Will we close in time?

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  • #68501
    HaulinCubes91
    Participant

    Hello!

    I’ve always used these forums as a great resource for encouragement and tips. I thought it necessary to post about the end of my journey as it unfolds in hopes I am able to give anyone else in this step some advice or vice versa!

    We executed contract on a home 04/20/2020 and were given an estimated
    close date of 05/21. I’ve been on top of everything with my MC and realtor, anytime she asks for anything, if possible, I drop what I’m doing and get that to her ASAP whether it be an LOE or bank statements, etc.

    CURRENTLY we are on day 38. On 05/20 we had to extend our close date to 06/03 but on the same day the seller came back and required we close by 06/01 or they will terminate. I submitted my last condition to BOA on Wednesday 05/20 and my MC “ACA” my file (not sure what that means) and she put in a request to expedite my file.

    My MC was out of office the next 2 days (thursday, friday plus long memorial day weekend). Today I anxiously emailed my MC along with escalations@naca.com, closings@naca.com and several other contacts given to me by my realtor who is really pushing for my file to close.I emailed them explaining we need the CTC asap and we are in danger of being homeless if we cant close on time (current lease is expiring). I recieved a response that my MC did not send all of my conditions in until 05/23 (not 05/20 like she had originally said) so I cannot request a rush until Thurday putting us 3 days away from my close date. I emailed my MC right away asking for an explanation POLITELY and she stated BOA had another condition on 05/23 which I guess she was able to take care of without contacting me because I had no idea.

    So here I am, staying optimistic and hopeful that we will close on time because I have faith in my MC as she gave me her word she would do everything she could to make sure we close by 06/01. My optimism comes from these forums with members posting about their journey and get the CTC and close same or next day.

    I will post an update on Thurday to find out if I am able to rush my file….3 days before my close date!! Let’s hope BOA doesnt come back with yet another condition. I heard they are backed up! 😩

    #68504
    jasmine1103
    Participant

    Oh wow thank you for your experience i am defiantly eager to see myself

    #68522
    HaulinCubes91
    Participant

    Hi Everyone,

    Sooooo today is the first day I have cried during this whole process and I feel it wont be the last.

    At about 9a this morning my MC stated there was yet another condition to address- a letter from my husband’s boss. So now, this means we have to wait until FRIDAY to request a rush, instead of tomorrow. So by 11:30a I was able to get the letter from his employer in the form of an email with company logo and his manager’s email signature. I sent this to my MC right away! As the clock slowly ticks and I refresh my email several times throughout the day, Im getting no response. Here it is, 4:40p and my MC emails me that the email letter is not going to work as it needs to be on a company letterhead and have his written signature, she hadn’t even submitted it to UW yet. His boss is about to leave for the day! -KEEP IN MIND, THE SELLER IS REQUIRING WE CLOSE BY MONDAY 06/01 OR HE WILL TERMINATE THE CONTRACT-

    My realtor also emailed the escalations department to request my file be rushed. Escalations responded that not all conditions have been received and therefore a rush cannot be granted. This is when I emailed my MC and politely voiced my frustration that it took 4 hours just to come back with “this isn’t going to work”. She responded that she will go ahead and send it to UW but cannot guarantee it will work. In the meantime we are working on getting the letter with letterhead from his employer.

    I am on edge and unable to sleep at this point but am trying to keep my optimism. I still believe in my MC but I will also be advocating for myself and reaching out to as many people as I need to, to get some answers. The pressure is really on, if we do not have CTC and close by 06/01 and seller decides to terminate contract, we will have no where to go as our lease ends 06/07.

    I asked my MC if in all her experience if it’s possible we can make the deadline and she stated its possible if we can get all conditions in by TODAY. My file has been with BOA UW since 05/11 I believe- it was true when they said NACA is not for the faint of heart. Lol *Laughs Nervously* But also BOA is moving very slowly. I feel like the only ones moving with urgency is my realtor and I.

    I shall keep you posted!

    #68526
    NLaw88
    Participant

    I can feel the reserved frustration in every sentence. I’m not as far along as you are, but I’m just as anxious. Hopefully the bank understands the times were in and takes the email. I’m hanging on by a thread anxious to see this play out in your favor.

    #68551
    azallin
    Participant

    That’s a hard place to be in and I can understand that frustration.

    Why did your realtor allow for less then 45 days to close? Even before COVID things were taking at least 45-60 days to go through the NACA process and close.

    #68560

    @HaulinCubes91 when you emailed the escalations email did you get an automatic reply saying the box wasn’t monitored?

    #68617
    HaulinCubes91
    Participant

    @NLaw88 Thank you very much, I am still hoping we make it or the seller can worth with us and extend the close date. I hope all goes well on your journey to homeownership!


