My terrible NACA experience

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Viewing 15 posts - 1 through 15 (of 23 total)
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  • #75943
    nybuyer84
    Participant

    NACA- Unorganized, apathetic, and down right negligent at times. Terrible communication between their own departments, and between NACA and BoA, as well as lack of accountability. They have no incentive to improve because anyone getting involved must sign multiple hold harmless documents (there’s a reason for that) so anyone that gets burned by the poor way things are ran has absolutely no recourse.

    I spent over a year submitting every piece of paper I was asked for- DILLIGENTLY, and immediately. I found a house I loved and that worked for me but needed some repairs. This was my first experience with the HAND department of NACA. The deal fell through because the list of repairs I got from HAND totaled upwards of $70 000 and in order to move forward I would have to acquire a lead test and assessment to the tune of $2500+ before I could even decide if I can afford to go forward. So that deal was dead. Ok, stuff happens. Not great, I’m out $600 for the initial property inspection but hey, NACA’s still worth it.

    Second deal, found another property that worked well for me, got the inspection, signed the contract, but unfortunately the appraisal came in low- bummer but not in any way NACA’s fault. What IS their fault is the way everything unfolded from that point on.

    I had signed my contracts and was about 35 days away from closing when I got the initial appraisal report back, I disputed it within 48hrs (might even have been the next day) AS PER NACA’s instructions, following everything to the T. After submitting I followed up with every contact I had- Mortgage Counselor, Hand, etc, because I hadn’t heard anything from anyone. Well it turns out ny dispute hadn’t made it to BoA for almost 20 days and nobody could give me an answer as to why or how this could possibly happen, after I did everything right. Nobody would take responsibility. Ok, again, stuff happens. I secured a 30 day extension from the sellers as well as a price reduction on the property and worked it out with HAND to order what they call a “Subject-to-appraisal” to hopefully raise the value. I’m feeling good. I had checked with my mortgage counselor that the loan is active, I had triple checked with HAND that the second appraisal was ordered. I transferred money from my retirement account to make sure I can cover any expenses out of pocket.

    I am waiting patiently because I was told it will take 2-3 weeks for the second appraisal to come back. I’ve done everything I can- asked all the right question, etc etc. I got contacted 2 weeks after the supposed appraisal request submission by the HAND director asking if I’m still going ahead with the house. Ummm excuse me? Apparently my loan application was suspended/declined, the request for the second appraisal was never received and Bank of America was never notified that I am in fact continuing with the property. I had notified the HAND Director – Tammy Johnson and my Rehab Specialist- Aeron Hernandez, my mortgage counselor- Michael Swanson, and someone from the mortgage department named Miguel Correa, that I am going ahead with the property, and had continued to submit paperwork.

    So this is where I am today- 7 days to my closing date, 65 days after my contract was signed, at risk of losing my deposit, wasted $1500 on inspection fees, estimates, wasted a year of my life following ALL the rules, fulfilling ALL the requests, going above and beyond with following up with anyone and everyone.

    This is negligent. I have no other words for the way this was handled. I had some glimmer of hope up until yesterday (when I discovered nothing had been progressed on my file for 2 weeks) but I don’t any more. Zero accountability, zero follow through, lack of knowledge, they complain they’re understaffed but there’s 6-7 people involved in getting your file approved and when anything goes wrong they keep blaming it on someone else. I have emails to back all of this up. I know have no choice but to request a letter of denial on Tuesday so I don’t lose my earnest money deposit. I’ve already lost a year of my life on this program, money, time, piece of mind.

    I’m at a loss for words. Maybe my case is an exception but I don’t feel this is acceptable and I think people should think about their options long and hard before trying to go through NACA and in particular for a house that needs any repairs.

    #75944
    argreene
    Participant

    No it is not unique I was told I would not be mortgage ready for six to twelve months after over a year of submitting documents and saving, I could never get in touch with the MC member’s service could never help me, at the second meeting she gave me all this other stuff to do that she forgot to tell me to do in the first meeting, I have tried to get in touch with her since May.

    Tell you what I did because of being fed up, I put in for a fha loan got a $8,000 and $30,000 down payment assistance totaling $38,000, I was also approved with a coventional loan, and a usd loan, so I was altogether approved for five loans of course I will be taking the one with the downpayment assistance. Tell me I am not mortgage ready!

