USAA member for over 25 years. Retired from the military and moved to a new city.
Put an offer on a short sale in December. Our offer was accepted by the sellers and we started the short sale process with the selling bank in January, which we knew and expected would take up to six months. We received a call from a USAA mortgage processor in mid-February asking if we would like to close on 1 March! We re-iterated to them over and over that this was a short sale, and the selling bank had not yet approved the short sale.
This USAA processor stated they had just received the short sale approval from the selling bank and we needed to set a closing date of 1 March. We couldn't believe our luck!......which turned out to not be luck at all but a misinformed, junior USAA processor who made a mistake. Ok...this is understandable and forgivable. But now the nightmare begins!
This junior processor had LOCKED in our rate, which is good for two weeks. Well, two weeks come and go and we hear NOTHING. I finally get a call from this processor asking if we want to extend our rate lock for .25 points (about $500). When we asked why it was taking so long, the junior processors supervisor said "well, it's a short sale and we don't have approval from the selling bank yet...your rate lock is only good for two weeks, so if you want to keep your rate, you have to pay"...this goes on for SIX MORE WEEKS!
Upper management, executive management, complaint resolution management, you name it, they all stopped returning our phone calls and basically said you have to wait for the process to work. In the end, we had to move our closing date 3 times, pay extra fees to stay in our apartment, and pay cancellation fees to moving companies. All the while stressing out over where we were going to live when this whole thing fell through. We had given 30 days notice to our apartment BASED ON USAA'S PROMISED CLOSING DATE only to be continually disappointed.
Fees upon fees, promises upon promises, all to be broken. My family had many sleepless nights and were in tears over the way we were treated over a four month period. No matter who you get to talk to at this company, they will make promises just to get you off the phone, and then they won't return your phone calls. PLEASE SAVE YOURSELF THE HEARTACHE AND DO NOT....DO NOT....DO NOT USE USAA FOR A MORTGAGE.
Needless to say, they will be losing all of my insurance, banking, loans, etc. business.
Product or Service Mentioned: Usaa Mortgage.
Location: Las Vegas, Nevada
Thank You for Your Reply! We are processing your message.