Closing Date Approaching in 2 days… No updates from the lender.

Home Forums Purchase Program Closing Date Approaching in 2 days… No updates from the lender.

Viewing 13 posts - 1 through 13 (of 13 total)
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  • #64945
    Jennygrace
    Participant

    I’ve been under contract for almost 2.5 month. Submitted my bank app Dec 12th. Have had my closing date delayed now 3 times and probably again soon – my newest addendum projecting closing date is 1/24.

    I’m so concerned that the seller may just get fed up – they’ve completed vacated the house and are dealing with the carrying cost of their old home as my husband & I are constantly delayed.

    Is there anyone else dealing with a similar situation, have some advice or perhaps some encouragement? I really pray we don’t have to delay a 4th time here…

    #64946
    lyndzie3407
    Participant

    I’m in your exact same situation @Jennygrace. Signed contract 11/20, Bank app submitted 12/4. Original close date was 1/3, have had to ask for THREE extensions, supposed to be closing on 1/24 this time and its straight crickets from BoA. My file has been escalated twice (whatever that means–obviously not much) and I wrote a really nice letter to my sellers last week, gave them my contact information and I MAY or MAY NOT have offered them my first born child and my left arm to agree to an extension. 😉 I have spoken to regional managers, closing coordinators, national office, Charlotte office, mortgage department people, my NACA underwriter and EVERYONE under the sun. It matters ZERO. Everyone just keeps telling me they’re working on it. Meanwhile, every Thursday that rolls around, I get hopeful (last Thursday I really got excited when my boss told me they had called to verify my employment verbally–everyone seemed VERY excited and kept telling me OH YOURE SO CLOSE NOW!) Now my file states that I’m back in underwriting, 2nd attempt–pending decline. TWO WEEKS AGO, it said “UNDERWRITING CTC–file is clear to close pending compliance check and verbal verification of employment”….now im further away from closing than I was two weeks ago. I’m at a loss. people have assured me that people are working on it….but HOW….HOW IS IT TAKING THIS LONG?! I definitely have closing crazies. But it shouldn’t be this way. The communication is POOR to say the least. All I can do is hang in there and hope for the best. HERES HOPING WE CAN BOTH CLOSE THIS FRIDAY!!

    #64950
    Nelsont
    Member

    For what it’s worth it is very common to hear from the lender at the very last minute. With naca I was informed of my clear to close 12 hours before I actually closed which is actually better than the house I bought before naca. I was told by FHA at 4pm to hurry up and get to the bank so I can close by 6pm.

    #64954
    csmith99
    Participant

    I’m in the searching process, I was approved for a 3 unit multifamily property which is almost non existence in my area, so I’ve been searching for a duplex. I have reached out to my current MC and old MC who is now an underwriter to find out what is my max purchase amount for a duplex. Its been over two months with no response (I find it funny they emailed me to tell me I hadn’t paid my member dues) never the less I’m not sure in what price range I should be looking. I found what use to be a 4 unit building, now converted into a SFR with the intent to be used as a group home. It was priced for half the amount I was approved for, so I had my agent send my MC the form to request a PSL, He responded and said he could not send a PSL because the property was classified as SFR and it would not fit the PITI. Does anyone know if there is anyway around this, like could the seller have it changes to MFR if there is an interested party………?

    #64955
    Nelsont
    Member

    Isn’t the formula the same regardless of how many units are in the property? I thought it was a maximum of 31% gross income plus 75% of the going rate for rent each unit. If this is the case then your MC being non-responsive might be a passive aggressive way of saying you should be able to figure it out.

    There really is no way around the MFR/SFR rule. NACA does not make exceptions to the rules. Furthermore many of the rules are not naca rules but rather federal guidelines. I would imagine the property could potentially get rezoned by the county and that would solve your issue though the rezoning would need to occur first.

    #64970
    Jennygrace
    Participant

    The sellers are going to have to walk away from the sale and lose their new house because of the delay.

    Do you guys have any contact higher up I can speak to? I just got the update from my realtor today and still no update on my web file or from my MC…

    #64975
    Peapod0609
    Member

    @Jennygrace have you been calling the mortgage department at all? Their number is in your webfile and I would call them and ask for an escalation on your file.

    You can also contact your office manager, and if that doesn’t help try member services and ask to get in touch with a regional manager.

