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I feel your pain. We are in a similar boat. We had a 60-day contract that was graciously extended for 2 weeks and expiring today. No one at NACA can tell us why we are not closing and how much longer the bank still needs. No one is responding to our calls and emails, nor calls and emails from our realtor and the settlement company. Our MC is trying to get updates but is being completely ignored by the bank. We need to ask the seller for another extension but can’t even tell them why it’s needed or for how long. The sellers have been approached by another interested buyer and might just decide to go with the other buyer if we cannot reassure them we will close. It’s difficult not to feel like we are being screwed over by a big bank. I thought NACA was all about fighting the big bank on behalf of the little guy…ehruboskaParticipant
Thanks for your response, Nelsont! By now it is clear to me that all the horror stories about NACA are actually about the lender. The lack of transparency and communication is really stressful. As far as I am concerned, the bank has everything they need to issue the loan. Our file had been cleared by the HAND Dept more than 4 weeks ago and at time we were told it would be 3-4 days and we’d hear from the closing coordinator. If indeed it’s an employment verification issue or something else that’s holding up the process, why can’t they let us know? We have no idea what is causing the delay, whether/how it’s being addressed, and when we can expect to close. We are upset. Our sellers are upset. Both sets of agents are upset. Our contractor, who was expecting to start working on NACA financed rehab just about now, is upset. We can’t calm anyone because we have no idea what’s going on. From what I gleaned reading many posts on here is that it’s not uncommon for NACA closings to be delayed with little understanding of the parties involved as to why. It just strikes me as bad business practice to keep so many people in the dark (including NACA staff) when “time is of the essence” contracts are involved. I know we are getting a great deal and in the end it’s all worth it but my current situation is leaving a bad taste in my mouth and I can’t in all honesty recommend NACA to anyone I know. I wish I was treated with little more respect (and I don’t mean by NACA – they have been fantastic) and not made feel like a second-class citizen because I am getting a loan with the NACA program.
But back to my original question. How do I get through the mortgage department? Anyone out there can help?