CTC Final, VOE – About to lose money & house

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

Tagged: 

Viewing 15 posts - 16 through 30 (of 86 total)
  • Author
    Posts
  • #50632
    lgunter84
    Member

    @living20057 my CC told me I didn’t the CPA letter, she said from the list, I only had to provide one of the items. I could choose to provide a business license, CPA letter or 2 reference letters. I chose the reference letters. It took her over 2 weeks to tell me that even though I had been asking for days. If I would have known that, none of this would have happened in the first place. I would have closed already.

    Because I wanted to challenge the condition, that caused them to change my bank app, which then caused some income to be removed accidentally, which triggered the DTI issue. If I had known that I didn’t need all of those things, I would have provided the reference letters and kept it moving. I would have closed around 7/26. Now it’s 8/9 and my file is still suspended

    #50646
    living20057
    Member

    @lgunter84 I’ve been watching your YouTube channel. I know it’s took forever but I’m glad they took the letters and you didn’t have put to out all that money for the license.

    #50667
    Tara585
    Member

    @lgunter84 I’m happy things are looking better for you. I have been following you on YouTube and I have cried along with you and have been excited when you had good news. I’m absolutely happy things are looking up! Keep us updated and definitely I’m going to need a video when you get your keys and when you move into your NEW HOME!!!

    #50668
    lgunter84
    Member

    @living20057 @tara
    I submitted the letters and my file is still suspended because of the DTI issue. My bank app was missing income that naca used to qualify me. Someone deleted the income because it’s on my copy of the bank app but somehow not on the copy the bank has. It has taken nearly a month to figure out why the bank said I didn’t make enough money and it’s still isn’t resolved

    #50669
    lgunter84
    Member

    @tara585 I’m still praying for progress because my file has been suspended for a month. The seller gave me another extension thankfully but naca staff rarely respond to my emails and calls. I have less than a week to get things resolved. Someone deleted income from my application so it triggered a DTI ratio problem.

    #50671
    jlands
    Member

    Oh, man. I’m so sorry OP. We’re going through a very, very similar process – I was supposed to close 8/1/19 and things are still up in the air. I can only pray the seller doesn’t start charging us daily fees, which he has threatened. I would say my time with NACA has been filled with feelings of helplessness, particularly because getting someone to actually respond to you to help you is all but impossible — (yes, even if you show up at the office.)

    Either way, I’m sending up good vibes for you and your family. I hope things all work out in the end. It’s kind of a shame – I initially raved about the program to all my friends about how great it was. After all this madness, however, I don’t feel I can do that anymore. Not honestly, at least. My mom always said if you can’t say anything nice…

    #52117
    citymouse
    Member

    @lgunter84 & @jlands I hate that you were both having similar issues. Any updates? The webfile definitely is no longer working or being updated. I’m trying to stay positive, knowing that there will be a resolution in the end (hard as it may be to believe). Sending you good vibes as well!!!!

    #52156
    jlands
    Member

    @citymouse

    Still waiting to hear something, anything positive. Our contract date was 8/1/19, and we’re almost two weeks past that, which is crazy. I actually feel bad for the seller, who has now begun charging us $50 a day until we close. Considering we have NO idea when we’re going to close, this money we owe him is just racking up.

    The webfile has definitely been neglected for us, too. TBH I’m also waiting for the day that I can be done with this program and just be in my house — so I guess we’re all in this together. Keeping my fingers crossed for all of us. I’m hoping the next time I come back to the forum I can have some good news, because my goodness.

    #52162
    lgunter84
    Member

    @jlands @citymouse I’m actually 38 past the initial closing and owe my seller nearly $1500 in late fees. I was in touch with my underwriter over the weekend, she was working on my file which was great news. She wanted the bank to have it by Monday morning but I’m waiting to hear back. It’s always a relief to hear from her but then sometimes it takes awhile for a response. I have reached out to every level of management and no one will respond. I know someone else who recently reached to management and they helped her close in 3 days. We had the same issue and closing team. But I guess they pick and choose who they help. I’ve got to be out of my rental by the weekend. Hoping and praying for something positive, anything positive

    #52176
    jlands
    Member

    @lgunter84

    38 DAYS!! OMG that’s my nightmare. We’re only 13 days past, but with no end in sight we just might end up in the same place you are.

    Please, please, make plans for living past the weekend though, do NOT count on NACA or your lender to care about your housing situation. I hope you have family or something you can count on in the meantime.

    I don’t even want to get into the terrible communication from NACA. I thought being a Polite Pest would be the answer, but it was absolutley not. Even the man who encourages being a Polite Pest has ignored all but 1 of my emails. WHEW. Hang in there, y’all. Once you close you don’t ever have to look back. That’s what I keep telling myself – and I Definitely won’t Except for when I write my terrible YELP review.

    #52191
    Nelsont
    Member

    @jlands and @lgunter84

    Does it say somewhere in the contract the seller can do this? From what I’ve read the seller must include a provision in the contract that includes charging for lender created delays. This usually only happens if the seller is weary of NACA or if they have had their share of set backs in the past. Many buyer’s agents will also caution against such a clause being inserted into the contract.

    #52199
    jlands
    Member

    @Nelsont

    We are past our contract date, so we had to get an extension. In order for the seller to agree to an extension, we had to acquiesce to his demand for daily charges. It was either that or he could have walked away with $4,000 of our earnest money – so we accepted the daily charge.

    I’m not upset with the seller for charging us, I understand his pain. I’m extremely upset with NACA and, less so with our lender BoA. It’s NACA that doesn’t care about your contract or your housing situation, not the seller.

    #52270
    lgunter84
    Member

    @Nelsont same for me. There is a contingency in the purchase agreement that NACA advises you to remove to avoid these late fees but my seller wouldn’t accept my offer unless I agreed to the contingency of a $50 late fee per day. They are an investment company, Opendoor, and they are familiar with NACA delays. The seller wouldn’t allow for the removal of this contingency. So I bit the bullet as well, think a little past the closing date was manageable. My seller even allowed me an extra 10 days of no late fee charge but after that, I had to pay up. I never thought I’d be this late and I now owe $1500 in late fees. if I can close, it’s worth it to me. I love the house, it’s in my desired area where we’ve rented for 6 years. And I was lucky to snag a property in my area, they go quick.

    #52281
    lgunter84
    Member

    @jlands I don’t have family here, I’m on my own in terms of housing. This is such an in demand area And hard to find a back up because I have a child in a wheelchair. There aren’t any ground level units available and I can’t carry him up and down stairs to an apartment. Nothing is available, I’d literally have to remove my kids from their schools and move to a different area. This will traumatize my special needs child……the amount of bullying he’d receive scares me. Our current school district has known him for 6 years and the kids don’t pick on him. That’s why I’m fighting to not lose my house

    #52302
    citymouse
    Member

    @lgunter84 38 days over is insane! We’re in the same boat. Our seller is an investor, and they are over NACA. I hate that the situation isn’t helped by the lack of communication. We ended up having to put down more earnest money (double) in hopes to make the new deadline which is 2 weeks max after the initial 8-day extension. Right now we’re 14 days over.

    People are crazy out here on these renovations. We had to back out of the other house at the last minute because it had all kinds of problems – mold, bad roof, foundation issues. They said they would fix but failed 2 inspections and somebody STILL bought if after we canceled and paid more $$$

    I pray that things work out in your favor. I know it’s so stressful, especially with the kids. All things are working for your good even when they don’t appear to be. At least that what I keep telling myself on these sleepless nights.

Viewing 15 posts - 16 through 30 (of 86 total)
  • You must be logged in to reply to this topic.