Re: 2011 IRS Installmen
t Plan and Closing
05-04-2012 02:03 PM
I have kinda the same thing going on. I provided all the detail and documentation that I was asked for. We got an immediate approve/elligible. I understand that's the best type of response. We locked in the rate and away we go. Now, I get the forms in the mail and they want me to sign a 4056t form. I was not asked to provide tax information before....just w2's. My concern is that for our 2011 taxes we owe more than ever before. I filed the takes on time and started to request an installement agreement online, but could never get it past the 1st screen on the irs web page.
I called the irs today. The reason I couldnt do it on their web page was because my return hasnt been processed yet. The irs agent found my return and set up a payment plan.
So, I feel I did all the responsible appropriate things I was supposed to do but I wonder about a few things.
1) Is the mortgage company even going to pull this from the IRS before my scheduled closing in 30 days? I've read that it often gets pulled after the closing and put in the file for documentation of fraud in case there is a default (for employeed applicants, not self-employeed). I've read that the IRS is taking 4-6 weeks to return these documents.
2) If it does get pulled and reviewed prior to the closing, will they use the payment plan as part of my debt to income ratio.
My gut feel is that this is simply a formality that gets put into a file after the fact since I'm not self employeed (I'm salaried) and I provided W2's, pay stubs, and documentation from my employer.