File Delay

[Our1sthome]

Yeah, I know I’ve seen it plenty of times on this forum. It is what it is. I know that.

On a Positive note… I appreciate the program and I really appreciate my local office receptionist/admin and my director. I know they are sick of me but they are trying to get us closed.

[lcovington]

Welp no news for me today. Starting to wonder if anyone even looked at it today.

[firmeh89]

Has anyone come across this issue, my closing is supposed to be on the 15th of jan but now the sellers are saying they need more time, possibly another 2-3 weeks before we close, it is not confirmed but my question is does that have any affect with the final clear to close? Would I have to do anything more or just wait until they are ready. All that rushing to close just to hit a snag.

[Nelsont]

Good question. In all likelihood you can amend your contract and have little or no issues. Also knowing nothing about the situation your sellers might be experiencing delays in closing of their new home. Go figure.

One thing you can do is negotiate an on time closing with a delayed move out possibly renting the house from you until they are ready. That’s a pretty common option.

• This reply was modified 2 years, 4 months ago by Nelsont.

[firmeh89]

That’s sounds like a good idea, thanks @nelsonT

[TTrumble]

Hello firmeh89,

Get the closing date amended if the sellers need the time. Two to three weeks should not have any bearing on your Clear to Close.

NACA policy requires that you be able to take possession of the home immediately upon closing, so a delayed move-out after closing is not an option. It can potentially be used as a means of trying to do an end-run around the owner occupancy requirement, and renting back to the sellers is a clear violation of the requirement.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

[Dreamchaser]

I’m new the forum…but I’ve been a member for about a year now.

So I feel like I have a case of the “closing crazies”. I have tried to wait patiently for our CTC…but I am stressing out! We received our initial CD on 12/13 with a closing date of 12/20. We were told that it was under review for the next two weeks, several conditions popped up…or didn’t pop up and our MC notified us. Well, as of 1/6 we have had no conditions and we keep getting told that our file is in “final review”. The file has been escalated twice and yet, no CTC. I’m just tired at this point. I know the MP dept by name, they hear from me every single day…I’ve traveled an hour(one way!) to my local office 4 times in the past two weeks and I just feel like there’s nothing happening. Like many of you, we are in a shaky living situation and paying storage fees and it is just getting to be such a drain on my mental!

[tricey718]

@DreamChaser We have a very similar timeline. I received my initial CD on 12/12 with a closing date of 12/19. I am closing today. You are close.

[lcovington]

New day and here is my update. We still have no updates and appears there is no end in sight. We were approved with minor conditions to address in July of 2019. We were expected to close on 12/20/2019 and have missed that date. Since then as of 12/30/2019 we are being assessed a $500/day fee for delayed closing from our builder (new construction). The house was complete on 12/1. Additionally, we have had to move out of our apartment with two young children (2 yrs old and 4 months). We have also had to cancel a planned family vacation that was scheduled to leave today to take our children to Disney World. This is truly a nightmare and our first mortgage is quickly becoming the most expensive mortgage I can imagine once we add up all the fees, temporary moves, storage fees, and the cancelled trip.

Does anyone have a POC they could share to help get a CTC or any general tips? We call mortgage processing and keep hearing we are awaiting the bank. We have also called Regional Director in our area and left 4 messages and have not had a response.

[Dreamchaser]

Congratulations, @tricey718 when did you receive your CTC? Also, if you don’t mind me asking…does the VVOE show up as a lender document? How do you know it has been done?

[tricey718]

@DreamChaser I received my Final CTC yesterday at 1pm. I didn’t even know when they issued UW CTC or when they completed VVOE. I have no clue who the spoke with. At that point, I was just happy I received Final CTC.

I had called Mortgage processing a few hours prior and my status was ACA – Underwriter review. It changed quickly.

[Nelsont]

I think naca strongly suggests not entering a contract with a daily fee even if the builder requires it. I do not think that would be a reason for loan denial but, I wouldn’t be surprised.

[Dreamchaser]

@tricey718 I pray we hear something soon! Enjoy your new home!

[lcovington]

Welp thanks for the encouragement @nelsonT

[tlthom76]

Hi @ttrumble,

When is an appropriate time to escalate my file? I have been stuck in APPROVED-Outstanding Conditions for a week. I called MP and they stated there was nothing else needed from my end and it’s in final review. I still have not received a CTC or CD and I’m truly scared because I have to give my landlord a 30 day now or I will have to pay another $1900 next month. I’m scared to give him a 30 day when I don’t have a CD. Please advise on what I should do.

T.

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