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Answers (6)
- FRANK STADLER, "25 Yrs Mtg Lending"
- Contributions:76
DWD69,
This will be a problem, however I just closed a purchase last week and my buyer hadn't filed his taxes for 2009 or 2010 yet. I made him go down to the IRS office in Lombard the week before and file his taxes in person and get the returns stamped by the IRS office. Crazy thing is that the IRS owed him money for both years.
This will be a problem, however I just closed a purchase last week and my buyer hadn't filed his taxes for 2009 or 2010 yet. I made him go down to the IRS office in Lombard the week before and file his taxes in person and get the returns stamped by the IRS office. Crazy thing is that the IRS owed him money for both years.
- Andrew Adams, "203K Specialist"
- Contributions:9349
It's only a problem if you failed to file an extension!
- Elliott Oliva, "Elliott_Lends"
- Contributions:1
Yes, your lender should have uncovered this long ago since the 4506T is used on all loans. Most lenders request transcripts for the last 3 years so in your case you REALLY need to file that return ASAP.
I recommend you take that return and personally deliver it to an IRS office and get it stamped by their office as received. Make sure that return is signed by you when it is stamped and get a copy of that to your lender today.
You may get lucky and be able to get an exception with the stamped return but it depends on the lender and what the underwriter will allow. I would also get on the phone with your loan officer and have him ask his underwriter NOW what your options are. Good luck!
I recommend you take that return and personally deliver it to an IRS office and get it stamped by their office as received. Make sure that return is signed by you when it is stamped and get a copy of that to your lender today.
You may get lucky and be able to get an exception with the stamped return but it depends on the lender and what the underwriter will allow. I would also get on the phone with your loan officer and have him ask his underwriter NOW what your options are. Good luck!
- Carl Henker, "Carl Henker"
- Contributions:755
Until you file and pay your 2010 Taxes and the 4506 can be processed your loan may not close. Get with your lender A.S.A.P. and let them know. It is taking 4 to 6 weeks for the IRS to process a 4506 on an recently filed return. Additionally you will need to verify you have the assets to pay the $2000 and still have the funds for closing. This is an issue that needs to be resolved as your loan closing may be delayed.
- wetdawgs
- Contributions:26854
The fact that you've not filed 2010 taxes shouldn't be a surprise to your loan officer at this stage. Please let us know that you did share this as part of application process.
An extension for date of filing is not an extension for payment of taxes, so you may also find that you are owing penalties for not paying on time.
An extension for date of filing is not an extension for payment of taxes, so you may also find that you are owing penalties for not paying on time.
And where is your loan officer in all of this? Have you told them that you did not file 2010 taxes? Did you get an extension or you just decided you didn't need to file?
question about a 4056 t audit
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