Submitted to Underwriting Today

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Viewing 15 posts - 76 through 90 (of 154 total)
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  • #1362
    cynmercy
    Participant

    @TTrumble,
    I emailed to you NACA ID…
    Thank you….

    #1369
    channon1208
    Participant

    Day 7 no appraisal. Emailed MC to get an updated and got a reply email everyone is out of the office for a Save the Dream workshop until July 2nd. Closing scheduled for July 5th. Looks like I’ll be living in a hotel until whenever, this is so sad for me.

    #1386
    channon1208
    Participant

    trying to stay positive and keep you updated on my status. Some activity in my file today with some of the conditions marked “addressed” but still no apprasial which means I can not go forward and the other conditions can’t be addressed. Counting down the days until I am either in my home or homeless.

    #1457
    limitedtrack
    Participant

    Channon1208, please provide status. Im new to the forum and have been following the process by reading your posts.
    My file is being submitted to underwriting, and wondering if it will take over 5 weeks to get to the closing table.
    Good luck to you and keep updating.
    thank you

    #1458
    channon1208
    Participant

    @limitedtrack, I will keep you updated. Right now I wating on the seller (bank) to agree to adjust the asking price on our contract to the appraisal value. My realtor is very confident they will becuase the comps support the aapraisal and all the homes sold in the area the last 3-6 months were also foreclousers and they all closed for less than the asking price. Hopefully I will know by Tutesday and hopefully they will get the adjusted contract back quick.

    #1487
    tawannab76
    Participant

    @cantwait. Please provide status on your journey……

    #1488
    tawannab76
    Participant

    @packedandwaiting Please provide status on your journey……

    #1491
    PackedAndReady
    Participant

    @ tawannab76 Wow! I just noticed my original post to start this thread was May 8. Today is July 3 (Happy Fourth, everyone!) and we are still waiting to be approved in NACA underwriting. My newest counselor has been very good about submitting underwriter requests and following up with me. Each week we have had more information to submit. The last few submissions have been duplicate information, just in differrent format. I now do a monthly Excel spreadsheet and just update it as we go along with all of the other info we have to update, including alternate credit sources. I never argue or question, I just get busy and get the work done and turned in within 24 hours or less. At this point I can sense that my MC is finding some of this “necessary additional” paperwork a bit extreme. We should be just about finished as they have our life story and credit transactions all the way back to 1999. Every purchase has been documented and explained, every i dotted and T crossed, rent paid, credit okay, jobs 20+ years, no payment shock, and money saved. As soon as anything happens, I will immediately come here to the Forum and post an update. Let’s get this show on the road!!
    I am remaining…
    PackedAndReady

    #1496
    deachr519
    Participant

    Wow. That is amazing. When did you start this entire journey? Thanks!

    #1507
    PackedAndReady
    Participant

    @deachr519 … We joined NACA in July 2009 and worked on minor credit issues to prepare for our mortgage application which took place November 30, 2010. Since that time we have been working toward getting a mortgage. We are self-employed and that entails submitting all manner of documentation in order to be approved. The long time table I cannot explain other than our original counselor dropped the ball and was not able to pick it up and run with it again. I came to the forum last March (2011) and was able to find others in a holding pattern who had tried different things to un-stall their processes. I tried many of those suggestions and everything else I could think of to move our process along. A very kind administrator of this Forum worked deligently to assist me in motivating the original counselor, all to no avail. A new counselor was assigned and progress was made. We were submitted to NACA underwriting 2 months ago and all was going well until that counselor left the employ of NACA. We ended up back with our original counselor for a month. No response to any of my communication attempts were ever received back from this counselor during that month. June 14th, I headed downtown Houston to the NACA Home Save event and waited my turn to speak to a new mortgage counselor. She is from another state but that has not been an issue as we have made more progress in the last month than in the entire previous 18+ months combined. It is wonderful to be working with someone who is motivated to help us get our mortgage! After 19 months total in the application process and four counselors later, we are so close to NACA approval it is hard to believe. And yes, we realize that NACA approval is only the beginning of the purchase process, but we will not give up hope that one day soon we will go from being “the little family who could” to “the little family who did”!

    #1509
    channon1208
    Participant

    Hang in there you’re in my prayers. This process is not as easy as it sounds but it’s worth it in the end.

    #1530
    limitedtrack
    Participant

    to packed and read
    Your plight sounds similar to mine. I am packed and ready to move. I cant get status from anyone.
    The most stressfull part of this entire process is the not knowing. If someone would provide frequest updates, the stress would be minimal.
    Ive been told that my file was ready to go to underwriting. Im still waiting for underwriting. Ive been told that someone would look at my file, contact me with status. I’m still waiting. I have to move. Based on your entries, once my file is approved by underwriting, it will be several more months before aI close.
    I wish you the best of luck but Im not sure if I can do this much longer.
    I understand patience, but it’s the not knowing what to expect next, that’s difficult to accept.

    #1532
    channon1208
    Participant

    This part of my process has nothing to do with NACA. Yes NACA could use approvement in many areas mainly communication. Over the last couple of weeks I have used my frustration as energy to really study and understand the home buying process. The home my offer was accepted on was below my NACA approved home purchase amount, it went to “highest best” and my offer was accepted for the asking price with no down payment because I was buying down points I asked for no seller concessions. Here is what I have learned, it would not have attered if I was using NACA or any other lender/broker becuase the problem is the home was grossly over priced. Because this is a buyers market and most homes for sale are foreclosures offers are strating a bidding war for buyers. Bids are going way past asking prices which is what happened with the other homes I put offers on than it still may go to “highest best’ it was Gods grace the my offer was accpted. But no one can predict is what the home will ‘value” at during the appraisal. Homepath offers a lot of incentives and don’t require an appraisal I am have learned why, they can sell houses above their value, so a buyer who thinks they are getting a good deal with no closing and buyer incentives are really not getting anything but given up something, they can end up in a house with negative equity right off and never know it. That’s why I didn’t do Homepath. Either the seller of my house”Fannie Mae” or the realtor they used to sell it placed an asking price on the house that was way below the value of the house. I als learned that their option is to lower the price and complete my sell or they can put it back on the market and hope for a cash offer (doesn’t need apprisal) or run the risk of another buyer walking away becuase the apprisal stays with the house for 6 months a re-apprisal could come back even lower than mine. But they are still in control at this point, my comps justify the value at this point because there were 3 other house in the same community I lost out on due to bidding war and the all sold for less than the asking price.

    #1548
    channon1208
    Participant

    unexpected surprise this evening. My realtor called me to let me know I needed to sign not only my extenstion for closing but my price admnetment. Thank you GOD!!!!!. When I downloaded the form from my email I still couldn’t believe it, they accepted the apprisal amount and adjusted the sales price to the apprisal value. I am now paying 12, 900 less for my home and my closing is scheduled for July 13th. I signed and faxed back the amendment as fast as I could. The only things not addressed as I said before were lender items that were dependent on the apprsial. I am so excited I can’t type, I need to go pray and I will update you soon.

    #1555
    PackedAndReady
    Participant

    So happy for you channon1208!!!! Things are going your way and you will be a homeowner by the end of the week at a lower price than your expected and with this amazingly good interest rate. Three cheers for everyone involved in getting your process over the finish line! Be sure to keep us updated in the coming days. Good news is always welcome!

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