1goldenjewel

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  • in reply to: Change of Circumstance Form #80037
    1goldenjewel
    Participant

    Update: I emailed my MC about the 2nd incorrect COC-Change of Circumstance and she stated that she would have it corrected once again. Praying hard it is right the 3rd time around.


    @kristijay

    Hello, Yes, I am definitely staying on top of my MC. Thank you so much I will try not to worry and trust the process.

    @KayCee

    Hello, Yes it is extremely frustrating. Yes, they are charging me more after their mistake. They had a standard length for the driveway with the floorpan I chose. Back in January the builder told me during the site meeting (before the home was built) it would not be enough concrete to reach my driveway entry with the standard length and I would have to pay extra if I wanted the concrete to meet/touch the entry. So, he measured everything and gave me an estimate of what the extra costs would be and I agreed to have it added to the loan. So now here we are in August and the concrete was poured and it was still not enough to meet the entry of the driveway. Apparently they measured it wrong back in January. So the builder gave me the option to leave the driveway as is (short not touching the apron/driveway entry) or have the new extra costs added to the loan while waiving the Change of Order Fee of $250.(Crazy) So of course I chose to have the new costs added into the loan to avoid leaving the driveway being incomplete. Yes, You are absolutely right, I definitely don’t want to experience anymore hurdles. And yess please keep me in your prayers and I wish you all the best with your home! I will update again soon!

    • This reply was modified 1 day, 13 hours ago by 1goldenjewel.
    in reply to: Change of Circumstance Form #80021
    1goldenjewel
    Participant

    Update:

    I now have an estimated closing date of August 15th. & As of today August 4th, I received another Change of Circumstance (COC) and it is STILL INCORRECT. It is still showing the final rate as 3.5% and still showing 0 for the borrower buydown when my MC assured me on July 13th to let the first COC process and the next one would be corrected with the interest rate of 2.75 and include me buying down the rate. It is very frustrating and mind boggling. On yesterday, August 3rd, I sent my MC a (contract summary) of a price increase in the contract due to the builders not having enough concrete for the driveway so there was an $669.60 upcharge to the sales price and THAT WAS INCLUDED ON MY COC but my interest rate was still incorrect. I am just lost as to why my interest rate has not been corrected but the price increase was updated on the new COC. Has anyone experienced this? I’m still not giving up, I just want to have the interest rate of 2.75% that I was locked in at back in February. I have already contacted my MC, the Office Director and the Regional Director once again and waiting on a response. Much Prayers needed.

    • This reply was modified 4 days, 14 hours ago by 1goldenjewel.
    • This reply was modified 4 days, 14 hours ago by 1goldenjewel.
    in reply to: Change of Circumstance Form #79969
    1goldenjewel
    Participant

    @KayCee

    Hello,

    On July 12th, I finally received the COC (Change of Circumstance) and it had the WRONG INTEREST RATE AGAIN! This time it changed from the 5% to the final rate of 3.5% when it is supposed to be locked in at 2.75%. I immediately contacted the Regional Director and he stated that he was advised by my MC that I did not want to buy down the rate. I told him that I ALWAYS wanted to buy down the rate as shown on my Residential Loan Application etc. I also sent him the supporting documents to verify I wanted to buy down the rate. My MC immediately contacted me that very same day and apologized. She said she made a mistake and told the Regional Director that I did not want to buy down the rate. She also said they would issue another COC after the inaccurate one processes. So, once again I am waiting on the corrected COC. My home is still not completed they are saying it will be finished by the first week of August and my closing for NACA is estimated for August 15th. Meanwhile, I am constantly praying day and night for this to work out. I have spent a lot and had many restless nights behind this but I am keeping the faith that everything will fall into place for my children and I. I have came to far to turn around or give up. So, as of today this is the latest on things. Thank you for checking in. I will update again.

