Pandemics and Closings

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  • #66413
    msob24
    Member

    I signed a contract March 3, cut to today and all hell has broken loose. I’m still currently employed but my previously stable commissioned income is no longer necessarily stable. It’s difficult for me to project whether or not I’ll be able to afford the mortgage I seem to be commiting to. I’ve already put quite a bit of money down on this house and my lawyer is telling me that there’s no way out without losing my deposit (30k). I’m buying a home at the top of a market that’s about to collapse. Is there any possible way out of this thing without losing my down payment? Please advise….

    #66416
    Nelsont
    Member

    That’s entirely up to your contract wording and your sellers.

    #66438
    msob24
    Member

    Seems like my contract is entirely lopsided in favor of the seller my lawyer and realtor are telling me there’s no way out without losing my deposit. I find that hard to believe. Can I appeal to BOA directly? I cannot move into this home not knowing whether or not I’ll even be employed 3 months from now. I also cannot afford to lose my deposit, we’ll be depending on that money if my income is significantly affected or worse. Any advice

    #66439
    Nelsont
    Member

    You would have to read the contract. There would need to be language explicitly stating the deposit is fully refundable in the event of […]. Most of the time not being able to secure a loan is sufficient enough. In this case you would be able to secure the loan but are deciding to walk away which would probably be breach of contract. If the seller breached the contract you would be entitled. Since you would breach the contract it’s probably up to the seller unless as mentioned your contract says the deposit only belongs to the seller if the sale closes. That usually is not written in. Read the contract.

    #66471
    TTrumble
    Member

    Hello msmob24,

    I understand your concerns, but I honestly think you may well be overreacting a bit.

    I’m not sure how much of a “collapse” you are going to see. There’s already so much pent-up demand across the entire consumer segment of the economy that we will see things recover extremely quickly once this virus mess is finally behind us. If the politicians will get off their rumps and get the “stimulus package” passed, the economy is probably going to be okay with just a small dip, not a collapse.

    Where BOA is concerned, under no circumstances whatsoever are you allowed to contact them directly. Your NACA counselor is always your point of contact, or you may call NACA Member Services at 425-602-6222.

    Remember that you are still required to submit all pay stubs to your file right up until the time you close on the home. If your income drops enough to make the loan unaffordable, BOA can deny the loan right up to the last minute. If your Purchase and Sale Contract was written the way we suggest, your Earnest Money Deposit should be refundable if you are denied the loan, as Nelsont noted.

    If you walk away of your own accord however, you will without a doubt lose your EMD. The whole purpose of the deposit is to prevent you from making a last-second decision to walk away from the deal. The seller would have to feel sorry for you otherwise to not simply keep the deposit.

    In short, the best thing you can do at the moment is just ride this out.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66482
    plharris
    Participant

    Good morning @ttrumble@naca.com

    Is Naca and BOA working from home? I am wondering because I have no conditions provide and waiting on a CTC still nothing. Please advise.

    #66486
    Nelsont
    Member

    @ttrubmle has mentioned some offices in locations that have a shelter in place or are otherwise mandated by local governments are closed to the public but, the vast majority of local offices across the country are open for business. Remote counselling is taking place in all locations I do believe.

    BOA I don’t believe is working from home. Try calling the mortgage processing center.

    #66493
    TTrumble
    Member

    Hello plharris,

    Nobody from NACA is working from home as the majority of NACA offices are still open but operating with strict social distancing guidelines in place. From what I understand the BOA department in Texas that handles NACA loans is also operating normally.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #66495
    plharris
    Participant

    @ttrumble@naca.com so can I call BOA mortgage department?

    #66496
    plharris
    Participant

    I have the builders texting me for a confirm closing date, but I can’t get any answers from anyone. I know we are in trying times right now but at least provide some type of information. I work in mortgage so I know the struggles but I am working from home but I am giving my borrowers answers. This is frustrating because I can’t give the builder any information .

    • This reply was modified 1 year, 6 months ago by plharris.
    #66498
    Nelsont
    Member

    You cannot call BOA. You can call the naca mortgage processing department.

    BOA assigns a unique loan number to naca members so if you try calling BOA their computers will lock them out. Only BOA staffers assigned to the naca division are allowed to look at naca files and that department is completely internal with the idea that the only people who can contact them are the naca underwriters – not even the MCs.

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