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Small Schedule F loss

Had 3 loans over 18 years - never a problem.  Trying to refi.  All the numbers are great. Looking for conforming 10 yr fixed. We've always had a small schedule F loss ($1k).  Most lenders won't touch it.   As a fix, we haven't done 2011 taxes yet, so can file without Sched F for 2011 plus a CPA letter stating we'll drop it - or whatever.  Who's the go to lender?
  • February 24 2012 - San Diego
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Answers (12)

Best Answer

I would suggest you be proactive and take the steps prior to applying. You need to get the taxes filled because they will want the 4506T and that will take 6-8 weeks after filing. You will want to make sure all the trees are removed otherwise the lender will assume you will just revert back to "citrussing."

As for who to call? I would definitely work with a mortgage broker, preferably one that has actually dealt with this issue. It's actually very common in San Diego county with all the groves. 
  • February 24 2012
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Well, originally I was thinking as you are.  But apparently not every loan agent has the experience or knowledge to get the loan funded easily, smoothly and reasonably.  Why?  I don't know, but it seems to be a problem for some, so I've had to look around.  However, I think I'm in good hands now, so I expect it will get done.  Just needed some more experience on the case.

  • February 26 2012
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Great info ion the F schedule.

Assuming your F loss is just to lower your other income that you intend to use to qualify for the loan, why would it be a problem? And why do you not just go back to the last lender (mortgage broker) that  you refinanced with?
  • February 26 2012
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I can also confirm the Professor is an Avocado loan specialist.

  • February 24 2012
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  • February 24 2012
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Your CPA would have a better time frame estimate than I so verify with him when transcripts can be pulled. Sounds like if you take the steps noted it should be a breeze. 
  • February 24 2012
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Thank you Nic.  I did not know to do that, but it's been done.
  • February 24 2012
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I've already rescheduled to see my CPA today, and she should e-file early next week.  I was told 15 days after that to check the 4506-T.  You think more like 42 to 56 days before they can verify?
  • February 24 2012
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user--If you're looking for a great referral in California I would suggest clicking on the Professor's profile below and contact him, he should have a great person for you to contact who can help you with this refinance.
  • February 24 2012
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It's a citrus.  (BTW - Did you know Avocado is a citrus)

OK, I'm on board, but which lender?  Should they all have no prob with the fix, or who is cooperative so I can get this done at a reasonable rate?
  • February 24 2012
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Most conforming lenders won't touch it because you are claiming agricultural use of your property. You will need to file your 2011 returns without the schedule F, provide the CPA letter and don't be surprised if the lender asks you to remove whatever the agricultural product is from the property with proof. Let me guess, avocados?
  • February 24 2012
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So when you file will the loss be ther or not? No lender will go with a promise not to put something on your taxes. If the loss has been an issue, get your 2011s done and filed.
  • February 24 2012
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