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The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

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AGingrich
Member
‎07-22-2014 07:50 PM
‎07-22-2014 07:50 PM

The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

Hey guys,

 

Got approval with one condition: clarify why my tax return says I owe $3.5k in taxes from 2013. I went back and looked, and since I pay estimated taxes, I was in fact off by $3.5k last year. The IRS has not filed a lien against me or anything, I just haven't paid it I guess (thought I did!).

 

Should this matter since it's not a lien? Should I pay it off in full? Would a payment plan be okay, as long as the monthly payment didn't make my DTI too high?

 

Any thoughts or experiences are welcome. I'm sure I'll get my answers tomorrow, but feel free to offer advice until then. I'd hate for this little amount to kill my loan -- I'm supposed to close in two days!

 

Thanks!

Message 1 of 6
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Anonymous
Not applicable
‎07-23-2014 05:36 AM
‎07-23-2014 05:36 AM

Re: The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

Bump! I would like to know the answer to the same question. Please keep us posted!!!!
Message 2 of 6
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AGingrich
Member
‎07-23-2014 06:54 PM
‎07-23-2014 06:54 PM

Re: The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

My underwriter asked me to call and setup a payment plan for the remaining tax money. I did, and got it at $50 per month. Then they recalculated my DTI with this new payment and I was still good. Proceeding!
Message 3 of 6
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lesse
Frequent Contributor
‎07-23-2014 06:57 PM
‎07-23-2014 06:57 PM

Re: The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

Yeah congrats Smiley Happy)

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull:
UPDATED SCORE 10/2015: EX: 763 TU: 709 EQ: 720


GOAL 800 Across the board
Wallet:Credit One $600; NFCU (secured- Changed to unsecured) $7500; NFCU (Unsecured)$500- increase to $12,500 BOA: $1000 Home Depot/Lowes $800 each Childrens Place $350 Sams Club $800
Garden Time Smiley Happy
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ShanetheMortgageMan
Super Contributor
‎07-24-2014 08:21 AM
‎07-24-2014 08:21 AM

Re: The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

Yup, usually either need to start a payment plan or pay it off.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
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bdhu2001
Valued Contributor
‎07-24-2014 09:04 PM
‎07-24-2014 09:04 PM

Re: The Underwriting Struggles Continue -- Underwriting Found I Owe $3.5k To IRS

Congrat!! All of you guys give me such hope.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850

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