Imagine this, after California SB458 is signed into law USAA declines a previously accepted short sale. Determined to Hurt the credit of our military members and further adding to our nations foreclosure back log. USAA appears to be taking the stance that the veteran's only value is their money. Basically saying if you are a US Military Veteran or active duty military and have established a hardship worthy of short sale consideration; USAA will only help you if you agree to pay them in full. In California this does not appear to be possible for USAA after SB458 was signed by Governor Brown.
Here's the way this went down.
Our military members did what they considered to be the right thing. They agreed to pay USAA all money owed though a payment plan as described below.
Keep this in mind as you look at this information: Our veterans did not create or implement SB458....The California Senate created the bill and Governor Brown signed it into law to help all Californians....The law is a great law written to help people to recover from financial hardships.
It's appears that USAA is not interested in helping it's members who have legitimate hardships. Rather they appear to be positioning themselves to sue the military veterans or active duty military for civil damages. From my discussion with our military veteran I was told USAA has also determined to limit the veterans access to USAA accounts online. This only makes banking at USAA harder for our military veteran. Apparently military veterans will also have limited access to insurance products if they are forced to short sale in California and USAA is their lender. It appears that USAA is willing to throw our military veterans under the bus over a dollar, run them over; then put it in reverse and back over them again.
USAA Federal Savings Bank reviewed the request for a short sale offer on the above referenced property. USAA believes it is in its best interest to accept the offer of $2,200.00 from the closing proceeds with continued payments on the deficiency and agrees to release its lien upon compliance with the following conditions:
This approval letter expires 08/13/2011
USAA Federal Savings Bank
Prior to 13 Aug 2011 the buyers lender ask for an extension to 21 Aug 2011....When I ask USAA for the extension they concluded our negotiations with the following letter.
Here's the letter received After SB458 Passed
USAA Federal Savings Bank has completed the review of the Short Sale package submitted to our office. We wish to thank you for the opportunity to have served you. However, at this time, USAA FSB will not be able to accept the offer of $2,200.00 to settle this account in full and release the lien on the above-referenced property.
USAA Federal Savings Bank
USAA made a unilateral decision to damage our US Military Veteran and with continued decisions like this one, our national security may be jepordized by USAA's decision making policy; if our miltary members security clearances are downgraded based on a foreclosure.
As a military veteran I'm dismayed by the disregard shown to our military by USAA in light of this countries financial crisis.
As a Realtor with many successful short sales completed prior to SB458, I've had both major and minor banks agree to payoffs equal to what GMAC has offered USAA, some have accepted less than the $2200 offered USAA.
Wells Fargo, Bank Of America and JPMorgan Chase to name a few have written of hunderds of thousands with no deficiency judgement against our military veterans.
What makes USAA diferent?
Is USAA concerned about our nations security? What about just doing the right thing?
USAA needs to change their policy towards military members facing financial hardships and get in line with other banks giving our military members the respect they deserve.
If I were looking to purchase a home using a VA Loan or any loan for that matter, car, boat, motorcycle, whatever; knowing what I know now about USAA Federal Savings Bank; I would seek another lender to do business with.
Respectfully,
Terry Hughes
RE/MAX Gold
(707) 249-8688
http://www.solanohomefinder.com/
http://travisafbhomes.com/
http://travisloans.com/
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Labels: Short Sale_USAA
# posted by
Terry Hughes @ 11:16 AM
