CTC Final, VOE – About to lose money & house

Home Forums Purchase Program CTC Final, VOE – About to lose money & house

Tagged: 

Viewing 15 posts - 1 through 15 (of 86 total)
  • Author
    Posts
  • #50545
    citymouse
    Member

    So frustrated at this point! NACA is a great program and my husband bought his first house with it but this time has been a COMPLETE nightmare. Now we’re on the verge of losing $5,000 plus the house and no one at NACA cares or is responding anymore.

    Long story short -we had a contract on a house in December and got a CTC final but the seller didn’t complete any of the agreed repairs and they weren’t using licensed contractors so we had to cancel. This was in April. We were set to close in May.

    Fast forward to us on a new contract that was signed 6/25.
    7/1 Hand req repairs recvd
    7/9 Appraisal Received
    7/10 Bank Submission
    7/11 Insurance Confirmed
    7/12 Conditions Posted
    7/16 Req Repairs completed
    7/25 Initial Closing Disclosure
    7/30 Closing Day per the contract (seller signed on this day)
    Closing Date set for 8/1

    This is when the nightmare begins. Our closing coordinator was on vacation and we had no idea or notice. Called everyone around trying to get info on status. Webfile never updated after the Mortgage process even when we got the first CD. Finally got word there was a problem with the verification of employment. This happened on the day we were supposed to close!!! We extended the contract until today per the 8 days to extend in the contract.

    In March my husband started a new job as a consultant. He is a W-2 employee but the company uses a third party for payroll/HR. They also have contracts for the work they do with outside clients. None of this was an issue before. We got a CTC final with him having the same job in March and April. Now all of the sudden NACA is saying that BOA wants confirmation from the company that they can guarantee his employment for another year past what they put on the VOE. GA is an at-will state and NO company can guarantee future employment. We even got the company’s legal team involved.

    Now we are on the last day and no one is responding to us. We are about to lose $5,000 and the house because of someone else being incompetent. I am SO distraught!!!! @ttrumble any suggestions? At this point, I have no faith in NACA and regret going this route even though we had a good experience before. WE are renting short term and now is a bad position. The seller is ready to move on and no one cares and can only say sorry. Well, that doesn’t cut it.

    #50551
    Nelsont
    Member

    Where is the $5000? Is it the good faith deposit? You don’t lose it. You get it back. It is legally yours until settlement.

    #50552
    citymouse
    Member

    If the deal doesn’t close then the seller can keep the earnest money deposit. And we’re already out of contract now.

    #50553
    Nelsont
    Member

    I also understand your husband’s employment was not an issue previously but that was probably an error/oversight. I could be wrong but I believe there is no situation naca or not where any type of contract work is ok without a guarantee.

    I live in MD which is also an at will state. My friend is a government contractor and as with all government contractors his company gets 1-3 year or so contracts so the company is never guaranteed to be in business for long. He makes well over 6 figures (about 150k) and his wife makes close to median msa. A couple years ago they bought a house through conventional methods and put 30% down! He still had to get his company to verify and guarantee his employment.

    #50554
    citymouse
    Member

    Also really frustrating after all the delays, clearing hand, not getting responses from people at NACA that we finally get to the end, got a closing disclosure and then someone at BOA stops the process to ask for something that the employer legally can’t give.

    More than the money, it’s the fact that we might lose the house altogether @Nelsont

    #50555
    Nelsont
    Member

    Oh that’s a messed up rule. MD is a conditional state meaning any gift or transaction is legally property of the giver unless or until the condition is met. Aka you don’t close you get the money back.

    #50556
    Nelsont
    Member

    I feel your frustration. Honestly if you can lose the money that’s what I would be more concerned about. Don’t get so wrapped up in the house. The right house is out there for you.

    #50557
    citymouse
    Member

    His company verified employment and he’s a W2 employee but a consultant. The contract is between the companies not with my husband. Someone definitely dropped the ball and now we are the ones that have to pay for it. 8 months wasted @nelstont

    I’m trying not to break down and just stay hopeful that things will work out for the best.

    #50559
    citymouse
    Member

    we can’t afford to lose the money either but I can’t control that. the attitude of some of the NACA employers makes it hurt even worse. I know it’s a nonprofit and everyone is stretched thin but at least pretend to care to do your job

    #50562
    Nelsont
    Member

    Right that’s how government contractors work. The employees are w2 and work for the company for as long as they want as long as the government funds the company. Every few years the government renegotiates budgets and sometimes companies that get 90% of their work from the government now are not getting any government work. A government contractor is a person who works for a company that has a company to company (government) contract and they still sometimes have get guaranteed letters even through conventional means.

    #50565
    citymouse
    Member

    Oh, that’s interesting. He works for a company and they send him on projects with clients. Either way, we live in an ‘at-will’ state so employees can quit without notice for any reason and companies can fire you for any reason. His company can’t and won’t verify future employment.

    #50602
    lgunter84
    Member

    @citymouse so sorry to hear what you’re going through. I’m experiencing delays as well due to NACA making an error and deleting some of my income from my bank app. Once there’s an issue with the bank, it’s seems that NACA just throws you away. They don’t try to help iron out the issue, they stop responding and don’t care that you lose money and some of us end up homeless. That is my situation now. Naca made an error on my bank application and after 3 weeks, they still haven’t fixed it. Everyone has gone silent, I’ve emailed every level of management. No one cares. I have a disabled child, nowhere to go and I’m losing almost $4000. I had so much hope for this program and they just ignore you like you’re nothing.

    I’m tempted to call my local news station. I know two other families who are losing money and have to move from their rentals unsure of where to go. Everyone is so concerned about the Achieve the Dream events, existing members get ignored and our files are no longer a priority. I’m terrified. I don’t know what I’m going to do. Gonna lose so much money. I sold my car just to get money to buy my house. It’s a shame

    #50620
    Nelsont
    Member

    If you walk into the local office the rule is they have to see you. You will need to wait but you will be seen.

    #50621
    lgunter84
    Member

    @Nelsont I did that. The office manager refused to come out if his office. He looked at my file on the computer and then sent someone to tell me that he couldn’t help me. Even my MC wouldn’t see me and I was willing to wait. I have messaged the CEO, regional manager, regional operations manager, my underwriter, closing coordinator, their supervisors…… I have tried everyone multiple times for weeks. I occasionally here back from the underwriter and it’s her job to work with the lender to remedy situations so that NACA’s “virtually everyone’s approved” motto stands. It’s in her job description. But she rarely responds and when she does, she says she’s working on it. She figured out what the mistake was and it was an easy one to fix. Somehow part of my income was left of the application when we had to send an amended bank app. It was income NACA used to qualify and has been verified. She said she needed to just send that documentation to the lender to have them add it back and all would be good. But she’s back to being unresponsive. She may be at the ATD event though.
    $4000 is a lot of money to lose and they expect you to not be affected.
    It’s just a horrible situation to be in and absolutely no one cares. People are losing homes and money. I have a disabled child, I can’t just move him anywhere, not all housing is accommodating. There’s nothing available in our district where he receives special services at his school. Moving him somewhere else will be so traumatic. I’ve been pleading for weeks for help.

    #50631
    living20057
    Member

    @lgunter84 since they updated the bank app does that mean you don’t need the CPA letter?

Viewing 15 posts - 1 through 15 (of 86 total)
  • You must be logged in to reply to this topic.