    • This reply was modified 1 week, 6 days ago by 1goldenjewel.
    in reply to: Change of Circumstance Form #79752
    1goldenjewel
    Participant

    Ohhhhhh okay and yes I did have an accurate and complete tax return. Yes, I am hoping and praying HARD it all works out. Thank you so much for all of your help!!!!! I appreciate you! I will update!

    in reply to: Change of Circumstance Form #79750
    1goldenjewel
    Participant

    @Kristijay

    Okay, I will stick with the Facebook group you’ve mentioned. I still waiting to be accepted to the group. Yes, I am Self Employed. I am referring to the home I currently live in. The bank added back depreciation (from my tax returns) into my net profit and this caused my income to change and I was no longer considered a Priority Member. I was confused at first until I researched more about it and TTrumble broke things down for me one here on a post I made on here under “LMIB RATE REMOVED”

    in reply to: Change of Circumstance Form #79741
    1goldenjewel
    Participant

    @Kristijay

    Hello,

    Yes, back in February I was told that was the reason why my Interest rate increased. I was confused, so I contacted (on February 15th) Washington Ryles the Regional Director and he reviewed everything and said they had to go with the 2.75 percent due to the depreciation and business use of the home on my 2019 & 2020 tax returns. So, I accepted it.Then after that my MC who is also the Office Director stated there was nothing else that needed to be don on my end and she would contact me near closing. I don’t remember seeing the mortgage commitment letter during that time. However, I did receive the loan estimate from BOA and I had to sign the documents in the package from BOA. This is the first time I am seeing the commitment letter and it was only after I had to re-sign everything and send an updated tax return for 2021 and later I received another loan estimate with a higher interest rate and a whole new loan number which definitely is bizarre. My MC who again is the Office Director said she did not know why it happened but the rate would change back to 2.75 percent. I surely hope that is not the case she did not lock me in but it does sound like it now that I sit here and think. I contacted my MC once again this morning by email and I left a message on her voicemail, still waiting for her to respond. I guess my next step would be to contact Washington Ryles again if I cannot gain clarity by next week.

    I just sent a request to the Facebook page you mentioned to post my situation. I am already in another NACA group on Facebook called NACA Group-Official. I was wondering if I could post the situation there as well? Thank you so much for all of your help, I do appreciate it. While I do understand that the MC’s are overworked and very busy but this is ridiculous. I have been waiting for a response since May 31st to be exact and today is June 16th. I have emailed and called several times. It very sad that people do not realize how important and effective communication is whether you have the answers or not. It is key in establishing and maintaining a strong customer-relationship as well as running a successful business. Thank you so much again. You do not know how much I value you responding.

    in reply to: Change of Circumstance Form #79738
    1goldenjewel
    Participant

    @Kristijay

    Good morning,

    I was Credit Access Approved last year in 2021 I honestly cannot remember the exact date. And I do not remember seeing rate locked at the top. But in January my MC who is also the Office Director told me my rate
    was locked in at 1.75%. I received the loan estimate on February 2nd and I signed documents electronically and I also received documents by mail. I logged into my webfile and I had completed all the Lender requests and my MC told me there was nothing I need to do but wait and still continue to send my bank documents etc. up until closing. On February 14th I received a (COC) Change of Circumstance explanation saying my Interest rate of 1.75 percent to 2.75 percent due to depreciation and business use of the home I was no longer eligible for the rate of 1.75 percent and that my new interest rate would be locked in at 2.75 percent. I contacted Mr. Ryles and looked over everything and he stated that yes they had to go with the 2.75 and I would be locked in for the life of the loan.

    On May 18th, I received a text message that stated, Your new status: WITHDRAWN, then immediately behind that text message all at 5:46 pm I received another text message that stated, Your new status: HOUSING SEARCH. I went into panic mode. So I checked my webfile it was like everything had been erased and it was asking me to upload documents as if I was a new member to gain Credit Access. So, I emailed my old MC, the office Director and the Mortgage officer to inquire about what happened. My old MC contacted me and stated he did not know what was going on but assured me that nothing had changed. I also contacted the office Director she said that she had to upload my documents again and that I was still locked in.

    I also saw an email with the Mortgage Officer talking to another Staff member stating that the member (myself) is already at the bank. The P&S Contract had to be pulled due to an issue with the interest rate. I am in the Process of uploading all of the original documents back to the members file.– is the exact words from the MC.

    My MC/Office Director contacts me and says to send her a few bank statements and my 2021 tax return.I also had to write an explanation letter as to why my income was lower than the tax year of 2020. A few day later my MC contacted me again and said I needed to sign all of the documents over electronically and told me to look over everything to make sure it was all accurate. I looked over everything and saw I had a new loan number, the income was different, and the interest rate was 5%! I emailed her and told her about the errors and that the interest rate was wrong. She stated that I still had to sign and that everything world be corrected and that once I got the COC Change of Circumstance. This all took place on May 31st. So I signed and a few days later I received my loan estimate and my commitment letter saying my interest rate is locked in at 5% until May 30th 2023.

