TTrumble

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Viewing 15 posts - 31 through 45 (of 6,942 total)
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  • in reply to: Uploading Utility Bills and other expenses? #74772
    TTrumble
    Member

    Hello RBJ619,

    Monthly obligations such as utility bills are not considered debts. They are recurring household expenses and do not belong in the DEBTS section of your file. In fact, unless you are using your utilities as a form of alternative credit or have been asked to submit them to verify your current place of residence, submitting utility bills is not required.

    Tim Trumble
    Online Operations, NACA

    TTrumble
    Member

    Hello AndrewMartin1906,

    Not being a smart-aleck here, but I’m not the one to make the determination. You need to get those letters into the file and in front of your counselor to see if they are sufficient to do the job.

    However, if those letters meet what Nelsont wrote and the policy I quoted, then you have a pretty good chance of being able to proceed. The only way to find out for sure is to give it a shot.

    Please keep me updated.

    Tim Trumble
    Online Operations, NACA

    in reply to: PROPERTY TAXES ADJUSTMENT #74755
    TTrumble
    Member

    Hello mrstaylor,

    The problem will actually fix itself eventually. Each year when property taxes are assessed, the bank reviews how much of your monthly payment is going toward property taxes and makes any adjustment needed, then refunds any overage to you, or if it is a small amount, simply credits it toward the new tax rate.

    However, in such an extreme situation as yours, it would be well worth it to contact the escrow department at the bank to seek an adjustment. It may not be possible though until the new property tax assessment occurs however. you’ll simply have to call the bank and find out.

    I suspect something got miscommunicated between you and the county assessor’s office. Property taxes are assessed annually, and in some rare cases semi-annually, but I have never heard of biennial assessments, which would have to be the case if the next one were in late 2022. Did the person perhaps mistakenly say “next year” when they should have said “this year”? I would double-check with the assessor’s office. Worst case scenario is that you will have to keep making your current payment for a while longer, then will receive a very nice windfall when the adjustment is made and the refund is issued.

    Tim Trumble
    Online Operations, NACA

    in reply to: Qualify #74743
    TTrumble
    Member

    Hello CeeBee1969,

    Unfortunately, you are not eligible to use the NACA program since your name is still on the mortgage. That makes you still legally liable for the mortgage payments, regardless of how long it has been since you live there or anything stated in your divorce decree.

    The courts do not have the ability to reassign legal responsibility for a debt. They can only specify which partner must make the payments in a divorce proceeding. The other partner is not released from responsibility for the loan, which in turn means an ownership interest in the property still exists.

    The only way you will be able to use the NACA program is for your ex-husband to refinance the current mortgage into his name only.

    Tim Trumble
    Online Operations, NACA

    in reply to: How to change Office Location #74739
    TTrumble
    Member

    Hello louieg,

    Members are not permitted to unilaterally change their assigned office or counselor. It is normally required to move and establish residency and proven income stability in the new location before the file can be transferred. Please speak to your counselor or local office manager to discuss specifics.

    Tim Trumble
    Online Operations, NACA

    in reply to: Counselor is M.I.A #74735
    TTrumble
    Member

    Hello Timo,

    Try calling the local office during normal business hours and you should get a live person instead of voicemail. That person can schedule a new appointment for you and can also reach out to the counselor for you to provide another reminder to contact you.

    As I have always preached here, patience and persistence are the most powerful tools you have in the NACA program, and being a polite pest is probably the solution you are going to need.

    Tim Trumble
    Online Operations, NACA

    in reply to: Homebuyer’s Program Sign-up Error? #74733
    TTrumble
    Member

    Hello Whatamuji,

    That simply means there aren’t any open dates in your region at the moment. We are in the process of switching from a national online Home Buyer’s Workshop to regional ones that can reference information and concerns that are specific to certain areas.

    As we make the transition, some regions may have one or two workshops that still have openings, while some regions may be full up at the moment.

    Simply have some patience and check back on the website every couple of days. We will be adding new workshop dates in all regions very soon.

    Tim Trumble
    Online Operations, NACA

    TTrumble
    Member

    Hello superGeorgeMan,

    There is no minimum purchase price in the NACA program. While certain types of homes are ineligible, such as single-wides, specialty homes like “tiny homes”, log cabins and so on, we place no minimum on the purchase price of eligible homes.

    This has been advantageous in certain cities that have seen huge declines in home values. I have seen cases where homes in very good, ready to move in condition have sold for $25,000 to $45,000 in certain markets. The problem is that the banks generally won’t issue a mortgage loan for under $50,000. This made the homes unreachable for many potential homeowners but low-hanging fruit for investors.

    In such cases, NACA’s policy of no minimum loan amount has helped rebuild neighborhoods in a way no other mortgage program can.

