February 17, 2017 at 12:28 pm #36169
I’ve found this forum to be VERY helpful throughout my journey. I completely understand everyone’s frustration, but I’m also glad to read about the joy NACA has provided for a lot of us. Trust me, I wanted to give up for a split second but I simply prayed about it and then a mental break for a few days to clear my mind.
I just wanted to share my journey with you all – if you have time to read it
9/24/16: NACA Workshop
10/6/16: Initial phone meeting with remote counselor – ran credit, established plan, and was given affordability.
In between this time I chose to ask for a new counselor due to feeling as if I was bothering my remote counselor just by asking simple questions!
10/28/16: Assigned new counselor.
11/10/16: Volunteered at local NACA office signing in and passing out packets to members attending purchase workshop.
11/16/16: Face-to-face meeting with local counselor. My MC basically uploaded everything my remote counselor was supposed to do. She’s GREAT!
11/28/16: Uploaded more documents.
11/30/16: Submitted to UW.
12/6/16: Submitted realtor information and confirmed purchase workshop attendance.
12/8/16: Attended purchase workshop.
12/15/16: Put in offer on property #1 (Foreclosure)
12/16/16: Put in highest/best offer – REJECTED
1/4/17: Chose to hire an outside realtor that could give me more one-on-one attention.
I swear I looked at a million houses that really weren’t my cup of tea – pictures can be deceiving! The ones I actually ‘liked’ were snatched off the market in a matter of SECONDS here in Charlotte!
2/7/17: Put in offer on property #2 – ACCEPTED! (45 closing date scheduled for March 24th). It’s like the perfect home for me and my puppy-daughter
2/8/17: Submitted OTP contract to MC, obtained EMD & due diligence cashier checks from bank, submitted a few updated LOEs as well as bank statements, paystubs, account transactions, and scheduled inspection.
2/9/17: Met with MC to sign SSA, given loan estimate, title search performed by attorney, EMD check given to attorney and due diligence check mailed to seller.
2/10/17: Home& termite inspections conducted, submitted additional account transaction to MC, HAND representative reached out to me via phone and email, submitted to CA – came back with one condition (pest report). Home inspection was uploaded that night by inspector.
2/13/17: Received welcome packet and repair list from HAND, pest report submitted, and asked seller to handle all (3) repairs. CA APPROVED!
2/13/17: Submitted bank application.
2/14/17: Error on bank application which was quickly corrected by MC then resubmitted to lender. Seller agreed to all repairs, so OTP addendum submitted to MC and HAND.
2/15/17: Received loan number from MC, acquired homeowners insurance, signed appraisal waiver, initial review by underwriting.
2/16/17: Received a few conditions, appraisal set for 2/17.
2/17/17: Appraisal conducted at 11am ETA, conditions addressed by myself and MC.February 17, 2017 at 1:09 pm #36171jelainaclark22Member
Congrats on your journey. I think I may take some time to volunteer on a Saturday as well.February 17, 2017 at 1:30 pm #36173
Thank you @jelainaclark22! I actually got to sit up front with the office manager and she allowed me to ask a lot of questions. Where are you in the process?February 17, 2017 at 3:46 pm #36179carlito78Member
Curious if the foreclosure property you put a bid on was owned by BOA or Citi? My understanding is that a NACA qualified offer takes precedent over any other offer and should be accepted. Unless I misunderstood a previous reply that Tim put out there.February 17, 2017 at 3:48 pm #36180February 17, 2017 at 3:50 pm #36181carlito78Member
Thanks for fast response!February 21, 2017 at 8:03 pm #36233
2/21/17: Received appraisal from MC ($1K over purchase price!) and Citi welcome packet in the mail.
I also had to get another appliance package quote because HHGregg did not include taxes or the actual total (SMH). I actually got a better package deal from Best Buy which I just uploaded to my file. I’ll be contacting my HAND coordinator in the morning to make sure my final budget can be cleared as soon as possible. The total will be about $3K less than their estimated budget, so this will decrease my loan amount and monthly payment!
My estimated cash to close is -$4665. I’m guessing that means I don’t owe anything at closing?!February 22, 2017 at 7:09 pm #36255
2/22/17: Credit report pulled again and majority of conditions cleared except one was rejected. I fixed it right away by calling Experian to add my phone number to the fraud alert on my credit report.
The seller should have all repairs completed by February 28th. Once that is finished, I can get a re-inspection to get the final clear by HAND. I think that is when the revision summary and loan details will be updated?February 22, 2017 at 7:21 pm #36256TeamLucas2017Member
Stay the course. Your post is motivating. We will be going to our workshop in March and I am trying to use our bank accounts the way that I read they want you to do once you go to the meeting. Love the updates. Keep them coming.February 23, 2017 at 9:51 am #36261February 23, 2017 at 4:23 pm #36267TTrumbleMember
Once HAND gives their final clearance, things should actually move pretty quickly for you.
One thing that will hopefully be a plus for you is that Bank of America will be back on line with us starting March 1st after completing their system upgrades. That means Citi should start having a smaller workload and quicker turnaround times.
Keep the updates coming!
Online Operations, NACA
firstname.lastname@example.orgFebruary 23, 2017 at 4:36 pm #36268February 24, 2017 at 2:52 pm #36278
@TTrumble there is a ‘W’ beside one of my conditions (Lender: NACA agent to provide 1) Approved Scope of Work/Bid and 2) NACA Final Rehab Budget).
What does this mean?February 24, 2017 at 3:09 pm #36280TTrumbleMember
W = “Waived” (In other words, “never mind”!) 🙂
Online Operations, NACA
email@example.comFebruary 24, 2017 at 3:10 pm #36281
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