Home Buying in 07002>Question Details

Unspecified, Renter in Edison, NJ

lender found error on my tax return and they want to amend it, i'll take 8-12 weeks.

Asked by Unspecified, Edison, NJ Tue Mar 18, 2014

we supposed to close this month. If ever the seller could not wait that long, do i still get my deposit?

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7
Report the lender to your state regulatory agency.

First--I'm not a CPA and I haven't seen your tax returns--it's entirely possible that your taxes were correctly done. Check with whoever did them. And, sure, file an amended return if it's appropriate.

But your lender has no right--repeat NO RIGHT--to make that request/demand. You provided your tax return so that the lender could verify claimed expenses and income. They can do it as-is. They are way overstepping their bounds by suggesting or directing you to amend your return. Further, even if an error was made by your tax preparer, that doesn't affect either your income or expenses. Your lender received what it needed to make a decision on your loan. Errors--if they even exist--are between you, your tax preparer, and the IRS.

Also, get your Realtor involved. But--without a doubt--report the lender to whatever state regulatory agency oversees its actions.

Good luck.
0 votes Thank Flag Link Fri Apr 25, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Help us all out.....WHO IS THE LENDER?
Exposure is the tool that keeps folks and lenders, honest.

The choice a buyer makes regarding lenders can have real consequences.
Choosing a lender who will complete the underwriting for the buyer before making a purchase offer avoids these ambushes that damage the buyer AND the seller.

Lenders to whom is refer are those that will provide the buyer a "Clear-to-Close" before spending money on inspections and appraisals. "Clear-to-Close" means YOU HAVE THE MONEY.

Kick your lender to the curb.
If you need to be referred to a lender who will invest in your FIRST, give me a call.

Sounds like in the situation you describe, you have not secured financing. If that is a contingency in your purchase offer, you may be off the hook.

The second exit is a repair requirement that the seller refuses to address. In Florida purchase contracts there typically exits a 'seller sole discretion' clause.

You most likely will get your deposit back, meanwhile your lender has caused irreparable harm to the seller.

Please choose your lenders wisely.

Best of Success,
Annette Lawrence, Broker/Associate
Remax Reattec Group
Palm Harbor FL
727.420.4041
0 votes Thank Flag Link Fri Apr 25, 2014
What????? So lenders are now getting into the tax audit business???? That sounds like a pretty intense inspection of your tax documents for an underwriter to perform. Crazy! Not sure why they dug that deep, but unless there was an obvious trigger that made them do it, the chances are another lender would not likely dig that deep (or care if you claimed interest and tax expense...both of which seem legit to me). Best of luck
0 votes Thank Flag Link Fri Apr 25, 2014
my tax preperer claim mortage interest and personal property tax on my return. and guy who doing the paperwork for my loan want to ammend it. They want to wait for the IRS to process it all the ammended tax return which is take up to 12 weeks. my worries now is the seller might back out. Is there anything i can ask the loan guy or some kind of condition while waiting for the IRS. so, he can process the loan and can close the loan. Should i look for another mortgage company and tell them everything?
0 votes Thank Flag Link Fri Apr 25, 2014
Hi,

What type of error was found on your tax returns? I am a mortgage broker and may be able to help you. Please email me at juwels333@aol.com or call me at 646-567-1049.

Best Regards,
Julie
0 votes Thank Flag Link Fri Mar 28, 2014
Only your attorney can answer this one ---- good luck to you!
0 votes Thank Flag Link Tue Mar 18, 2014
It depends on your contract and how it was written. You should be protected, but we don't have your agreement and the terms are all contained there. What does your agent, or whoever prepared it say?
0 votes Thank Flag Link Tue Mar 18, 2014
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