Unpaid Taxes

[CreditInspired]

I just want to say the more I hear your responses, the more nervous I am getting. It appears, and I hope I'm dead wrong, that you're trying to find an amicable way out of this mess. But IMHO, there is no way around not informing the LO. The IRS is a beast and not one to play around with--not saying that you are--but if you close on the home with this hanging over your head, it can come back to swallow you up whole. I'm even wondering, and again I'm hoping I'm wrong, if it could be considered fraud moving forward since you know that if the LO knew, it would thwart the closing since as Jville said, a federal tax lien has first priority over a mortgage lien, and you're saying an installment agreement would increase your DTI, thereby not allowing you to be approved for the loan.  

IDK OP, this is serious so really consider all the consequences.

[mortgagee]

Thank you, I do not have a Lein, I just made arrangements with iIRS. It did not put me over my DTI 😀and after speaking to the loan officer we are ok, phew since we took care of it before it became a Lein.

[mortgagee]

Thank you for your response no I am not trying to get into any trouble nor am I trying to duck out on my responsibilities. I had already Contacting the IRS but could not get through to a live person. I Made an arrangement with the IRS contacted my loan officer let them know the situation and so far we are good to go thank you guys all for your help!

[CreditInspired]

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@mortgagee wrote:
Thank you for your response no I am not trying to get into any trouble nor am I trying to duck out on my responsibilities. I had already Contacting the IRS but could not get through to a live person. I Made an arrangement with the IRS contacted my loan officer let them know the situation and so far we are good to go thank you guys all for your help!

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This is wonderful news -- now you can breathe a sign of relief. You're back in the saddle again. 

[Anonymous]

Hello-I am in a similar situation.  I just started the loan process and filed my 2017 taxes on 6/26.  I owe taxes for 2017/18.  I have a pending payment arrangement.  I am just waiting for my 2017 return to be approved(it's been accepted but not approved).  Did you e-file or mail in your return?  If so, how long did it take to get approve so that you could get the payment plan approved?

I close on 7/24 so I am as nervous as a cat on a hot tin roof!!!!!

[Anonymous]

What exact transcript do mortgage lenders use?  What shows and what does not?

[Anonymous]

I'm curious.  Did you get the loan?

[JVille]

Everything shows! Back taxes, delinquent taxes, payment plans. It a transcript directly sent from IRS and include you Full return and everything.

[Revelate]

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@JVille wrote:

Everything shows! Back taxes, delinquent taxes, payment plans. It a transcript directly sent from IRS and include you Full return and everything.

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Yeah, mortgage lenders literally check every box on the 4506-T of which there are several covering all of that and more.

[JVille]

Bottom line IRS knows ALL and reveals ALL to the lender via 4506T

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