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New Contributor
Posts: 51
Registered: ‎03-14-2015
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UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

Well, we just got the word that the uw denied my husband after 2 rounds of conditions and 2 weeks waiting. The reason... my husband had owed taxes every year since 2008. Even though he is in a payment plan and only owe $6000.00 more and for 2014 we only owed $450.00 they didnt care. They said that "he has not put himself in a position to purchase a home." 

 

During the last 45 days we have paid off a jeep and a harley, paid down all credit card debt to zero to get the DTI way low as the mortgage was going in only his name as I am building a business with my credit. 

 

All for nothing. 

 

Other info..

Middle score was 670

Annual income of 130k

Same job for 9 years. Same industry for 15 years

75k in savings

Pay $500 to IRS monthly

Pay $400 in child support monthly

1 Car payment of $500

 

I am just devestated. Our mortgage broker said he sent our file to a "manager" of a different lender and he said it  looked like "an easy solid file" and wanted to know if we wanted to move forward with this new lender. My husband said, if he can get it done then to go for it. But, I am just not convinced. We have everything anyone could ever want... my own business, my husband has a wonderful career, our kids are healthy, we have atv's, trailers, utv's all PIF, but we dont have a home of our own. My husbands ex wife royally screwed him (spent bill money on shopping and her friends rather than pay bills) so, we have gotten his credit score up over 200 points and paid off everything on his credit. 

 

 

Established Member
Posts: 42
Registered: ‎05-04-2015

Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

Can you use some of your savings to just pay off the IRS debts? That would make the most sense and then you really would be in the clear (given that you have no other outstanding debts).  Is there a reason you  haven't done that?

New Contributor
Posts: 51
Registered: ‎03-14-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

We were going to do that, but our LO told us not to because we were in a payment plan. That it would be best to not do anything like that while they are trying to verify what is what. 

Their issue was that he has not taken initiative to make sure the appropriate taxes have been taken out of his pay checks to ensure he doesn't owe at the end of the year. BUT we have, we have changed the extra amount withheld every year trying to find what is appropriate, but he gets several raises and bouses a year and 2014 was the closest we have with only $450 owing.

 

Im just going to pay the IRS now though. I'm just so disappointed. I thought we have done everything right.... 

=(

Established Member
Posts: 42
Registered: ‎05-04-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

I'm sorry - that would be upsetting!

 

The withholding stuff is actually pretty easy to update too.  Do you know what your H has set up? Like your H, I get a very large bonus and have a potential for raises each year.  I withhold claiming 0 and then have the IRS take an extra $50 each paycheck.  I hate that I sometimes getting money back,and give the IRS my money to hold, but i haven't have to pay this way. Maybe your H wants to do something like that and then have this on hand to show the new lender? There isn't much more someone can do other than claiming 0 and taking extra out to cover any issues.

 

Good luck!  

New Contributor
Posts: 51
Registered: ‎03-14-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

We have it set up like you do. He claims zero but we have an extra 400 taken out as of today, it was only 150 before. I feel like they looked at him/us like we were trying to pull something over on them or not pay our taxes or something.
Established Member
Posts: 42
Registered: ‎05-04-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

With everything you are doing, it sounds like you are setting yourselves up well to work with the new lender. I'm so sorry it has been so stressful for you!  If it makes you feel better, I have been working with the best RA and the best LO I could have hoped for. However, we have been in escrow for 58 days now with the worst sellers ever (I will write it all up when there is a resolution).  It seems like no matter how well things go on one side, there is always a wrench thrown in on another.  I'm thnking good thoughts for you with the new lender....Cat Happy

New Contributor
Posts: 51
Registered: ‎03-14-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

Thank you. we were buying a new home, but didn't go through the building process. I can't even imagine having that added stress lol Good Luck to you!!!
Valued Contributor
Posts: 1,379
Registered: ‎03-20-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

I'd ask your lender if it can be re-submitted w/ IRS debts paid off. Best of luck!

Mortgage Loan Officer in Northern California - lending in The Golden State from the Oregon border down to San Diego!


Established Member
Posts: 44
Registered: ‎05-02-2015

Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

Don't give up yet! The first lender we talked to (at listing agents insistence) first said we were good to go, then said no before even submitting is to underwriting. We went through someone else that said we had a great/easy file and we closed today. Never had another finance problem at all once we switched lenders.
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Posts: 51
Registered: ‎03-14-2015
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Re: UW Denied Us after 2 rounds of conditions.... SOOOO UPSET

We thought about that for about 2 seconds and you know as upset as I am I think we dodged a bullet with that lender. I just Googled them (stupid I know) but they have the WORST reviews. Horrible customer service and sounds like morally bankrupt.

So, we will see what happens with this new lender. Hopefully it will be a better experience all the way around even if they deny. The last underwriter wanted everything under the sun and couldn't wrap her head around simple things like the ex wife is not the mother of the child for the child support order. The child was out of wedlock so there is no divorce decree showing child support and custody. That's something we went over at least 4 times in 2 weeks. The last couple weeks have been exhausting...

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