Attorney Fees and Other Closing Costs

[elherdz]

We are currently under contract and about to receive our HAND required repairs list.

We have a NACA approved attorney who does many NACA transactions (here in Chicago). Our attorney recently informed us we had to pay a good faith deposit towards our attorney fees and the rest would be due at closing. When we asked why, he said NACA (or rather, bank of america) has stopped paying buyer’s attorney fees.

We asked our counselor whether this was true. He could not confirm. We asked NACA live support, they directed us back to our counselor and his regional manager. We emailed the regional manager to no response.

We, like most people going through the labor and pain that is the NACA program, are working with a very very tight budget and certainly were not anticipating attorney fees, especially because NACA’S website and all currently available materials advertise $0 closing costs.

Are there other surprise closing costs (outside of our Escrow + interest buy down)?

Can someone on this forum please help us find out who is paying for attorney fees as of the begining of 2021 and if it’s not BoA, where we can go to advocate for ourselves that we get what was promised as part of this so-called economic justice program?

Thanks

[Faith81]

This doesn’t sound right to me but I could be wrong. When I decided to use an NACA attorney I received a letter informing me that they would be paid by NACA. In my opinion nobody should be asking for any money upfront anyway except for the good faith payment made on your offer to the seller.

[hilary]

I just closed two weeks ago in Connecticut and paid NO attorney’s fees. Sounds curious.

[elherdz]

Many many many thanks,Tim. We really felt like it didn’t make any sense but did not want to miss our inspection review period which he was/is in the middle of negotiating.

We will inform our attorney of your forum message and email communications at NACA asap. Again, we greatly appreciate your support.

[elherdz]

Hi Hilary,

Can I ask a follow-up question? We keep getting the run-around 🙁

Did you have your own attorney for your closing or was there only the closing attorney(i.e. that represents Bank of America?) Or better yet, did you have an attorney helping you with negotiations before you got to the closing table?

Thanks.

[Nelsont]

You should never need your own attorney. The closing attorney is all that is necessary. They simply take the place of the title company in states that require an attorney. My state does not require an attorney so you go with a title company instead. Your agent should be the one doing all negotiations. Any reason to use an attorney of your own is purely your own decision and probably should not be required without some complicated transaction involving a pre foreclosure tax lien or divorce.

[netnuevo]

I agree with Nelsont as I had no idea why an attorney would be involved at all unless s/he was taking the place of the title company.

[sunflower8]

I’m also in Chicago and was also told that the buyer attorney fees were no longer paid by NACA/BOA. I could have picked any attorney, but was given 2 names as a starting point. This is the email I received from my NACA in-house realtor.

“Below is contact information for Attorney referrals, if you do not have an attorney. NACA no longer pay buyer Attorney fees (if you already are not aware) and now the Member pays for their Attorney fees. If you are using own Attorney please inform (as they would need to contact [name redacted], NACA Settlement Agent to familiarize and understand process).

Once you have contacted an Attorney please inform as this information is going to be inputted on contract.”

[TTrumble]

Hello sunflower8,

Please forward a copy of the document to which you refer to ttrumble@naca.com ASAP.

Tim Trumble
Online Operations, NACA

[sunflower8]

Hi TTrumble,

I’m waiting for my clear-to-close to close (hopefully) on Friday. I can definitely forward the email after I close. To be clear: it wasn’t a document, it was an email from the in-house realtor with the above text.

[mariaavacado]

@elherdz
im curious can you email where you seen thus im in Chicago in same boat to…. exact story
maria22181@yahoo.com

[mariaavacado]

@sunflower8
did you close im curious who is your mc in chicago send me an email would love to hear how closing worked for you I’m in same boat maria22181@yaoo.com exciting

[mariaavacado]

@elherdz
oh your mc told you who is it? you can email if you don’t want to reveal I’m curious who is your title contact and what company did they refer you to was it lawyer who is the lawyer. what happened with reporting this please contact me maria22181@yahoo.com

[elherdz]

Hi @sunflower8,

I am wondering how your closing went in terms of what costs you were ultimately responsible for? Thanks!

[elherdz]

When I was finally able to reach someone at the national office by phone to get an answer to this issue (i.e. by choosing the “expedite my file” option on the auto system), the Chicago regional manager called me in the middle of that call. To put that long story short, she said a lot of contradictory things, did not listen well, and was not helpful.

Where we are now: waiting for our closing on June 8th to see what actually happens and what costs we are responsible for. No clear answers, still. Sorry I couldn’t provide any helpful insights but at this point, we are just hoping and praying the closing goes smoothly. Hopefully Tim Trumble can help all of us clarify this confusion and lack of clarity.

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