I need Assitance my mortgage file came back from BoA with the following condition:
6/15- Bank of America: Loan file pending decline, Debt- To- Income at 50.74% is exceeding allowable tolerance at 43.00%. Decline reason – Excessive obligations in relation to income.
The problem is I do not have excessive obligations and nothing about my financial situation has changed. My counselor responded initially saying that they possibly did not include the rental income for the property and he would check. It has now been almost two weeks 6/30 without any update or information on what needs to be done to get this corrected so it can be CTC.
In a situation such as this, let your counselor do his or her job. The counselor will file a response with the bank pointing out any inaccuracies to the bank and will bring NACA executives in on the situation if needed. It requies patience, which is very difficult to have at such a time, but that is what is needed while we work out the problem and get the bank to give the Clear to Close.
Thank you for your response! You were right the Mortgage Counselor did his job and submitted the corrections. That was stressful but I was able to close about the following Monday which was about a week later. I was total about 3 weeks late for closing and the sellers were getting antsy. But it all went through and I’m in my house! Thank you NACA. Now gonna help my brother agent a home as well!