Please HELP no CTC yet

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  • #62262
    mcm87
    Member

    Hi every one. I got my CD on 11/13 by law i have to get ctc 3 days before closing date which is on 11/20. I ave not get my CTC yet and im a lil concern about time. Im on my 5th extention and i think is the last one. Seller has been very patient with me…. any one please any advise?

    • This topic was modified 2 years, 6 months ago by TTrumble.
    #62267
    TTrumble
    Member

    Hello mcm87,

    I’m afraid you have some things wrong and you seem to be panicking as a result.

    The law says your Closing Disclosures (CD) must be ISSUED at least three days before you can close. There is no such restriction on your CTC. It can in theory be issued two minutes before you close.

    Relax and let your counselor do his or her job. The counselors just got a new tool in the system to help them manage files that need to be escalated, so I’m sure everything possible is being done to get the bank to issue the CTC. If the CD was issued on the 13th, the CTC should be happening just about any time.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #62271
    mcm87
    Member

    What about if i get ctc same Day?, i wont have chance to do final walk through.

    #62272
    Nelsont
    Member

    You will. It’s quite common. The title company needs about half a day to draw up the paperwork and schedule a time to close that fits into your local naca offices schedule. I got my CTC after business hours the night before. I did my walk through about an hour before I closed. Also for what it’s worth the bank doesn’t care about that because the walk through is completely optional and if it’s written into the contract as mandatory they may even ask to have it ammended/removed. That would be an unusual condition but still it’s not a requirement. Don’t panic. You will have time.

    #62273
    mcm87
    Member

    Thank you !!!

    #62297

    @mcm87

    Just stopped to give you a little encouragement didn’t get my ctc until I was sitting at the table at closing my lawyer had to stall just to give us more time for Naca to clear me. This is a roller coaster and very emotional time just stay focused on the end prize.

    #62298
    mcm87
    Member

    @New beginning 23 so is possible to do closing with out it ?

    #62301
    Nelsont
    Member

    No. The bank will not send the paperwork over to the title company without first issuing a CTC.

    #62313

    @mcm87 no you can not close without it. It just so happened that everyone was working together when the underwriters sent the ctc the title company already had everything ready the only party that didn’t know was the sellers and I didn’t know until I got there and my lawyer told me. Literally naca was asking me to fax over papers while I was in the sellers attorneys office. just letting you know even when it seems that all the odds are stacked against you, you can still close!! And that was my second time at closing but that’s another story!!!!!

    #62314
    Tara585
    Member

    @NewBeginning23, ok so whats the other story? We absolutely need to hear that!!

    • This reply was modified 2 years, 6 months ago by Tara585.
    #62340
    mcm87
    Member

    Hi every one and thanks for info. I spoke with mortgage dept. and sed my file was escalated on 11/19. I still have no ctc and i suppose to close on 11/20 base on CD info. Does any one know ehats next or how long would that take. I concerned im on extention and had to add 500 more as EM. Extention expires on 11/22. Im loosing hope.
    MC not responding e mails or any comunication calls straight to voice mails and all i got from title company is that bank is not ready for ctc yet and no reason provided.

    #62343

    @mcm87

    Call your MC from another number that usually works or go in to the office if you can. It’s crunch time you have to call and email every supervisor and their supervisor if you can. Good luck!

    #62345
    Nelsont
    Member

    @mcm87

    I was in your boat. The day before I was supposed to close I still didn’t have the CTC. I started making arrangements. But I got my CTC at night around 7 or 8pm. You still have a few hours. It may well come through.

    #62355
    mcm87
    Member

    I did. Shes not available and no answer e mails or calls. Like always

    #62369
    mcm87
    Member

    Good night every one!
    I still waiting on my CTC. My closing date was on 11/20 of course nothing happened. Called mortgage dept. said my file was escalated does any one know how long it would take. Extention expires on 11/22. Do i have to signe CD and turn it in ? Its on my web-file and hard copy as well. Any help

    @TTrumble

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