Possibly Closing Early

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    So with everything that has happened (e.g. The seller trying to back out of the deal a few days before the original closing (September 8)), we are now finally able to close. The closing date in the contract was for either “on or before September 22. NACA has it scheduled for this Friday (September 22) but because it wasn’t good for myself, my realtor, and the seller, my realtor asked the title company if the date could be moved. I was informed today that the Title company spoke to the Citi and they stated that the date could be moved to Wednesday (September 20). My two concerns now are if: 1) NACA will let us close on a date that works best for myself and the seller (I ask this because last week when I received my clear to close, I asked my counselor: if the seller was able to come to the table earlier, could we close earlier. She wrote back “NO.”); and 2) Do I need another CD to be issued to me before I can close? The terms of my loan haven’t changed, but I’m uncertain if I need a new CD before we can get to closing. If so, then I guess we aren’t closing on Wednesday.

    Any other time I might be willing to just sit back and not try to push for an earlier closing but I have had an appointment with a medical specialist scheduled for this Friday for 3 months and I was recently told that if I move it, I won’t be able to be seen until 2018 (which isn’t an option) and also because I was informed that I was possibly one of those who had their information stolen during the Equifax hack. I would rather be done with the process sooner rather than later so that I don’t have to worry about someone opening up a line of credit in my name.

    Side question: what is NACA advising members do about the Equifax data breach? Are they advising members to place a fraud alert on their accounts or freeze their accounts? And what should members do if they are currently in this process and they find that an account has recently been opened in their name?

    Sorry, I know it’s a lot, but I guess it’s just one of those days.



    Hello AshleighNSA,

    There are a couple of factors that could cause the closing date to not be able to be moved up. Most notably, federal law requires a minimum three day period between the issuance of the CD and the closing. Depending on when the CD was issued, you may not be able to close earlier.

    At this point, we’re not specifically advising anything regarding the Equifax breach. The situation is still far too fluid to give specific advice. First, Equifax offered to provide a freeze, but the contract included a waiver of your right to sue them if you were somehow harmed because of the breach. Then they removed that clause after a huge uproar. There have also been calls for Equifax to automatically set up a freeze or monitoring for free for all 143 million people affected. Things are still changing. In your specific case though, I would suggest you wait to do any freezes, etc until after you close on your home.

    Actually, Bruce Marks was interviewed by Bloomberg on Friday about the credit system in general as a result of the hack. There are definite changes that need to be made in our credit reporting system as a whole. It is generally inaccurate and unreliable, not to mention that it is used for far more than just assessing someone’s creditworthiness nowadays. It’s definitely a broken system, and that’s why NACA uses it as little as possible as part of our process.

    Tim Trumble
    Online Operations, NACA

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