Home Buying in 08054>Question Details

victoria.l.c…, Home Buyer in Mount Laurel, NJ

I have been approved for a FHA Loan and am having an issue with closing.

Asked by victoria.l.curran, Mount Laurel, NJ Thu Jan 3, 2013

I need 3 back years of taxes and for year 2009 I filed my taxes late and apparently the IRS filed first for me and then when i filed they corrected the transcript. I am unable to get a 1040 transcript and can only get a copy of my 1040 stamped by the IRS with the account transcript. Some "third party" processor states this is not good enough as proof I paid my 2009 taxes. I even have a letter from a tax advocate stating my 2009 taxes are processes. Is there a work around in my case where I can not produce an actual "1040 transcript"? I can not be the first person this has happened too and I probably will not be the last.

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Joan Congilose’s answer
This may sound like a more simplified solution to your dilemma. If you purchase a home in 2013 & apply again for an FHA loan after you file your 2012 taxes then they should only want your taxes from 2010 through 2012 for your loan application in order for you to purchase a home. Check with your loan officer & see if waiting a few months might help.
0 votes Thank Flag Link Thu Jan 3, 2013
Thank you Joan, Yes that is a solution. Unfortunately I was supposed to close on November 21st and only found this out 5 days before my closing. The Seller has been more than patient and I do not want to lose this home. I just feel that the finanicial office has not been diligent and on their game so to speak in an effort to close on this home. I am sure you know that when you eventually find the home that fits you and your family you will do everything in your power to achieve this. Thanks for your response.
Flag Thu Jan 3, 2013
You haven't provided enough information to help. Here is a loan office that will listen, understand and advise.
Allyson Knable
Branch Manager
P: 856-489-6292
C: 609-417-9258
F: 609-481-3611
NMLS ID: 90224
1814 E. Route 70 • Suite 331 • Cherry Hill, NJ • 08003

Good Luck
Web Reference: http://www.njhomebuyer.com
0 votes Thank Flag Link Thu Jan 3, 2013
I would have whomever is representing you to make a professional courtesy call to the "third party" processor and find out what a viable work around might be. Certainly, if you had not paid your 2009 taxes there would be an IRS lien against you that would be showing up in public record. Often times the lender or the broker orders 1040 transcripts on your behalf that normally suffice if there is question with borrower's copies. Why this wasnt done in advance of your imminent closing is perplexing. Regardless, someone needs to speak to the FHA underwriter directly. Lastly, an FHA loan has a file number with FHA the file can be transferred including the appraisal to another FHA lender in the event the issue is not rectified to the liking of your "third party" processor.
0 votes Thank Flag Link Thu Jan 3, 2013
No work around needed. We require only the last 2 years of tax returns and so 2009 would be irrelevant. Call me at 201-604-3485 to discuss further.

Albert "Al" Rapoport
Branch Manager
Cardinal Financial Company, L.P.
50 Harrison Street, Suite 310E
Hoboken, NJ 07030
NMLS ID#60865
T: 201-604-3485
F: 973-774-7026
0 votes Thank Flag Link Thu Jan 3, 2013
You may want to call and discuss how your loan is being handled by the underwriter. Here is the number to HUD

Telephone: (800) CALL-FHA (5342)

Good luck and keep me in mind if I can help you with your next Real Estate transaction.

Jodi Schwarzl
Prudential Fox & Roach Realtors
0 votes Thank Flag Link Thu Jan 3, 2013
Can you provide your cancelled check, showing payment to the IRS? In conjunction with the letter from your tax advocate?

Jessica Nooney
Weichert Realtors
(609) 654-8633 Ext. 121
(609) 276-8183 (CELL)
(609) 479-5333 (Direct Fax)

Winner of the Five Star Real Estate Agent Award - 2011
Winner of the 2010 NJAR Circle of Excellence Award
Winner of the Weichert Million Dollar Club - Sales/Marketing - 2011

"Helping You Reach Your Real Estate Goals - Buying or Selling"
0 votes Thank Flag Link Thu Jan 3, 2013
The important part of getting a loan is making the lender happy and providing what they want. Short of that and they will be of little use to you. You can move the loan to another lender to see if they are more agreeable, but you never know. Good luck.
0 votes Thank Flag Link Thu Jan 3, 2013
Hi Victoria
Did you ever get this issue resolved? I realize its over a year ago. Just wanted to follow up.

Bill Rich

Mortgage Loan Originator
NMLS# 203704
700 East Gate Drive, Suite 400
Mount Laurel, NJ 08054
Office:866-312-6682 Ext:4234
Ph: 856-437-8029
Fx: 866-640-0198
Flag Fri Jun 27, 2014
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