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Tax Fraud Victim = No Return Transcript <> Approved to close...

Have any lenders in the Atlanta, GA area worked with tax fraud victims who are unable to produce a return tax transcript? If so, how have you managed those cases, especially for a FHA loan?
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June 15 2012 - Atlanta
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Profile picture for user27068665
Thank you very much for your very prompt and insightful response. May I ask...how did you lose 4k in the process? Also, what documentation satisfied both parties in order to close? How much weight did your loan officers statement at the beginning of the process have on their decision to close your loan? Lastly, was it FHA? Once again, I really appreciate your responses.
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June 06 2013
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From experience, and I was the original poster of this message, it all comes down to the bank and its investors. The lender that we chose seemed to be very conservative and the investors kept telling the underwriters that not having the transcript was a deal breaker. Since we were promised and promised by the broker that the loan was going to go through, and we had already spent money on the inspection, the appraisal, and the earnest, we remained with them, but if those had not been our conditions, we probably would've chosen another broker or bank. We missed our closing once, and before then we negotiated a change in the closing date, which we missed, and then we also missed the final and last closing. Which meant that we had lost over $4k and almost 2 months. We had to escalate it with the chiefs of all chiefs from both the broker and the bank that had picked up the loan after we entered in a new contract with more earnest down. Suddenly, after we did all that, we got the almighty clear to close. Had we known that all we needed to do was escalate, we wouldn't have had any issues. I've been living in my house for almost a year, so at the end, it worked out. However, what's different on my case is that we knew about the Id theft and communicated it to the broker early on, so our argument was that they made us believe that our loan was doable when it almost wasn't. So, in summary, it all depends on the investors. Some will require more docs in lieu of and some will not.
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June 06 2013
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Was your clients case successful? I am in the same boat. Was just notified by the IRS that I am a victim of i.d theft. I am a week away from closing and my lender feels we hit a brick wall? This is an fha loan as well. Please offer your advice.
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June 06 2013
Profile picture for user961948
At least your client had guidance from the underwriter... It is not the same to do the legwork and been told that "let's try if the underwriter will accept it" rather than the underwriter saying "I want this or that."

From previous experience dealing with a similar situation but not during a home purchase, the police required calling 911 to file a report. Called many times, no police came home or called back. Contacted the attorney general who said: "I don't want to discourage your efforts, but the police will not help." 

The lender was informed of the situation since the onset of the process because they could have at least communicated the situation to management or the underwriter to provide guidance.

Did you or your underwriter told your client what was needed the day before closing?
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June 15 2012
it's not up to the lender to plan for it other than to deny your application.

The client I had that had that issue involved a lot of calls and letters with the IRS, with a taxpayer advocate service and with his congressman as well as filing a police report. The client did all the legwork based on guidance from my underwriter on what she would accept.
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June 15 2012
Profile picture for user961948
So, if the lender does not provide evidence of a police report nothing can be done? What about an Identity Theft Affidavit? The IRS requests to fill those out in lieu of a police report since it's commonly known that state police is hesitant to help in identity theft issues, more so if they fall in another jurisdiction such as federal.

What about written statement from the Taxpayer Advocate Service regarding the issue? Is not the fault of the borrower that he / she is going through that situation.

I can imagine that it is an administrative hassle, but what happens if the borrower notifies the lender at the beginning of the application about this and the lender is not proactive to plan and request items up until the time that they have to close?
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June 15 2012
yes, and it was such a drawn out PIA to do that.....never again.

(to start you need to file a police report)
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June 15 2012
 
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