December 6, 2018 at 3:28 pm #46788
@ttrumble I wont even bore the forum with a recap of my journey. Because this entire experience is truly one for the books. I was qualified in Chicago at the ATD event after working with not one but 2 counselors before the event. I was submitted to UW back in August but came back with some conditions that were all addressed and finally to what should have been an exciting moment became qualified in November at the Chicago event that I took the day off work and drove 11 hours to get to.
Upon approval I was under contract within 48 hours. Fast forward, new counselor with a crappy attitude and lack of response which resulted in me missing the finance and contingency period. Fast forward more..Submitted for credit access on 12/4 only to receive an email TODAY “Respectfully, we will not be able to honor the approval from the NACA ATL event” (as usual his data is wrong. I was approved in Chicago) But here we are 14 days from the date on my purchase agreement. 25 days from the end of my lease THAT I CANNOT EXTEND BECAUSE THEY ALREADY HAVE A NEW RENTER, 4 days outside of the contingency period that I strongly believe the MC made me miss on purpose. AFTER receiving Loan Estimate documents, AFTER an appraisal has been completed $1000 in inspection fees, $2000 in earnest money. ALL GONE!!! NOW YOU TELL ME YOU CANT HELP?!?!?! WHAT UNDERWRITER WAS ASLEEP?!! I SAT IN FRONT OF AN UNDERWRITER IN CHICAGO AND HAD MY ENTIRE FILE REVIEWED BEFORE THEY RANG THAT STUPID BELL OF APPROVAL!
And now the MC is refusing to talk. MC is too busy and “doesnt want to clean up someone elses’ mess” are you kidding me? If it were just me I could figure this out but I have 3 children that will have no place to go! And all these NACA credit pulls just kept eating away at my score making me unable to do a conventional loan directly with a broker.
December 6, 2018 at 3:59 pm #46791
- This topic was modified 7 months, 1 week ago by MzSheaD.
Oh no @MzSheaD! I did not think that would happen. I’d just read your post about the houses appraising for $400k in your area and thought things were really looking up. Did they give you any details about why your approval can no longer be honored. You’ll need to escalate this to the office manager, regional director and probably the national director of underwriting. Saying he “doesn’t want to clean up someone else’s mess” is unacceptable. You forward copies all of his unprofessional emails to the directors as well. I would not give up without details of why this is happening. Surely someone can take a look at your file to see what needs to be corrected so that you can be approved again. Will the sellers extend the contract date?December 6, 2018 at 4:18 pm #46793
@jharris981 I dont know if they will extend. My agent is at a closing so she will look into it later. The office manager was copied in on the email from my MC about no longer being able to honor. I sent Tim an email but he probably wont reply. I spoke with one of the regional directors. I even told him that I have the MC recorded saying he didnt want to clean up someone else’s mess.
Im not sure if your remember a post that I put out when I first started giving updates about needing to amend my taxes. Well now they’re saying thats the issue. Even though they have been amended. I dont owe the IRS and they dont owe me. NACA has the transcripts, account transcripts, 1040, 1040x. UW reviewed it in August and then reviewed it again in Chicago before qualifying me. Im scrambling trying to find some short term rental situation so that my children have some place to sleep.December 6, 2018 at 4:33 pm #46794
@MzSheaD was the regional director unable to help? If so, you can contact the national director of underwriting? If the issue with the taxes has been resolved and you have provided them with proof of that then I don’t understand what the problem is. I really wish you could just be transferred to a different office now. I know since you’re in GA that you have to work with a local office. I just can’t believe that an MC is allowed to essentially say they will no longer work on a member’s file. I hope you’re able to find an affordable month to month lease very quickly.December 6, 2018 at 4:47 pm #46795
Who is the national director of underwriting? I dont understand the issue either. In 2017 $6000 of my income was W2, and $45,000 was 1099 which is all clearly spelled out on the tax transcripts. This year 2018 $50,000 of my income is w2 (that they will count, theyre not counting both jobs)December 6, 2018 at 5:06 pm #46796
Erick Exum. You can get his direct number at member services. He’s responsive to emails but I’d actually trying calling him.December 6, 2018 at 7:33 pm #46801
I have reached out to both the underwriter you met with in Chicago and Mr. Exum regarding this situation to find out how this happened. A much as I hate to say it, reviewing the file myself, I can tell you that this won’t be reversed.
As you know, what you wrote above regarding your income figures is only half the story. Your accountant used a procedure that, while it is perfectly legitimate for your tax return, effectively wiped out your income for the purposes of obtaining a mortgage. To respect your privacy I won’t say anything more than that here.
