Closing pushed back 3 weeks! Devastated!

[Anonymous]

I was CTC on Thursday, 5/16.  I'm in an IRS installment plan and I knew, from reading these boards, that there needed to be 3 months of payments.  I brought this up to my LO weeks ago and he said 'no they just need to be 3 timely payments'.  I asked him twice and he said the same thing.  Well fast forward I get my CTC today, set for 1pm on Thursday - and I get a call from my LO saying that it is now a conditional CTC for June 8 because that is when my 3rd monthly payment will be made.  Not that I didn't make 3 payments, I did, but they were 2 in April and one in May.  So now my closing is pushed back until June 8, only if the sellers agree.  Basically, they are military and have already moved out of the house, so now we are waiting.

I'm just venting because I am so upset and should've gone with my gut!

[SomewhereIn505]

That is so awlful @zzyma424 feel free to vent here! I’m keeping my fingers crossed that the sellers will agree to extend for you and your family. 

[Anonymous]

That really sucks! Hopefully it will work out for you still.

I'm in an IRS installment plan also, and I'm only about 4 payments into mine. So this is very helpful info.

[Anonymous]

Thankfully the sellers were really understanding and agreed to extend to June 8th.  My LO has assured me that I am CTC on June 8 pending that 3rd IRS Payment.  They agreed to accept it at the closing so that they are confident that the 3rd payment is being made and I don't have to wait until the payment clears and all that. 

Its just frustrating that I seemed to know more about this rule then my own LO.  And when I brought it up to him, he said it was 3 timely and not 3 monthly.  I originally asked for a 60 day close to cover myself in case this came up, but the sellers are military and are transferring so they needed a 30 day close.  Now it'll be more like a 45 day close.

[Anonymous]

@JoeFriday - you are already good because you've made 4 payments.  They want to see at least 3 monthly payments and they can't be prepaid.  So since you've already made 4 I'm thinking you are good to go!

[Anonymous]

OP - sorry to hear but glad it worked out.

I am too in an installment plan for 2017. How can one have 3 payments already if we filed in April. We are home shopping now so this is a wake up call.

FIrstly the IRS website is the worst website on the planet. Constantly locked out and cant even see my account, but they already took 1 payment out. We only owe less than 6.5K now. Should we just pay it all at once to avoid any issues?

when i got a preapproval the LO said they only need to see the installment agreement (which the IRS did not send). they sent me 10 letters saying i created an online account, but no loan agreement or payment information. I may need to visit the aweful office to get this sorted. But knowing your situation i'm on high alert now for this.

[Anonymous]

At this point the best choice for the buyers is to accept the extension and move forward with the process. I would rather wait 3 weeks than start all over again with another buyers financing. Unfortunately a lot of LO are inexperienced when it comes to specics like this. If this was my case, I would probably look for an LO with years of experience.