    I have been contacting my MC/Office Director to see when will I visually be able to see the interest rate change back to it’s normal rate and I have yet to receive a response. So, this is where I am today. I am not sure how long it takes to get the COC or what the exact process is but I am concerned because everything is reading 5% which increase my mortgage by 300 dollar plus. I apologize for the long message I am desperately in need of answers. And I am clueless as to what happened. Thank you so much for responding. Every bit of advice helps.

    in reply to: Change of Circumstance Form #79718
    1goldenjewel
    Participant

    @Kay Cee thank you so much for responding. Yes, I will contact Member Services because I still have not received any updates on the matter. I, too in the past have been ignored but this has been the longest I’ve went without any answers. A few people in the Mortgage industry are recommending that I seek legal advice. Meanwhile, I will remain prayerful and hopeful that it will all work out favorably. Thank you so much again.

    in reply to: Change of Circumstance Form #79667
    1goldenjewel
    Participant

    Hi,

    Has anyone experienced a similar situation as mine? I am desperately in need of answers. I still have not received a response yet from my MC/Loan Officer/Office Director. I am not sure what to do next to gain clarity as to what is going on or what happened. I am not sure why after me being approved, getting my Loan Estimate and locked in at an interest rate of 2.75 in February is now showing a total different loan number and an interest rate of 5 percent that says it is locked in until May 2023. I am unsure why I had to sign new documents when I was told back in February that there was nothing further I needed to do. My MC/Office Director stated that the interest rate would change but I have never received a response as to when it would change back. I am getting a little worried because I am constantly signing documents that are showing the wrong interest rate of 5%. Please help any advice will be much appreciated.

    in reply to: Change of Circumstance Form #79630
    1goldenjewel
    Participant

    I also forgot to mention my loan number has even changed. It is a different number from the loan where I was locked in at 2.75 percent in February of this year. I am just lost and confused as to why this has happened and my MC is not responding. I am continuously receiving documents with the 5% and I have yet to receive the Change of Circumstance with the corrected interest rate. This is very scary and nerve wrecking at this point. I pray for some answers soon.

    in reply to: LMIB. RATE REMOVED! #78570
    1goldenjewel
    Participant

    Hello TTrumble,

    Does the same still apply if the income from the preceding year is lower and the most recent year income is greater? My income for the preceding year was lower than the most recent year. & Thank you so much for responding. This forum is extremely helpful and has educated me in soo many ways.

    in reply to: LMIB. RATE REMOVED! #78533
    1goldenjewel
    Participant

    Hello here is my email and the response from my MC a few minutes ago.

    Me: Hello,

    Is there anyway that you can provide or show a breakdown of how BOA got the higher income amount of the 3800 for me. It’s very bizarre because when I did my calculations I am still getting the $4189 which is under the average LMIB. I am just curious to know their figures because when I did the loan with Ameris bank their figures was $4189 as well.

    MC: Total income is average of $4,341. Social security income of $1,097 and Sch C income of $3,800 (after adjusting for depreciation and business use of home) are above the average.

    Your deprecation for 2019 and 2020 IRS tax return divvied by 24, then add the to $3800.00 + SS income of $1097.00, total income is over

    ————————————
    I am still confused as this does not make since. Please is there anyone you can refer me to speak with to double check my files.

    • This reply was modified 5 months, 3 weeks ago by 1goldenjewel.
    in reply to: LMIB. RATE REMOVED! #78531
    1goldenjewel
    Participant

    Hello,

    Is there anyone you can refer me to speak with that may help me with this matter since I am not able to speak with anyone at BOA?

    Thank you.

    in reply to: LMIB. RATE REMOVED! #78529
    1goldenjewel
    Participant

    Hello,

    I have not filed my 2021 taxes yet. So I am not sure how they would have used my 2021 income.

    in reply to: LMIB. RATE REMOVED! #78527
    1goldenjewel
    Participant

    Breakdown: after averaging my income for the year 2019 & 2020 based on my tax returns my monthly income is $3092 and when you add my son’s Survivors benefits of $1097 per month my income is $4189 which is below the average LMIB amount. When I logged into my NACA webfile there was a condition (which I no longer see) saying the lender found my income at 3800 plus my son’s 1097 but it never said how they got that. But still after doing my calculations I am still coming up with a monthly income of $4189! My MC has not provided a breakdown of what BOA has to prove how my income was higher. I really need help on this.

Viewing 15 posts - 1 through 15 (of 24 total)