Not closing on time

[misspritcy1908]

It’s been 5 business days since BOA has responded. We were supposed to close on Nov 1,2019. I asked my MC IN saint Louis all last week if he thought we would close on time and his response was “I think we are in good shape.” I
Continued to explain that our lease expires Oct 31,2019. Yesterday I was told by mortgage processing that we won’t close by nov 1. Seller is only willing to give extension until Nov 5. My realtor and I have reached out to MC several times via email and he hasn’t responded. I have lost
Sleep over the uncertainty and I’m worried about the future of my family. At this point I feel as though I may have to seek legal action if close doesn’t happen by Nov 5. BOA seems to have tactics they use to buy time by sending conditions that were previously addressed. I am very upset that I will even have to seek legal action because I thought NACA was actually a good program until recently.

[Nelsont]

If you seek legal action it will be you against BOA, the 2nd largest bank in the country, with virtually unlimited legal funds to assemble a team that will bury you and provide a response of your file is being treated the same as every other file and show numbers that suggest the national average for closing on time is 66% for all banks. The court will rule in their favor unless you can prove malicious intent.

[misspritcy1908]

Wow your really some help. Reading all of that and
That’s what you gathered from post? Are you really a NACA member? I was sure this forum was built to “help.” This is the first negative response I’ve ever seen on here

[DCL822]

Hello @misspritcy1908 I am so sorry this is happening to you. I too am not closing on time but I currently live with a relative so I do not have the additional stress of worrying about having a place to live. My best advice is to call the processing department every day to get updates on your file. They have been a godsend to me. And if you call and they transfer you to member services, hang up and call back. Just keep trying until you can get through. My counselor has not been very helpful with providing me with updates. But whenever I call the processing department, they really look over my file and let me know what’s going on and they have even sent messages to BOA while I was on the phone with them to address a condition I was worried about. So call them, let them know your situation and they may be able to get in touch with BOA and perhaps maybe escalate your file. I hope everything works out for you:)

[Nelsont]

I am a naca member. I do not work for naca nor do I claim to do so. I apologize for being terse and I understand some of my responses can come across this way. What I am trying to do is show that, while unfortunate, people are put in your situation quite frequnelty and by every bank in the country. I am sorry you are going through this, nobody ever should but, the bottom line is your situation is quite common and taking legal action will be more trouble than it’s worth. That’s just my opinion. You can do what you want though if you are asking for my advice I think taking legal action would be as far from “help” as you possibly can get with the potential of BOA not wanting to work with you. The numbers are out there for the public. Closing on time in the USA is a craps shoot. I am sorry I offended you.

[misspritcy1908]

Thanks, this is just so frustrating. I have reached out to everyone. File was escalated, however still no action.
This program needs adjustments. I am so frustrated and not sure what to do.

[Peapod0609]

@misspritcy1908, what is the hold up according to the mortgage department, is it just waiting on the bank? What is your status in the web file, and what did they tell you they are waiting on?

And honestly, I agree that legal action is likely a waste of your time and money, I would not advise it. Nelsont was not being harsh, just honest. Unfortunately, lots of loans don’t close on time. Even more unfortunately, you aren’t the first person on here to not have a loan closed while your lease expires either, I’ve heard others on here say the same thing.

What I am trying to say is, I really doubt that the bank is screwing with you. Loans don’t always close on time. It happens, it really does. And Bank of America has been notorious for not being good with closing deadlines, even with non NACA mortgage closings. So you would have to prove that they went out of their way to hurt you, and you would have to prove that in court. If you can’t do that, you’re wasting your time with legal action, in my opinion.

You have to realize that’s just kind of how BOA operates, and also they have been backed up at multiple stages this year with their NACA loans. I heard this from my MC when we signed our bank app just a few weeks ago. Yes, the process needs to be better, but I do not think you will be able to do much legally unless they did something out of the ordinary with your file AND you can prove that.

• This reply was modified 2 years, 2 months ago by Peapod0609.

[misspritcy1908]

BOA is the hold up. Why say they have 72 hours if that’s not truly going to be abided by? We have
Received commitment letter and on check bar it says “mortgage process.”
I am learning that this is how they operate, however how is this fair? We will also possibly lose house and money we’ve invested into this. My MC Also has stopped responding to both my realtor and I. But I’m suppose to remain positive and be okay because this is how they operate?

[Peapod0609]

No one says you have to be happy about it, but that is just how it has been going this year. As I said, the bank is experiencing some delays, so their 72 hour window might be a little extended at the moment.

You also have to realize that their workload for NACA loans is way higher than in years past. Last year, Citi left the mortgage industry and NACA no longer does business with them. All of their past workload has been shifted to BOA this year, and with NACA doing much more advertising recently, BOA now has something like 2-3 times the workload that they were used to. And while they have been staffing up to try and deal with this per @Ttrumble, there are going to be delays in the mean time, unfortunately.

My only advice is to call the mortgage department each day and ask for updates, and maybe call the office and see if the office manager can further escalate things.

[misspritcy1908]

Thank you

[southflorida]

what’s the number of the mortgage department? When I went through NACA the process was different and you were assigned a Closing Coordinator.

[DCL822]

@southflorida The number for the mortgage (processing) department is 714-822-6222

[Nelsont]

The process did in fact change about 2 months ago. And per @ttrumble there are further changes in the works to make everything flow more smoothly in the near future.

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

[Peapod0609]

I will say that for me personally I am glad that I am further along in the process than I expected. Over the summer I never would have dreamed that we would be under contract on our #1 home and so close to closing in November, as our lease expires in February. Because I cant imagine trying to juggle all of this stuff while you have an expiring lease, that’s really tough. I hope you all get your clear to closes very soon!

I will also say that the mortgage department is absolutely a godsend for me as well. It is so convenient, you can get instant updates on your file practically on demand. If the rest of the NACA process was that easy, I think hardly anyone would complain and it would be so smooth. Perhaps one day they can expand on this process and continue it out to other parts of the NACA experience, because this really works. Those people are so helpful, and they have really helped me get my file moving along.

[jogearce]

Mine took 3 months to close at absolutely no fault of my own. There are things that are out of our control. At the end of the day, this the best mortgage is America and very well worth the unnecessary pain.

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