January 15, 2020 at 2:43 pm #64683
I am writing as a desperate means to get an answer from SOMEONE! We have a notice to proceed for today and have to vacate our apartment this week. Our sellers and we have truly been cooperative,patient and understanding; but we are truly out of options and no response from anyone on what is happening with our application over at Bank of America. Our application was deemed “Underwriter CTC” back on Dec 23rd 2019, expecting a closing date within 24hrs! at worst 72hrs…it is now January 15th! and NO sign of life from BofA. We have done nothing but help the coordination, provide the necessary documentation within minutes of being requested and this is what we get!!…our sellers are about to pull our agreement from this potential home, we now have to figure out a homeless situation bc we never thought it would take another month on top the “45-day” escrow…We have been through enough with all of this back and forth and unfortunately NACA is not able to provide better insight on what BofA is doing? can they not call BofA and explain our predicament?
We are truly about to loose everything. Did I mention we had the most simplest of applications, I mean we were HAND cleared for no rehab repairs. Nobody…our closing coordinator @ttrumble, our underwriter Akeem, our Mortgage Counselor Angelica know what the hold up is. Someone please help!
January 15, 2020 at 3:17 pm #64690NelsontMember
- This topic was modified 2 months, 2 weeks ago by TTrumble.
At the risk of sounding terse I just want to ask if there was a reason you did not overlap your lease end with your closing by a month or 2? Or even try to extend? Financial advisers recommend the overlap for just this reason. And the majority of leasing companies will work with you if you let them know you are buying a house they can relax the termination/move out policies. They may have you sign a month to month but at least you could have that in your back pocket.January 15, 2020 at 5:31 pm #64697Peapod0609Member
If you have not already you need to contact the office manager, regional director, and the mortgage department and explain your situation and have your file escalated. If you haven’t, that probably should have been done at least a week ago.
I feel for you, though. An Underwriting CTC and then over 3 weeks later and no CTC Final? That is bizarre.January 15, 2020 at 6:33 pm #64707TTrumbleMember
Your file has already been escalated, so they have been made aware of your situation. Unfortunately, we are just as much at the bank’s mercy as you are at this point.
The bank is just simply that overwhelmed. We are submitting more applications than ever in our history, plus BOA had to pick up the slack when our other lending partner, Citi, left the mortgage servicing business.
Just to prove the point, everyone who has been on here for a while knows that the funding for BOA’s interest rate buydown matching grants program ran out four months earlier than expected because of the massive demand.
We’re actively looking for an additional lending partner, but until we find one to help take some of the pressure off, we’re all extremely frustrated.
January 16, 2020 at 5:48 pm #64749
- This reply was modified 2 months, 2 weeks ago by TTrumble.
We received our “Approved-Clear to Close” this morning, no closing date yet, but were hoping any hour now. Needless, to say we are breathing easier. Our, Closing Coordinator Tasmia Dickens has been on fire today in responding to all of our questions and easing our mind with what is remaining now. After the “in the dark” experience we just endeavored it is truly refreshing to see how helpful some NACA employees could be. Kudos, to our MC has truly gone above and beyond to provide us with as much information/updates as she possibly could; we are truly grateful for her.
@ttrumble we recognize the demand being placed on BofA and the delays that may be caused from that, however, our situation was just so hard to bear/overcome when we are now on our 3rd close of date extension with an added daily perdiem cost of $100 for each day we do not close escrow and an apartment we have to vacate this Saturday.
We are relieved of the latest changes and tears will be shed the day we finally sign those closing documents.January 16, 2020 at 6:21 pm #64755NelsontMember
@ksmcs if it makes you feel any better I went through a similar situation when I bought with naca and it was by far easier with more communication than with the other 2 houses I bought prior to naca.January 16, 2020 at 7:24 pm #64764
@KSMCS, Tasmia is also my closing coordinator. She was just assigned to me, but I hope it goes good the further I get.
T.January 17, 2020 at 11:17 am #64777TTrumbleMemberJanuary 23, 2020 at 4:23 pm #64971January 23, 2020 at 4:29 pm #64972
After our long wait we finally signed our closing documents yesterday 01/22/2020! (Day 1 Nov. 19, 2019)
Los Angeles County needs a day to record the transaction, so we will finally touch keys today!!! 🙂
Needless to say all the restlessness and frustration is all over and forgotten. Good luck to the rest of you, always continue to push forward and document all of your coordination.
January 23, 2020 at 4:47 pm #64974
- This reply was modified 2 months, 1 week ago by ksmcs.
That’s awesome news!! 🙂 I was asking because my status just changed to “underwriting 2nd opportunity” so I wanted to make sure someone that had that status made it out safely. I received positive feedback from my MC and @ttrumble, so I’m not going to worry anymore, its all going to happen momentarily I’m sure of it.
T.January 23, 2020 at 6:08 pm #649782BLESSEDMember
@ksmcs I am very excited and happy for you. I am inpatiently waiting for them to finish my house which I have been given several different completion dates since December 20th. I am praying my husband and I will have a smooth, fast closing. LOL! I keep up with everyones journey and wish you all the best!January 23, 2020 at 6:14 pm #64979lyndzie3407Participant
@tlthom76, OMG IM THERE TOO! under contract 11/20/19, bank app signed 12/4. been at that status for a week now. I’m SO worried….not so much about getting the loan. I feel confident that will happen, but about my sellers backing out before it can all be finalized.
My file said Underwriting CTC weeks ago, now suddenly im on “2nd opportunity” and there are more conditions that the lender wants, but they were conditions we resolved the first time around and they want the documentation again. So here we are again,….another week to resolve “fake conditions” that were already taken care of and another waste of time. this process is extremely annoying and its very clear that the bank doesn’t care about NACA loans. why would they? they make little money off of them. I’m sure they purposely do this–they aren’t lending this money out of the kindness of their hearts. They HAD to because they were sued. It’s obvious its a low priority to them.
January 23, 2020 at 6:57 pm #64982
- This reply was modified 2 months, 1 week ago by lyndzie3407.
@lyndzie3407, I feel your pain 100%. Did you ever receive the initial closing disclosure at all or you went straight to CTC?January 23, 2020 at 10:14 pm #64985lyndzie3407Participant
@tlthom76 I “think” I got the initial disclosure, but never a final closing disclosure yet….I still dont have a loan commitment letter even. My understanding is that some people are getting their CD, CTC and closing date like back to back and quickly, right before closing. I have no faith. Ill be shocked if we ever get this deal closed at this point.
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