    #64976
    lyndzie3407
    Participant

    @Nelsont, did you get your closing disclosures 3 days before closing still and just the CTC was right before? I think I’ve been reading that some people are getting their final Closing Disclosures and CTC all within a couple hours of closing. In my case, I don’t even have a loan commitment yet. Today is 63 days under contract and tomorrow marks the end of my 3rd extension. Who can I call that I have not already that can talk to the bank. Everyone keeps telling me “we are working on this file to get this done” but ultimately its just excuses and going to cause us to lose our house. I’m really not trying to hear that right now. I need someone who can get answers at this point, not someone to pat my back and tell me basically “its gonna be okay” because at this point, it might not be!

    #64977
    Nelsont
    Member

    I got my closing disclosure on the day I was supposed to close on my contract. The tentative date close date on the closing disclosure was a full week later. I had zero contact from the bank until the night before listed on my closing disclosure (6 days later). Then I got an email with my clear to close and the final closing disclosure was attached. 30 minutes later I got an email with my final CTC and the exact cash to close. It was a 2 sentence email. At 9am the next morning I ran to the bank to get a certified check. At 10am my title company confirmed closing would be at 1pm if they can draw the paperwork up in time and that I had to use a wire transfer. At 1030am the title company issued an exception since I already had the check. At 1pm I closed. I went through 3 extensions as well. Interestingly my seller was buying his new house through bank of America and was going through similar delays.

    #64981
    Jennygrace
    Participant

    @Peapod0609 Yes, I’ve reached out multiple times to the processing dept & member services dept over the past few weeks; every day for the past week.

    Today I was able to get in contact with my Regional Director today but it unfortunately doesn’t look promising for closing anytime soon. My contracted CD is tomorrow. However, my seller’s agent and sellers HAVE to close no later than the 28th.

    I just have to sit on my hands.

    Any luck for you, @lyndzie3407 ?

    #64983
    lyndzie3407
    Participant

    @jennygrace nope. nothing. nada. stuck for a week now. I’m willing to pay my seller fees to extend my contract so I might try that. Bottom line for your seller is that there’s no way they could re-list their house and close on time even if you can’t close on the 28th. It would serve them well to probably wait it out with you. Unless they had an all cash offer tomorrow, no way would they close before that. It sucks….but im in the same situation. I feel awful but thank goodness my sellers were already moved out even when they listed the home.

    #64987
    Tye99
    Participant

    Hey all,

    I have been a silent observer of this blog for months now following the timelines and posts to in an effort to assist in guiding me through this process. I’ve followed youtubers on this journey and cried with excitement for them and for me as I believed that my time would soon come. I’ve read as others have with similar timelines and conditions overcome and finally get the blessed words “clear to close final” which has kept me rather optimistic and hopeful throughout this process. Today however has been rather difficult for me, while I’m typically happy to see those on here get the magical words toady was just not one of those days. I found myself thinking well “what bout me”. Now, I know that those of you all reading this are thinking “well see that’s why it ain’t happening for you cause you ain’t happy when other people receive their blessings”. Well.. I’ll stop you right there because truthfully I am, even if it may be a lil selfish in my thinking. See to me when someone gets the clear to close final I think great that’s another off the list which makes space for my file to be reviewed. I don’t know I’m really just all over the place with this post I know I’m close I feel like I’m close, I’m just… drained a little. Anyway I do really hope that we all (those of us waiting) get some good news tomorrow.

    I too am with you @jennygrace, Today marks 93 days under contract with no end in site. According to Mortgage processing my file has been in final review for what seems like weeks now. I was issued commitment letter 12/17/2019 and received initial closing disclosure 1/2/2020 with a tentative close date 1/8/2020. my file was updated on 1/17 to underwritten and approved outstanding conditions must be addressed my borrower or NACA. I call everyday and am told that there are no outstanding conditions and that my file is in final reveiw. I am hopeful still and am in awe at the support you all have for each other.

    #64988
    Jennygrace
    Participant

    @Tye99 From many real-life stories and posts I’ve read on here, our worries and concerns will be a distant memory blinded by our happiness at close (with keys in hand!😊). I know my posts have seemed down at the mouth, but keep the faith.

    It will work out in the end. It has to.

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