    #75945
    readytobuy21
    Participant

    You’re definitely not alone. I was told by my counselor I was ready for approval. On June 3rd we were scheduled to meet to have my file packaged and submitted to the underwriters. June 3rd – no call no show and no email. Two weeks later I’m told a lot of staff quit so each counselor had to pick up extra files. End of June, After several emails and no response I reach out to customer service. Counselor sends me an email saying my file has been pushed back because the additional workload received had clients who were futher along in the process then me. July I sent another email to follow up and was told all of the counselors were still behind and the counselor could possibly get back to my file in 2 weeks or so but that’s not guaranteed.

    After being in this program for an entire year, doing everything asked and finally being told the file is being submitted- it’s a HUGE let down to now be put on hold. It’s as though ( in my personal opinion) participants are being taken advantage of because NACA is aware people want/need NACA’s services. While I do understand some clients may need several years to qualify, those of us who are qualified shouldn’t have to continue to play the waiting game.

    I started with NACA because I have a large amount of student loans. Recently in the news I read the government and other mortgage lenders are changing the way student loans are calculated to now include the actual payment amount instead of the 1% calculation. At this point I’m weighing all options since NACA has stopped working on my file.

    #75946
    nybuyer84
    Participant

    NACA needs to fix it’s process. It sounds like they’re dropping balls left and right and can’t keep up because of the way they do things.

    I’m extremely disappointed because I did spend a lot of money out of pocket but at least I’m fortunate enough to have a stable employment and I’ve saved enough money that I’ll survive this hit. But what about all the people that are using this program because they don’t have that luxury?

    You’re asking people to spend money out of pocket in good faith to just keep letting them down due to the way things are mismanaged? My post didn’t even go into detail about some other things that happened that were going to cost me an additional $8500 out of pocket because people are doing jobs they’re not qualified for.

    Stop collecting new membership fees and start fixing your process NACA.

    #75955
    nybuyer84
    Participant

    argreene, can you tell me what state you are in and what grants you applied for?

    Thank you

    #75960
    readytobuy21
    Participant

    @ttrumble Do you have any advice on how to speed up the process or change counselors in order to have my file submitted? Last appointment with my mc was May 20th. Another appointment was made May 3 to submit the file but nothing happened. We’re now in mid July. My lease ended February 28th and I pleaded with my landlord and they gave me a 3 month lease until May 31st. Now I am on a month to month and my landlord increased my rent July 1st. I was also told they can continue to increase the rent amount until I sign. They are also asking when I’m going to either move or sign a new 1 year lease. At this rate, if they continue to increase rent, I won’t be able to afford a home purchase and will have to find another place to live. Is there anything you can advise? Thank you in advance.

    #75976
    nybuyer84
    Participant

    @readytobuy21

    Somehow I highly doubt they will address this. Btw I just did some very rough math. NACA has 2.7 million members and they said they have helped 9500 households to buy a house in the last 2 years. That is 1 out of roughly 280 members buying a house over the last 2 years. So now it makes perfect sense. It’s a waste of time, go play the lotto.

    #75977
    Nelsont
    Member

    @nybuyer84

    It’s 2.7 million members since 1980. You continue being a member after you close.

    #75978
    nybuyer84
    Participant

    @Nelson

    I subtracted the home purchases from the member total up until 2 years ago. The number is correct.

    #75979
    nybuyer84
    Participant

    So the community you purport to help- you help 1 out of 280 of them and you screw the rest by wasting their time and money. It’s a counseling scheme to sign up as many people as possible. And the numbers don’t lie.

    #75981
    Nelsont
    Member

    So what you are saying is naca sells on average 240 homes per year across the entire country total?

    #75985
    nybuyer84
    Participant

    No.

    First of all there’s no evidence of how many homes they actually facilitate. I took the number from an article and it’s what the CEO said.

    27000000 memebers.
    Minus 32000 members that have a house as of 2 years ago

    2668000 members without a house as of 2 years ago
    Divided by 9100 which is the houses they say they’ve helped buy in the last 2 years.

    And that equals roughly 1 house for every 290 members

    #75986
    nybuyer84
    Participant

    From where I stand there’s zero incentive for any file to be brought to completion properly because there’s 300 other suckers right behind you waiting for that one house.

    #75987
    Nelsont
    Member

    OK so help me understand.

    Is 2.7M the number of active members or the total number of members who have gone through the program since 1980?

    #75988
    nybuyer84
    Participant

    As per NACA’s website:

    How large is NACA?
    As of early 2019, NACA has forty-five offices nationwide and is rapidly expanding nationwide. NACA has 2.7 million members and is one of the largest grassroots organizations in the country.

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