02-14-2011 06:21 AM
I can relate. I'm not even that far down the road and I'm feeling like taking up yoga or Tai Chi might be in order.
02-15-2011 10:44 PM
indiasnowden at least you have a good sense of humor about it. There are just some loan situations where you don't really know if it'll be approved until the very last second, you either can say heck with it and try to make it or pull the plug early and get things in order to give it a second go.
The question is - will the underwriter require the 4506t verification or not? If so, then you may want to contact your congressional representative and/or the tax advocacy group who will help expedite the IRS's processing of the return. In the past instead of the 6-8 week processing time they've been able to get it processed within a couple weeks.
02-19-2011 03:51 PM
Title: "They Shoot Horses, Don't They" OK. I stole that from someone famous; but it fits. It would be an act of kindness on the part of my LO if he just shot me and put me out to pasture. I get a voicemail saying that my LO and the loan processor arbitrarily decided without asking me first to go ahead and ask the IRS for my 2008 transcript. I efiled that year with the free service just like for 2009 and we all know how well that worked out for me I never heard anything from the IRS so I thought everything is okay. Now, I am not so sure.
What I am upset over is the fact that I haven't signed the form giving permission for 2008; 2010 and 2009 only. So, I wonder, who signed the form pretending to be me?
They seem to think that if they can verify 2008 that the FHA will forget about 2009. I don't think it works that way, but maybe they have a friend at the FHA, I don't know.
The rush, apparently, is to get me to a Feb 28th close vs March 3. I think the rush for an early close is in a desparate attempt to get my little mortgage tacked on to their February numbers vs their March numbers. Apparently, February was not a very good month.
No one has bothered to ask me if I can be at the 2/28 close. I can't. I am working a double shift that day. Oops.
At this point, my closing at all by 3/3 is in serious doubt and I am beginning to disengage myself from my chosen little plot of heaven with every passing day.
Trying to make the best of it, I have found another house that I like just as much. If this deal goes south I might be able to make an offer on that house. I think the IRS will be able to verify my 2009 transcript by 3/28 which is the date that my interest lock expires. I have my funds in place; everything will be better the second time around.
Isn't that what they say about marriage?
02-19-2011 06:28 PM
*hugs* That really bites.
I hope things work out for you. As for closing, a desperate team has been known to make work calls and deliver everything to you on your lunch hour or 15 minute Federally mandated work break.
02-20-2011 10:02 AM
Ugh. Sorry, India. I'm currently trying to write up a proposal for an intrafamily loan. Yes, I know that's a nightmare for most people. Yes, I know I have other options - but the other options have turned into a nightmare. I lost 35k in renovation assistance and lost the option to have down payment assistance combined with a full 203k - so to get down payment assistance, I have to go streamline, which means asking Freddie Mac to do the (minor) structural portions and add to the sales price for them. Oh, and to get all of the repairs plus the sales price etc into a lower overall price than is possible. I could choose another lender, forfeiting the down payment assistance, but I'd have to take a loan against my 401(k).
Intrafamily loan means I have to convince my parents that it's a good investment (I can justify a market value well over the price of purchase plus repairs / reno, so no worries there), that I can pay (which I can), and get an agreement drawn up where I pay them a fair interest rate, etc. The most complex part is working out rehab escrow. At this point, it really seems like the best option.
02-21-2011 05:09 PM
I don't know about you, but I can say with 100% confidence that if I survive this experience, sanity intact, it will be a long time before I ever consider buying another house. Good luck on your family loan situation. I hope it works out in your favor. Was that idea your crafty resourcefulness or your LO?
On the bright side, my LO called me and said they are going to wait for the 2009 transcript return from the IRS. I will probably not make contractual close. However, I have emotionally released myself from this particular house and am ready to move on to plan "b" (alternative house) if this deal falls through. So, I am okay with it.
I had this epiphany over the weekend while eating an entire bag of Energizer Trail Mix. Trail Mix is my new food obsession. Look what chasing the American Dream has done to me (sigh).
02-22-2011 05:44 AM
My parents financed their first house with Bank of Grandpa. Grandma charged them above-market-interest on it.
I don't have any idea what they'll think - my dad emailed me back last night and said something about a $ amount that was in the realm of helping with DP / closing. However, that's not how he rolls - I feel like he missed the part where I said that he'd have to provide an affadavit that said it was specifically a gift and that they do NOT expect to be paid back and also that they'd have to provide a bank statement proving they didn't borrow the money themselves. He is not one to give up control like that. Perhaps I thought too much about what they would or wouldn't do and provided them with too-complete an explanation of what the situation is and what the options are.
02-22-2011 05:45 AM
Oh, yeah, and - I do not want to go through this process again any time soon. Especially since this process is immediately followed by house rehab.
02-26-2011 05:19 PM
Good News Update! (For a change) After speaking with my RA about extending my contract I went to the IRS to check on my tax refund. I thought you could only track a refund for the current year tax return and so I had never tried to do so before this; apparently, you can go back at least one year. I put my info in and it came back that the return has been received and my check will be mailed before the end of March. So, intoxicatingly happy, I faxed the screen capture of the confirmation to my LO and the mortgage processor assigned to my loan on Friday. Hopefully, I they will send in the transcript request on Monday. I am hedging my bets for a Friday close - I love a good race.
Happy days are here again.