Refinancing Home Mortgage
In: Mortgage Lending
14 Apr 2010I AM SOOO FRUSTRATED!!! We were SO CLOSE for our underwriter to sign off on our loan… They asked the IRS for my husband’s 2007 and 2008 tax transcripts. standard procedure, i know. Well, the frickin IRS misfiled his 2007 return, and it never even got processed!! So no transcript was available, all they had was copies of the stuff i sent it. They said they need to redirect it to the proper department, and it will take 6-8 weeks to process. WTF. Our second extension expires Dec. 4, and I highly doubt the sellers will extend again. Do you think the underwriter (through Bank of America) will accept what they do have? At least it will show the IRS does have our info, we did file, and his income for 2007.. What do you think? Am i screwed?
actually tax lady, it is the IRS fault. we DO have a return receipt stamped by the IRS. please dont make assumptions and then neglect to answer the question asked.
This is about mortgage information questions.
6 Responses to If you know about the mortgage lending process please help!?
RT
April 14th, 2010 at 10:29 pm
Who knows – mortgage lenders are really weird these days – good luck!
the tax lady
April 14th, 2010 at 10:52 pm
I don’t think this was the IRS’s mistake.
If your husband had a refund on his 2007 tax return, he failed to notice that he never got it.
If your husband owed on on his 2007 tax return and sent in the return with a check, the IRS would eventually reminded him that he had a credit and needed to file.
I doubt your husband mailed by certified mail and has proof he filed something in April of 2008.
bobby769
April 14th, 2010 at 11:32 pm
I would suggest you consider asking for an extension. The only reason the seller won’t go for it is if they have another buyer interested in their house. You might be able to get this info from the RE agent.
Colin
April 14th, 2010 at 11:37 pm
Yikes! I am a mortgage banker and I’ve never had that happen before. If you have compensating factors like good credit, good LTV, extra assets, etc. then you may be able to get an underwriting exception to close without the IRS transcripts. If not, you are screwed as it will be in the IRS’s hands to fix their screwup.
Good Luck!
1stClassMortgageService.com
April 14th, 2010 at 11:38 pm
I think you are screwed. From what I hear B of A is pretty darn tight. They are too big to fail & to big to give exceptions! I just find a different lender, problem solved close in maybe 2 weeks.
David Z
April 15th, 2010 at 12:16 am
the sellers have no choice probably. It is not like they have a line of buyers waiting to make offers. they will be disappointed but they will likely not start all over and put house back on market
ask underwriters of the W-2’s are sufficient to move forward. ask underwriter what options are.