    Tim Trumble
    Online Operations, NACA

    in reply to: Leased solar panels #74728
    TTrumble
    Member

    Hello Renee09,

    You should consult a real estate attorney, but I’m sure that you cannot be forced into assuming the lease. You should insist on the sellers giving you a copy of the lease agreement, since it will almost certainly specify what the sellers’ obligation is to the solar company if they should sell the home before the end of the lease agreement.

    In fact, it could possibly be the reason they don’t want to return your full deposit, so they can use your money to pay a penalty that may be imposed for breaking the lease. (I always get suspicious in situations like this, especially when you note that there are other problems with the house as well.)

    Don’t be afraid to step up and protect your rights, and your real estate agent should be advocating for you too.

    Tim Trumble
    Online Operations, NACA

    in reply to: Outside of MSA #74726
    TTrumble
    Member

    Hello Spencer114,

    The FFIEC website specifies a figure used for all non-MSA locations for each state, which is based on the average median income for the state. You may find the complete list of figures for all MSA’s followed by the state-by-state figures for non-MSA areas at https://www.ffiec.gov/pdf/msa20inc.pdf .

    Tim Trumble
    Online Operations, NACA

    TTrumble
    Member

    Hello AndrewMartin1906,

    The requirement to move first and establish employment and residency history is correct.

    NACA policy states, “Members seeking to relocate to a different city or state must be counseled to get familiar with the area and document income stability in the new location prior to NACA Qualification. This includes Members able to maintain the same job or income (i.e., work remote), Members earning fixed income or Members who are being transferred by their employers to another state to work”.

    NACA is first and foremost an community advocacy organization, not just a mortgage application process. If you are going to move, we need to make sure that you are established and stable in your new city to insure that you will be able to do the same in the home you plan to buy.

    Tim Trumble
    Online Operations, NACA

    in reply to: Not sure how to address this #74692
    TTrumble
    Member

    Hello LUWA,

    Did someone tell you that the two-year employment requirement could simply be waived with an LOE because you have been in the US less than two years? While it is not impossible to be qualified based on having spent some of the last two years working in another country for a foreign employer, I’m afraid whomever told you that that an LOE was all that was needed was seriously mistaken.

    The requirement of a minimum of two years contiguous employment with no gaps of 30 days or longer is an absolute unless you can show that you were in school or other activities with the specific purpose of improving your employability. Otherwise the two-year work history must be verified. What is most likely to stop you in a situation like yours is because it may be nearly impossible to verify work history or income with an overseas employer.

    NACA policy specifically states, “Members coming from or working in other countries must have at least two years total employment history with the most recent one-year documented in this country and the most recent 1040 tax returns.”

    In other words, unless you can provide the means for us to verify your employment outside the US, you simply aren’t eligible yet. Your husband is okay and you can proceed based on his income alone, but your income can’t be considered for another eight months. Unfortunately, that means patience is quite possibly your only solution to get your income included.

    Tim Trumble
    Online Operations, NACA

    • This reply was modified 6 months ago by TTrumble.
    • This reply was modified 6 months ago by TTrumble.
    • This reply was modified 6 months ago by TTrumble.
    • This reply was modified 6 months ago by TTrumble.
    in reply to: Membership Agreement #74652
    TTrumble
    Member

    Hello LuguyaWa,

    The Membership Agreement is not available online until you after you attend the Homebuyer Workshop and become a NACA member. Then you can access it through your NACA web file as you start the process. Since the start of the pandemic, the Membership Agreement is now e-signed as you start to prepare your NACA file and you may save or print out a hard copy for your own records.

    Tim Trumble
    Online Operations, NACA

    in reply to: Purchasing the home you are currently renting #74651
    TTrumble
    Member

    Hello nicholasTroyAnthony,

    NACA members purchasing the home they are currently renting happens all the time.

    There’s no extra hoops to jump through, with one tiny exception. Since the landlord is also the seller, we can’t accept the usual Verification of Rental (VOR) form needed to prove you have paid your rent on time for the past 12 months. Therefore, you will have to show by cancelled checks or your bank statements that you have been on time with the rent.

    The rest is no different than any other purchase.

    Tim Trumble
    Online Operations, NACA

    in reply to: Errors: Purchase Workshop #74632
    TTrumble
    Member

    Hello jkp2020,

    Yes, we have had to remove the purchase workshop link from the website. The simple fact is too many people who weren’t qualified yet were signing up for it. In doing so, they were filling up spaces and preventing people who are qualified from attending.

    Before the pandemic and everything going virtual, the workshops were live each week in the local office and attendance was much easier to control. Unfortunately, our only choice was to go ahead and register people as they are qualified to make sure everyone who had qualified can attend the purchase workshop.

    Tim Trumble
    Online Operations, NACA

Viewing 15 posts - 31 through 45 (of 6,942 total)