WEB SITE and our accountant we’ve heard everything from 2-3 days turnaround to three weeks to 60 days. We do not have that kind of time anymore and have to move!
WE ARE NOT UNREASONABLE and understand they have their process, there are guidelines to meet, etc… but this process with USAA is getting ridiculous and is very disappointing.
WE FEEL LIKE WE ARE dealing with a group of clueless people who don’t know us at all and keep questioning everything we’ve been giving them. Where is your training USAA? Please know we get that they are bank, we are one of millions of members, this is a serious commitment, and it shouldn’t be easy to get qualified. But we should NOT be this far along in the process wondering ‘IF’ when we haven’t had any major financial or employment changes.
AND WE DO EXPECT that the ongoing dialogue and conversations we’ve been having with USAA since first getting prequalified in May of 2014 would be documented somewhere for an accurate history of contact and communications taking place.
WE HAVE REPEATEDLY disclosed and provided the same information, only to have to provide it again. For months we uploaded documents under the mortgage section and have resorted to using the send option under general member documents in addition to attaching them to tech support tickets.
WHILE WE CAN UPLOAD documents without issue, our processor cannot access them. But instead of them finding a solution, the burden is put on us to call their tech support for help. I cannot express how aggravating and time consuming this has been with us both taking way too much time away from work.
AND WITH ALL trouble, though there is date and time stamped confirmation from the web site, we never get confirmation when something is actually received by a person. We have to keep asking or assume they have it when it’s not asked for anymore.
BECAUSE WE ARE living in a unique situation we have repeatedly told USAA to continue using our private mailbox address on record. USAA has a physical address of the property owners we rent from for our auto and renters insurance ONLY – it’s about 20 acres away and the owners don’t even receive mail there nor are they in town year round. There have now been two occasions where USAA used this address to Fedex documents to us.
AGGRAVATIONS LIKE that we can take in stride. What we cannot deal with any more is delays due to lack of planning, poorly managed expectations, and feeling unfairly scrutinized. How in the world could we have gotten this far and be wondering if we will receive final approval to close?
AND NOW, if and when we do close, it looks like it will be after the current rate lock extension. That cost us almost 900 because of builder delays. Now we’ll have another one because of USAA delays.
WE HAVE OPERATED in good faith and full disclosure throughout this entire process. Our buyer profile today isn’t really any different than what it was when we first got prequalified. And now we are out of time. We have invested all of our time, energy and resources into seeing this come to fruition. In two weeks we will no longer have a place to live.
OUR MISTAKE has been trusting a process and forming expectations based on the information provided to us. Silly us – we thought we could do that with a bank we’ve been with now for a combined better part of three decades. Thanks USAA.

 

6 REPLIES

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Hope everything works out for you.. I was thinking of using USAA.. I'm having second thoughts about it..

We appreciate it dbaswell, thank you!

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If these transcripts don't come in for final approval so we can close - we will lose this home and our earnest money.  We have been in escrow on it since December of 2014! 

 

We have a small extension on closing but after this we are told we have no options.


Why didn't you request these tax transcripts sooner USAA?  You have our returns and income information - you should have known MUCH SOONER if you needed to request them!  This is negligence on your part!

 

This is turning in to our worst  nightmare -- first we have no place to go in two weeks and now we may lose this home altogether.

 

And USAA, don't bother with another canned patronizing reply!

 

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Any members who want to file a complaint against USAA can do so through the Consumer Financial Protection Bureau using the following link. http://www.consumerfinance.gov/complaint/

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Dear member,

 

Thank you for your service, and membership of 25 years. I am sorry to hear of your hardships. I have passed this along to our bank team, and they are currently reviewing. They will be in contact with you directly. Thank you.

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My family does not want your pity from a canned patronizing response.

 

What we want is to buy our home and if we cannot be at the closing table by the weekend of Thanksgiving - Friday November 27th, we will be homeless.


If we knew we’d be facing additional unnecessary delays from USAA once our home was complete, we would have switched to a different lender long before now.


Again, our mistake has been trusting a process and forming expectations based on the information that USAA has been providing to us now for the last 18 months.


We thought we could do that with a bank we’ve been with for a combined better part of three decades.

 

We have acted in good faith and full disclosure throughout, and complied with everything that’s been asked of us.

 

No one should be left in limbo this far along in this process!