Comment

Comment by Kelly Courvisier on November 14, 2010 at 7:10am

Hi, I have a SS with USAA that has been started in August. The file has not been assigned to a negoiator or have they done a BPO. They have filled out forms for me to "escalate" but nothing happens. Any tips or contacts? Thanks much!

Comment by Stephanie Lim on May 10, 2010 at 9:54am

Since I last posted....
**Seller & negotiator (collector) spoke. Negotiator told seller if they could come up with an extra $2k (told my seller the first lienholder didn't need to know about it!) in addition to the $3k from the sales proceeds she could get it approved by the committee.
**When approval letter came it was for $5k at closing AND pmts of $300/month for 15 years. This was NOT discussed when the seller agreed to the $5k.
**Seller went back and offered them a note for 30% of the balance in full settlement of the deficiency (this was in addition to the $3k from sales proceeds.
**Negotiator came back and asked for 75% of the balance at closing for full settlement.

If this forecloses there is no way there will be any money left for USAA. No logic here.

Comment by William C. Black on May 4, 2010 at 12:58pm

Just spoke to USAA and we have a 2nd and 3rd that were already stripped in a BK and they are asking for "more" then a $1,000. They also said she just received packages from March 1st for review so once an offer is in place it will take up to 5 -7 weeks for approval.

Comment by Rebecca McKenna on April 28, 2010 at 8:19am

I just got mine approved and was able to nego a much more favorable cash contribution then what they initially requested - which of course was absurd at $23k! If you would like to speak with me feel free to email me at [email protected] with your contact info.

Comment by Stephanie Lim on April 28, 2010 at 7:46am

I'm having such a hard time with Martha over there. She claims the committee rejected the sellers offer which amounted to a little over 10% of the balance of the HELOC. I'm not at all convinced that the "committee" has even heard the offer. She keeps saying that the seller has to do better than that. We have explained to her that the first lienholder (Freddie) has said that USAA can not get another dime. She ignores it and continues to talk about the sellers needing to borrow money from someone, the buyer needs to give it to USAA or we need to give up our commission to go to USAA. The first lienholder has said that USAA can not have anymore even if the sellers could come up with more. Thoughts or ideas???

Comment by Stephanie Lim on April 21, 2010 at 6:59am

Does anyone have any more details about this "committee"? What happened before, and after the committee meeting? Did the committee come back with a counter or did they just evaulate what was already on the table?

Comment by Stephanie Lim on April 17, 2010 at 2:54pm

Armi-yes. Freddie would not approve until first was reduced to $3k from the original amount we asked for. USAA responded within a couple of weeks of the package being sent in rejecting the amount we showed them getting and demanding 75% of the balance...which is quite ridiculous. I'm guessing insurance is involved.

Comment by Stephanie Lim on April 16, 2010 at 9:24am

I'm having to go back to USAA now on a second. They came back with an answer way before the 1st lienholder. They wanted 75% of the balance of the loan. The servicer just issued an approval letter (Freddie owned) saying that the second lienholder couldn't have a penny more than $3k.

Comment by Rebecca McKenna on April 7, 2010 at 4:02am

I own 9 properties which 8 of them are underwater - not to mention debt so it wasn't a matter of having "assets". Also I am going thru a divorce and taking responsibility for EVERYTHING! Maybe when we get the letter I will get lucky and have the same verbiage.

Comment by Rebecca McKenna on April 6, 2010 at 6:51pm

I have an investment property in AZ with a $95k HELOC with USAA - they also started out wanting $23k and I told them it was impossible. We are now waiting for the committee (?) to determine if they will take $12k to approve the short sale. They will not relieve us from the debt so we will have to deal with them seperately on the deficiency. My attorney has advised me to try and play ball with them to get the short sale approved.

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