On another note, I understand that you are extremely upset, and deservedly so. However, you have been here on the Forum long enough to know that the statement “I sent Tim an email but he probably wont reply” was completely inappropriate in more ways than one.
I’m also upset that this happened to you, and I wish that there was something that could be done about it. At least it’s some small consolation that this happened now instead of after the app was sent to the bank.
I’ll keep you updated once I hear back about my inquiry.
Online Operations, NACA
December 6, 2018 at 8:03 pm #46804
- This reply was modified 7 months, 1 week ago by TTrumble.
Respectfully Mr. Trumble although I know you are quite busy with the events I have sought your assistance a few times via email and the forum with no response but there were responses to other posts. I know that your busy hence the “may not get a reply” since there has been no reply on other attempts. There is no consolation sir when there has been money lost, an MC hung up the phone on me today and I am 3 weeks from not having a home for my children. I’m sorry but there is no silver lining in this. This is something that should have been caught or sorted out in July during intake,in august when I was submitted to underwriting August, September at the Atlanta ATD and November when i drove to chicago. When all tax documents 1040s, 1040x transcripts, account transcripts and everything else that was asked of me was submitted.December 7, 2018 at 5:27 pm #46828
If you try to get a letter from NACA indicating that you were denied (not sure if NACA would do that). Would that help to get your deposit back?December 7, 2018 at 9:41 pm #46830
@southflorida @ttrumble yes it would help if we got the credit access denial letter that my agent and I have been asking for all week. I even asked the regional director today with no response. I need the letter by sunday which all 13 people that my NC decides to copy in on the email to tell me that they wouldn’t honor the approval is aware of. We missed finance contingency but my agreement allows for 7 days after that if lending falls through but as usual cant get a response.December 7, 2018 at 11:51 pm #46832
@MzSheaD they mostly likely won’t be in the office over the weekend. You might have to use the email from the MC since your deadline is Sunday. Hopefully that will help you get your earnest money back. I’m still hoping this can somehow work out and you can get your home. I don’t want to pry and feel free not to answer but is the issue essentially that your tax deductions brought your taxable income down too low? I’m guessing if you amend the tax return then you’d end up owing the IRS, right? But you’d be able to probably close because your taxable income would be higher. Is this a viable option for you — to amend the taxes so that you can still possibly close on this home (if the seller is willing to extend the contract)?December 8, 2018 at 9:30 am #46834
Hi @jharris981 I’m an open book. Yes that was the case when my then accountant filed in January but I have amended long before even starting NACA. Provided them with the transcripts, account record, amended taxes and 1040x. I dont owe the IRS and there is no refund due to me for 2017. I got a text from the regional director saying he would get the letter sent. He has been really the only one that has been responsive and attempted to look into this mess. At this point I just want to move on. I wouldn’t continue with NACA even if they sent me an email now saying sorry you can close. The fact that an MC hung up the phone on me as om crying and asking him to explain next steps and what info he needs from me and all he can say is maam I gotta go and hangs up. What?! AND there were 3..not one but 3 underwriters at the ATD event that looked at my file while I waited to get qualified because they were wrapping up for the evening and they were trying to get the numbers to go right in the system. So they were all reviewing and working together on my file. So THREE underwriters at the ATD event AND NOT ONE said anything or questioned anything. AND I volunteered the next day at the event for 6 hours and I kept getting dragged all around the room to give my testimony about how I drove up to Chicago and got qualified in one night.December 8, 2018 at 3:39 pm #46837
I am sorry this has happened to you. I am praying you get your earnest money back. I am a huge believer in God and I personally believe that if you desire this house, God will provide it to you. If this is just at credit access, who knows what lunacy would have been the closing, particularly considering your MC. You will get your house for your children, maybe you have to wait a bit longer and go another route but you will get it. You seem like a very determined individual and I know that God will open another door for you, a better door.Just keep saving your money as you can and you will continue to be successful in life. Your MC sounds ugly and he will have to answer to karma, Jesus or someone for all the nastiness he showed you.December 9, 2018 at 8:50 am #46839
Hi @gordiva123 unfortunately the earnest money is lost. My agent tried. We were lucky enough to get the denial letter in writing from the regional director yesterday but since we were outside of the finance contingency period (which the MC) was aware of in writing. Theres nothing that can be done with this particular home or my earnest money at this point. I appreciate the thoughts prayers and “you got this” from the forum. I stand by every statement that I have made within this journey. I’m actually grateful that no one ever answered the phone because their negligence is in writing. So for reasons that I cannot say. I will no longer be posting on the forum. But the fight isnt over
God bless all of you and good luck and congrats.
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