November 1, 2019 at 12:41 pm #61869
Wow 3 months? We received commitment letter last week and thought that the process was almost done.November 1, 2019 at 12:43 pm #61870Peapod0609Member
The process is almost done at that point, but I know they had an issue that wasn’t being taken care of that greatly delayed their closing. They made a thread about it months ago, it was pretty crazy.November 1, 2019 at 8:54 pm #61880
We just received clear to close!! File was escalated again and it worked. Praise GodNovember 1, 2019 at 10:23 pm #61881
I am in the exact same boat. I was supposed to close on 10/25. Me, my agent, sellers agent, and title co were all emailing and calling that week to see if we were on track to close. MC replied to email at 10pm on 10/24 that we wouldn’t close. The next day we got CD and were given a close date of 10/29. Then, we were given 10/31. Both those days have come and gone and nothing has happened. Sellers gave an extension to today 11/1. MC was informed that sellers will not sign an extension until they get a firm closing date and will only sign 1 more extension. Sellers agent sent a VERY angry email. Called MC today and explained that sellers are threatening to walk and can they please let us know something. He said we’d get the CTC today and close Monday but got nothing today and of course, heard nothing else from anyone. We’ve already been escalated but that seems to have not done anything either. I haven’t heard from closing coordinator since 10/25 despite leaving messages. I really do not want to lose this house! But I honestly don’t blame the sellers for being upset. The lack of communication is ridiculous. I’m just not sure what else to do at this point.November 2, 2019 at 12:04 pm #61883frankysmomMember
Can you go to your local office or the nearest office? I would most certainly show up there and demand answers.November 2, 2019 at 1:05 pm #61884NelsontMember
Due to the sensitivity of the information provided by the member your MC and every one else in naca will almost never speak to anyone except the member themselves. Unless you specifically ask your MC to speak to someone other than you and they specifically say who they will agree to speak to then anyone else even your agent will be wasting their time. And even then your MC will be going off script so to speak. It’s because of this among other reasons as @ttrumble has said naca has never had a data breach or case of identity theft in over 30 years of existence.
As far as your seller. If they realize the situation then you will buy this house. There are only 2 reasons boa won’t clear you at this point and that’s a sudden change of circumstance like you lose your job or a misrepresentation/error on your file. For your seller to pull out now then they are looking at relisting in the slow market period and potentially having zero market interest until march or April. Sellers do this as a knee jerk reaction not understanding the bigger picture thinking somehow they can obtain the upper hand from either you or the bank. They are wrong.November 2, 2019 at 1:16 pm #61885
We now have CTC. Thank u for your inputNovember 2, 2019 at 2:31 pm #61887
@frankysmom – I’ve tried showing up as well. Still don’t get far doing that either.
@nelsont – when my MC replies, he always copies my agent. He doesn’t mind informing her, but the issue is he very rarely responds to anyone, even if its just me asking. As far as the sellers, although November would typically be a slow market, in our city its actually been super competitive still and bucking the usual market analysis. So yes, while they’d have to start the process over, they’d also most likely get a much higher offer. They know this and are wielding that power. As far as their agent, she’s just upset because they’ve been given so much misinformation. I’d honestly rather someone just say “we have no updates” rather than tell me one thing and then do another.November 2, 2019 at 5:38 pm #61888cynthesizedMember
@misspritcy1908 how did you escalate? My seller gave me a final 3 day extension yesterday and I received a commitment letter 11 days ago.November 2, 2019 at 5:42 pm #61889
@cynthesized I know your question was for someone else but I actually called the mortgage dept and explained that our sellers were threatening to walk away. They then put me on the escalation list, but it had to go through my MC and he is the one that actually escalated it. He says its escalated to the CEO. But that was done 3 days ago and nothing has changed so I can’t tell you what the time frame is after an escalation. We got commitment letter 17 days ago.November 2, 2019 at 5:49 pm #61890
@cynthesized I requested that my Mc escalate. He escalated it twice back to back. Boa then tried to repeat same condition and the regional director then contacted BOA. Hours later we received notification of CTCNovember 2, 2019 at 7:22 pm #61891cynthesizedMember
Thanks for you replies, they are appreciated, whomever they come from! My MC is not responding and neither is the regional. I know that doesn’t mean that they’re not working on it. I want to have faith that the people at NACA are trying their best to do what they can, and I know their intent is noble. I know what it means to be overworked and the stress that that causes so I get it.
For me, my major complaint with NACA has been just the lack of communication sometimes simply responding that you’re working on something can set someone at ease. I had a very impactful change of circumstance submitted In error and without my input and it completely restructured my deal all because they weren’t looking at the most recent bank statement that showed sufficient funds to close. So they just removed my contribution, and I still have no communication on that 2 weeks after it was completed. I’ve given up on having that fixed, even though it means an extra $60 a month for me just so that I can get to the closing table.
Though this process has been disappointing and not as fruitful as it was originally planned to be I still know that I’m getting a better deal than 99% of people seeking mortgages so these pain points will still be worth it… As long as I actually close on this house. And that remains to be seen. I just want to thank everybody on this forum because when you constantly check your Web file and constantly check your email and nothing changes you can come to the forum and at least get something.
November 2, 2019 at 9:27 pm #61893NelsontMember
- This reply was modified 2 years, 6 months ago by cynthesized.
There needs to be more people on this forum who have faith in the system and see the bigger picture just like you.November 2, 2019 at 9:34 pm #61894
I do see the bigger picture too but it’s also extremely difficult to have faith in the system when you’re about to lose something you’ve invested money and almost a years time in. That’s just being honest. I know some think sellers don’t really walk away but that’s not always true. I know 2 examples in my city where the seller walked away. I think people can appreciate the program and still be frustrated.November 4, 2019 at 9:07 am #61919Peapod0609Member
@leolish every area is different and has different market conditions and what not but sellers don’t usually walk away when you’re so close. Not saying that it never happens, it’s just that more often than not it is used as a negotiation tactic, and it’s bluffing most of the time.
Now, as you said it’s a pretty quickly moving market so maybe in your case the seller could be more inclined to actually walk, so I can definitely understand the frustration there. Just keep calling, emailing, and asking for answers. I’m sure they will come eventually.
@misspritcy1908 congrats on your CTC!
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