Try getting a loan with false credit reporting or unfair responsibilities to a loan you no longer have.
Let me explain my experience with USAA Mortgages.
With many things that makes a marriage hard to coup with, it places a thorn between the couple and some of us had to make a tough decision to separate, because things became too complicated to adjust.
Back in 2008 my wife and I had filed for a divorce.
During our fourteen years of marriage as you can imagine we built up a lot of debt.
Thus, forcing us to file for a bankruptcy Chapter 7 after the marriage was dissolved.
On my side, I filed and included the home we lived in along with the "quit-claim" note sent to USAA Mortgages and Citibank.
However, my ex-wife decided on her own to hold onto the house and took on the loan(s) on her own.
With my good faith, I been paying her child support for my son living, what she claimed with her most of the time.
Under the impression of my lawyer, it would take three years after my Chapter 7 had been discharged I would be able to inquire a new mortgage loan to finally try to buy a home. Today it's been 4 years that passed.
Surprisingly after finding a nice modest home here in the Sarasota area, I inquired a pre-approved loan.
Needless to say, through a bank that I tried to inquire a loan from had contacted me and said I have a descent credit score which would able me to qualify for a loan including my length of employment, HOWEVER, it is being reported to all three major credit bureaus that I still have an opened $47,899.00 mortgage loan under my name from USAA Mortgages!
I quickly contacted USAA Mortgages and spent almost a half a day trying to get to the right guy to tell me, there's nothing he can do! I spoke to (not over exaggerating) 7 people before this representative had given no good incite at all.
Therefore, I was upset to know I am still being part responsible for a loan I thought after all these years I was erased from is still being tacked on my name!
My ex-wife had tried to negotiate many different terms with them to find USAA were not going to budge.
She went to the local media, The Sarasota Herald Tribune and had an article two pages long on her ordeal with this uncaring American Bank.
After a while, she was forced to file for a short sale on the home, the other banks dissolved the loans she had and USAA continued to bully her for payments.
Let's face it folks. With this economy, there's no doubt that the value of the home had a tremendous lose.
Leaving her with a total upside down in value home.
So, after a few months later of that same article had hit the homes of many readers. USAA decided to renegotiate some terms. To lower her loan to a settlement of $51,163.00 since, she had made 17 payments now at $47,358.00. (as reported to the credit bureaus).
Leaving me locked out to any financing at all. This leaves me at the mercy of my ex-wife to payoff that existing loan, which I never knew my name was still involve with it and a huge greedy bank called USAA to keep me from moving on. After my child support and my car loan, rent and other expenses, I would not be able to help her to pay off that particular loan.. I was without willing to move back in with my parents.
I don't know about other fellows think at my age of 49, but to feel the guilt, worthless and degrading deep routed feelings to move back in with parents with little or no privacy at all is beyond my goals.
Heck, these days I cannot even go back out to rent, and if I found a place to rent again, regardless of my credit reporting, it would cost more than to own a home! (period)
I feel that all this would of been prevented if only USAA Mortgages would grow a heart for people in trouble and see the real issues! Divorces are unfortunate events in our lives as it is.
Institutions like this are indeed insured for such things even when there are loss. I'm sure USAA get a descent kick-back from our government. It's all about GREED, no doubt.
Francesco N. Cece
