Hi USAA Federal Savings Bank,
You ask for some details regarding the matter at hand with my veteran/clients and also to tell you about how this is affecting me. You also want to discuss options with me.
That was your comment to me: "If you have been affected, we would like to discuss options with you".
Here are the details keeping this in mind: I'm not giving you all the specifics (loan # client names, property address etc.) about my clients in this blog post.
My clients both; serving in the USAF are involved with a short sale that was completely approved by USAA in a work out negotiation.
The buyers lender sought an extension to our close date due to loan docs being delayed. This is a very normal occurrence in real estate sales today. When we ask USAA Federal Home Loans for the extension we were given a denial for the short sale. No explanation at all; no negotiation at all, just NO. Very surprising to us because all other banks we deal with give us an explanation and counter proposal if they say no to our request. So after a couple of days calling the negotiator and emailing the negotiator without any return calls or emails I created my blog post. The following day I got a call from the negotiator who said I forgot to inform you of the new counter proposal. This was also a surprise to us, as every negotiator from every other bank we work with never forgets a counter proposal. I find this behavior very suspicious don't you?
The negotiator stated that USAA Federal Home Loans would take a 20% payment as payment in full for the balance owed. (Roughly $37,000) is owed, so the number is $7,073.00
Initially my client the USAF Military member/veteran agreed to pay USAA Federal Home Loans all the deficient amount. USAA Federal Home Loans states that with California SB458 passing they cannot collect any funds other then what is paid to them by the 1st lien holder.
The 1st lien holder is GMAC insured by Fannie Mae who we are told sets it's guidelines/policy at a maximum payout to the 2nd of 6% of the total balance owed the 2nd. This gives USAA Federal Home Loans $2,200 at the close of escrow for approving the short sale and allowing this USAF Veteran to maintain their security clearance/job and start over with getting their financial life in better shape.
The difference we are talking about here is $4,873.00 an amount my client/veteran is willing to pay. USAA Federal Home Loans says it cannot collect the money from my client due to SB458 and Fannie Mae says it will only pay out 6% of the total debt owed to the 2nd lien holder.
Each step of this process has been handled with dignity and the willingness to do the right thing by my client/USAF Veteran.
We have only ask that in light of the circumstances that USAA Federal Home Loans step up to the plate and do the right thing. So far all we have is rhetoric and posturing which is only stalling the short sale.
Here's the option I'd like to see happen: USAA Federal Home Loans takes the $2,200 from GMAC and allows my client/USAF Veteran to close this short sale.
My clients did not create SB458 they were not even aware of it's existence.
We expressed to our USAA Federal Home Loans negotiator that loan docs for the buyer are in escrow and the buyers are prepared to close escrow. At this time due to my open communication with the buyers agent we have kept the buyers engaged and willing to hang in for the final outcome. At some point in the near future if we cannot reach a resolution the buyers will opt to cancel this agreement. If this happens GMAC who has stalled one Trustee Sale for us will move to foreclose on my client/USAF veterans house.
No entity involved with this short sale has expressed any ill will towards our veteran except USAA Federal Home Loans.
As a veteran and agent who represent veterans I really expect more from USAA than what I'm seeing. Your entire company touts how proud they are to serve those who serve this country. It's in your ads and all over your website, but; is it really true? It appears to me, the realtor community and veterans who know this story and other stories like it that your comment about serving those who serve this country is one sided. So this appears to be true! As long as USAA is making money off the US Military Members they fly the flag, shake hands with and loan money to veterans. When the veteran falls upon hard times and look to USAA for help, your actions are only self serving. It seems like you'd just as soon shot them like an enemy combatant than embrace them as the true comrads they are. You dont' seem to care about the plight of these human beings who put their lives literally on the line daily for your right to live freely in this country unless there's a buck in it for you.
If you have been affected, we would like to discuss options with you. This is your comment to me. Yes I have been affected, I am completely disinfranchised with USAA Federal Home Loans as a company. There was a time when I would tell veterans it was great to work with USAA and how you always looked out for the best interest of our military veterans.
I don't make those comments anymore and won't until I see a caring committed company embracing our US Military members, treating them all with respect and honor. A company committed to doing the right thing when they really need to.
I shared with you how this is affecting me, I've shared with you the option that will work for these Military Veteran's. Now I'm asking you to follow through and do the right thing here. My clients attempted to do the right thing all along. My clients have been stopped from paying you by a law signed into effect by the Governor of California. When you look at the facts of this situation the right thing is as clear as day. Accept the $2,200 from GMAC and allow this family to move on with there lives. Demonstrate that you care about the lives of those you say you serve? You do have an upside in this and I hope you can see it as plainly as the solution before you.
Best regards,
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Terry Hughes
RE/MAX Gold
(707) 249-8688
http://www.shortsalesense.com/
http://www.solanohomefinder.com/
http://travisafbhomes.com/
http://travisloans.com/
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# posted by
Terry Hughes @ 10:50 PM