    @azallin
    Looking back now I’m wishing I had questioned that! Its day 39 for me today and my file still shows PENDING-INCOMPLETE.

    @supriseninja No, my email did go through to escalations. Be sure you’re putting an ‘s’ at the end of escalations, I made that mistake the first time I tried emailing them.

    #68624
    HaulinCubes91
    Participant

    Today was even more stressful than yesterday.

    It looks like UW is okay with the email from my husband’s employer, we were also able to get the actual letter with letterhead and signature and upload to web file. However, they did come back with yet ANOTHER condition. 🤦‍♀️ We submitted a document from the bank to verify some info and 5 business days later (8 days in all) my MC tells me they rejected it. EIGHT DAYS LATER….how? Why? It should take 72 hours to view a file and comeback with EVERYTHING that needs to be addressed instead of picking and choosing one at a time, days in between each condition. @TTrumble can you confirm if this is unusual? How can a file ever get closed with this type of workflow? It seems like everytime we try to request a RUSH review, SUPRISE, another condition. My file has said PENDING: INCOMPLETE pretty much since it got to BOA UW dept and cannot seem to make any progress.

    What makes this whole thing fustraiting is you cannot have your file expedited until 3 business days after you have addressed all conditions. And everytime they add a new condition, it starts all over! Havnt made any progress since I first started posting on here. Not really sure what to do besides wait and hope there isnt a new condition in the morning.

    Looks like we may have to see if we can get the seller to work with us to extend once more, I’m not willing to lose out on this house.

    Hard to believe Monday is my deadline 😬, about 90% of me still feels like we can make it if we can RUSH review of my file!

    #68646
    HaulinCubes91
    Participant

    Omg guys! My file is finally showing a different status:

    Lender Status: Underwriting-Initial Review – File was sent to an underwriter and are waiting on an initial credit decision. Conditions will not be posted at this stage unless referred from an Underwriting or Approved status. NACA Action is not needed at this time.

    I know this does not mean Im out of the water yet, but its exciting to see a new status on my file! Im hoping by the end of all of this I am able to share a very hopeful and successful story to keep you pushing on! Still holding on tight to our very upcoming close date of Monday 06/01.

    #68753
    HaulinCubes91
    Participant

    Small update: Was told by my MC Friday evening that my file is in final review!

    Today (saturday) I have not heard anything about my file. Tomorrow I pretty much have to relax and hope for the best on Monday.

    I feel like we are going to need a miracle to get the CTC, final CTC and VVOE completed, then go to the NACA office to close….all in one day. 🙃

    Staying hopeful!!

    #68756
    Al92
    Member

    @HaulinCubes91

    My file is at final review as well (5/29).

    Please keep us posted if there is any progress.

    Thanks

    #68773
    LRodriguez129
    Participant

    Hey @haulincubes91

    I am in a very similar situation as you. I have to close by 6/8/2020. All conditions addressed. Waiting on the bank but nothing yet. Seller is also looking to terminate. I was served a time of essence letter. Wishing the best for you!!! Please keep us updated on your journey. I will pray for you as well tonight.

    #68796
    LRodriguez129
    Participant


    @haulincubes91
    hey! anything? Wishing the best for you.

    #68799
    HaulinCubes91
    Participant

    @LRrodriguez129 So far, nothing helpful. Ive emailed my MC, escalations dept, closings dept as well as a few others first thing at 8a this morning asking if it looks like my file will close today or if they can get a status update from BOA. My MC replied a few minutes ago only stating that the lender said my file was in for review today (She had told me Friday that in was in FINAL review with BOA though so at this point I dont know how far along in the review process im in.) Still hoping for the best for both you and I!

    Has it been 3 business days since your conditions were addressed? If so, I recommend you have your realtor and MC request a RUSH review and escalate your file, if you haven’t already! You can also request a rush yourself, which ive done but didnt see movement until my MC requested it.

    #68802
    LRodriguez129
    Participant

    hey @haulincubes91 I’m hoping that she meant in for a final review today. I’ve seen posts on here that they’ll get a call last minute to go to the closing table. Have you communicated with your attorney that you’re in final review? Maybe they can speak to the seller’s attorney and have them extend one more week. It’s already in final review for you so next step should be closing!! sending you soooo much love and blessings.

    I just got this on my webfile: Lender Status: Underwriting-Initial Review – File was sent to an underwriter and are waiting on an initial credit decision. Conditions will not be posted at this stage unless referred from an Underwriting or Approved status. NACA Action is not needed at this time.
    So it’s looking a little up for me. Will keep you updated as well.

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