topic Re: 2008 Federal Taxes in Mortgage Loans

2008 Federal Taxes

OMIAHEART — Sat, 16 May 2009 15:44:16 GMT

Shane or Dallas-

I completed an FHA loan application at the end of last year and was approved. I have since put an offer on a short sale and have received approval from the the second lender for a payoff amount. My agent is working with the seller's agent to get approval from the first bank to close the deal. My question is...I completed my 2008 taxes at the beginning of March and realized I owed $5600 in taxes. I paid the state in full and paid $1300 against my federal which left a balance of $3000. I set up a payment program for $100. Will owing this money affect me at closing? Will the payment plan show up on my credit report or raise a red flag to my lender?

Re: 2008 Federal Taxes

Anonymous — Sat, 16 May 2009 16:19:04 GMT

As long as your on a payment plan you should be ok. I am on a payment plan with the IRS and obtained an FHA loan. Did you disclose the $100/mo payment to the lender?

Re: 2008 Federal Taxes

OMIAHEART — Sat, 16 May 2009 16:21:26 GMT

Not yet. I've been approved for over 8 months... and will start they payment plan in about 6 -8 weeks (according to the notice I received from the IRS). I plan on calling my loan officer on Monday to let him know.

Re: 2008 Federal Taxes

Anonymous — Sun, 17 May 2009 04:51:46 GMT

Probably a good idea to let them know. It doesn't show on your credit report but there are probably other ways that they check on issues with taxes. From all of the things I've read on this site and my own experience (closed thanks to this site - 08/08), as long as you're in a payment plan and let them know, you're good to go.