April 1, 2020 at 8:23 pm #66682
Am I the only person that is frustrated with not being able to contact bank of America? The closing date on my ICD is 4/2 but my file hasn’t been touched since March 26th. When trying to escalate my file I can’t get answers to straight forward questions about bank of America. I try to get info about who looms at my file because it only happens once a week. I just dont get why it goes so slow or if its just me. I’m literally begging naca people for information and insight. All i get back is “I’ll reach out to the lender”. And then nothing.April 1, 2020 at 8:48 pm #66684
1. Part of the naca program with boa is that members are not allowed to contact boa and boa is not allowed to contact members. Boa communicates to the mc through a generic group email who then passes the information on. Boa has a separate office in Texas where the naca files are looked at instead of Charlotte hq. The loan numbers are different and unique to naca members the system locks boa employees out if they aren’t on the naca Texas team.
Your best bet is to call the mortgage processing department.April 1, 2020 at 8:53 pm #66685
@Nelsont i have tried that first but everytime i get told “I will reach out to the lender and get back to you OR I will reach out to lender so monitor your file for an update”….and then nothing happens.April 1, 2020 at 9:00 pm #66686
It is frustrating but you need to be able to take a step back and realize at this point in the process the house is yours. To paraphrase @ttrumble you are probably closer than you think.
It could potentially be the vvoe holding you up. Unless or until someone at HR actually answers the phone without letting it go to voicemail then you might see the wheels move.April 1, 2020 at 9:05 pm #66687
@NelsonT unfortunately my closing date on my P&S angreement was 3/13. I was able to get a week extension. Since then ive been charged $100 a day and got a $2500 fee since its rolled into April. I begged the seller for another extension because them and the title company has been begging BOA for closing docs amd they see its not my fault. But I doubt they continue to just push back. Also the vvoe number is my work line and it goes to my manager. No call has been made yet.April 1, 2020 at 9:14 pm #66688
This is why naca strongly suggests in print in the workbook not to agree to a contract with a per diem penalty. Normally the bank pays. Not for naca members. This is part of why boa agrees to a low interest rate. And it’s naca tipping you off.
Sorry for being blunt ?
April 1, 2020 at 9:21 pm #66690April 2, 2020 at 12:00 am #66692djcwill09Member
- This reply was modified 1 year, 5 months ago by Nelsont.
@kb7571 NACA wants members to walk away once the seller refuses to add a late penalty waiver or addendum to the contract. So we, as the buyer, roll very expensive dice on being able to get through the process quickly, in an already burdened industry. I feel your pain, our fee would be $225/day and we can’t wait it out too long either. We’ll lose our 10k EMD and would have to continue to rent, especially during this pandemic.April 2, 2020 at 7:54 am #66693
@djcwill09 i pray you get through closing without too much more issues. I’ve come to see why people stay away from naca but on the flip side i see why people try to stick it out.April 2, 2020 at 9:35 am #66696djcwill09Member
Thank you @kb7571, we hope so too. We misinterpreted some language as we went through the new construction process. The builder told us we would get at least two weeks notice about a potential closing date. When we got our closing date from the builder in February, we thought that’s when NACA’s end loan process would start too, but their end loan process started when the townhome was finished (3/19) and began with sending an appraiser request out once the builder confirmed they were finished (2 business days later). Then the process continues after that with some silence in between days while waiting for replies in between statuses.
NVHomes stated they have a 2 day process where they call the buyer to do the final walkthrough when the property is completed and then give the buyer up to two days to do the walkthrough. Then they want closing to happen the next day after that. So definitely some misconceptions/assumptions on our part concerning the length of time we’d have standard of time (we asked if we’d get time to do appraisal/inspectors and although we were told yes, it was the builder’s assumption this work would’ve started in February). Just wanted to add, VA loans order appraisals after a property is 100% complete too, so that aspect wasn’t foreign to us, but we thought we’d be allowed more than a day after the walkthrough to be ready to close.
Maybe if we’d used a NACA realtor, we could’ve had more insight (real time life advice from a variety of experiences) of the end loan process but ultimately it relies on BOA’s response time and we also didn’t know NACA applications got a lower priority (based on forum comments).April 2, 2020 at 12:49 pm #66697
@djcwill09 i used a naca realtor and honesty I feel I should’ve done it myself. I found the home, follow ups with the seller and conditions. She just signed on and got a check.April 2, 2020 at 2:22 pm #66699KHURTParticipant
I am having issues as well. My closing date was supposed to be back in Feb.
The seller backed out of the contract the beginning of March and gave me my earnest money back. Once the corona outback got bad they called me back. Now my closing date is supposed to be 04/06/2020. I rec’d an initial disclosure on 03/30/2020 but nothing since then. I am worried that this isn’t going to happen on Monday and I lose this house again. I am really frustrated and stressed, especially with all that’s going on.April 2, 2020 at 2:30 pm #66700
Have you tried to get your file escalated? I thunk I’ve anooyed everyone at this point with the nagging but i sont care because nobody cares about getting this house more than us buyers.April 2, 2020 at 2:42 pm #66702KHURTParticipant
My MC and my agent has been trying to get it escalated. She has talked to the regional manager yesterday but says she can’t get a response today. I asked her for his number and she told me that it was his cell and couldn’t give it to me. Are you closing today? This really has me anxiousApril 2, 2020 at 3:35 pm #66703
@KHURT absolutely not, i got a condition for the updated sales contract…it seems like when they review a file they go down the checkliat until they hit something wrong and inatead of getting everything that’s needed they get 1 thing. And when thats taken care of they start over ubtil something else is found.
At this point I’ll just be happy to get a closing date.
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