May 6, 2014 at 2:26 pm #10011
This thread started originally with the title “Bank doesn’t answer — 3 days from (extended) closing date”. The extended closing date has passed and the seller has put the house back on the market, refusing to sign a 5-day extension. Citimortgage approved our loan today (Tuesday, May 13). Now NACA is requesting an addendum with a 15-day extension from the seller so that they are able to close, even though the settlement company confirmed that they are ready to do it. Below is how all this started one week ago.
The topic changed on Tuesday, May 13 to “In default. NACA asks for a 15-day extension addendum to close”. We got a response from the National Director at NACA authorizing to close on or before Friday, May 16. Today, Wednesday, May 14, we got an email from the settlement company scheduling the closing at the local NACA office on Friday, May 16.
We are 3 days away from an already extended closing date. Citibank pulled for the third time our documents on Friday 5/2 after us submitting requested LOEs, but hasn’t moved our file or requested more conditions since then (we already locked in the interest rate, the appraisal came back long ago, and HAND already sent the signed budget to our file).
Our mortgage amount is at 110% of the ‘subject to repairs’ value, within our limits. Citibank put a condition that says:
“Lender: Any LTV >100% requires an exception approval from risk management. Loan will be submitted for the exception once the signed rehab approved budget is received and any loan amount adjustments have been made.”
Our MLO hasn’t answered our emails regarding what would be going on with our mortgage application. Nor has the processing department.
One particular thing about our application is that the ‘as is’ appraisal came in $10,000 lower than the purchase price, but we were told by our MLO and the Real Estate Department to continue with the process because the final price would still be within our limits.
At this point, we are really afraid of losing our deposit. The seller agreed not happily to extend the closing date, but he threaten to ‘pull the trigger’ and take our earnest money deposit if closing does not happen by Friday 5/9.
I don’t know what else to do.May 6, 2014 at 4:04 pm #10015TTrumbleMember
The thing you need to do is relax. You are falling into the “close-to-closing-panic” that seems to happen to many people when time is getting down to the wire. Your MC has already made an inquiry with the processing department this afternoon, and every effort is being made to have you close on time.
Online Operations, NACA
email@example.comMay 6, 2014 at 6:50 pm #10021
Thank you, Tim.
I will try to relax. However, it is hard to relax when the original closing date was missed and this time nobody was answering my emails.May 8, 2014 at 10:00 am #10031
Well, we are one day away from our closing date and still have no response from NACA or the bank. Today the seller’s agent emailed this:
“I don’t have any belief that we’ll close tomorrow. I have no faith in NACA as they are disorganized and unprofessional. It is mind blowing that an organization cannot find out the status of their own loan. It is a little hard to believe so I’m assuming there is more going on then what they are telling us. If I don’t hear any promising news that we’ll close tomorrow today, I’ll put the property back on the market tomorrow pending release. My client will go after your clients deposit and possibly other damages. Please let your buyer know this. I am sorry it has to come to this but we did everything to accommodate your client.”
The time to relax has come to an end, I believe.May 8, 2014 at 11:41 am #10032ctsweety9Participant
I’m so sorry this is happening to you 🙁 I really don’t have any answers for you but if I were you, I would be on my way to my local NACA office to speak to my MLO in person. If you are not getting any answers from your local office, you should contact your regional manager as well.
Praying that everything works out for you. Keep us updated.May 8, 2014 at 12:02 pm #10033
Thank you, ctsweety9.
This morning I sent an email to my MLO, his regional manager, the director of processing and closing (who seems to be at a training thing, according to the automated reply), NACA’s CEO, and the chief executive officer of CitiMortgage asking for the status of my loan application and explaining the situation that we are facing.
I just got an email from CitiMortgage saying that they are investigating this matter and will get back to me. Nobody from NACA has replied so far.May 8, 2014 at 4:09 pm #10034
So, the bank finally answered… with more conditions. This time, only three, including a review of the wish list items by the appraiser, although that has already been addressed in the appraisal.
Right now I am at the mercy of the seller, hoping that he wishes to extend, once again, the closing date.May 8, 2014 at 5:12 pm #10035TTrumbleMember
Please refer to the email sent by your MC earlier this afternoon.
Online Operations, NACA
firstname.lastname@example.orgMay 8, 2014 at 5:49 pm #10036
I saw it, Tim, thanks. I have sent what the bank required from me. The other two conditions are coming from an outside vendor and from the appraiser, respectively.
I still am at the mercy of the seller, waiting to see if he is willing to extend the closing date.May 8, 2014 at 9:29 pm #10037denversigmaParticipant
I sincerely hope that you will able to close on time. My prayers are with you in this unfortunate situation. Please update when you can.May 9, 2014 at 4:42 pm #10039
Thank you, denversigma.
So, the seller put the house back on the market today and is refusing to sign an extension. We will be in default at 9:00 PM eastern time today. After that, he will be able to take our deposit.
The bank is making all efforts to finish the file by Monday, May 12 because they need a translation that will be delivered by then only (I wonder why they did not ordered it before). By then, it may be too late.May 10, 2014 at 2:42 pm #10042readyTodayParticipant
I felt bad for you and hopefully there is a solution to this. Please keep us updated.
ReadyTodayMay 10, 2014 at 2:52 pm #10045srb1490Participant
Sorry to hear this. I am hoping I don’t end up in the same situation as you. I am going to be homeless, literally, if we don’t close by Friday.May 12, 2014 at 3:12 pm #10054
Thank you, readyToday and srb1490.
It’s 3:00 PM over here and I haven’t heard anything from either Citibank or NACA.
I emailed NACA ‘management’ in the morning requesting for a closing date, reminding them that I am in default now and the house has been put back on the market, and that I needed a closing date so that I can negotiate a new extension with the seller. I haven’t received a single word in reply. I may be wrong in my appreciation, but it seems that they just don’t care.May 12, 2014 at 4:52 pm #10056srb1490Participant
I can definitely agree with you on that one. Wishing you the best of luck. It seems like I am headed in the same direction.
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