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@JVille wrote:It's a Debt whether in your report or not. Do not commit Mortage Fraud by failure to disclose a debt.
I don't think anyone here is trying to not disclose theirs. My original question was whether my IRS payment agreement info would be reflected when they pull tax transcripts or do I need to supply that separately.
I ended up sending the info separately anyway.
I have no problem disclosing it. It won't be factored in to my approval as long as it's not on a credit report.
It will be on your tax forms submitted among bank statements so any UW should see it, but should be up front with them as well. I made them aware of mine when I use to owe thankfully paid off now. Suprised that your payment is only 400 a month at 50k owed... Doesn't seem like you will have it paid off it time frame i believe 7 years is longest you can go?
@peter1974 my response was not directed at you. Another poster commented that he was advised by his lender he did not need to disclose the Debt/Pmts if it did not appear on his credit report.
@CreditCuriosity wrote:It will be on your tax forms submitted among bank statements so any UW should see it, but should be up front with them as well. I made them aware of mine when I use to owe thankfully paid off now. Suprised that your payment is only 400 a month at 50k owed... Doesn't seem like you will have it paid off it time frame i believe 7 years is longest you can go?
I went through a tax service and was able to get an Offer in Compromise.
@JVille wrote:@peter1974 my response was not directed at you. Another poster commented that he was advised by his lender he did not need to disclose the Debt/Pmts if it did not appear on his credit report.
Ah ok!
I just wanted to provide an update: I’m on my second round of conditional approval document requests. This time they asked for my current IRS account statement, payment plan documentation, balances from the last 3 years and payment history.
I quickly provided the documents, but I'm concerned the high balances will cause a snag. I've been on the plan since summer of 2019 and the account is current. I've had on time pay since I started the plan. Payments were suspended from April to June due to the COVID CARES act, but otherwise perfect.
Do I have anything to be concerned about?
I forgot to mention above that this is an FHA loan.
Any feedback or insight?
Bump