Using a Post Office Box or Business Address for important mail. (insurance, loan)
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I had no idea using a Post Office Box or work address would count against me...
Mailboxes where I live are roadside... sometimes not in view of the house and we/neigbors have had a lot of mailbox theft problems starting about 5 years ago... so, anything important I either use my business address or my PO box...
A condition of refi is to have all my mail... such as property insurance, property tax, mortgage payments go only to the roadside mailbox...
Is this something new or something I just never encountered?
The Post Office is two doors down from my work address... making it very convenient.
So give them your physical address to do the refi, then change the address to the po box. Done. Your over thinking it.
The problem is almost all the info requested has either my PO Box or my work address and this has suspended my application.
Changing is not a problem... already instructed HR... some things will take up to 60 days before the updated bills arrives... like the water bill... two weeks for the first paycheck with my street address, etc...
A condition of refi is to have all my mail... such as property insurance, property tax,
mortgage payments go only to the roadside mailbox...
Is this something new or something I just never encountered?
The drone mind has found you.
Their capacity for logic stops with different address equals NOO
Don't know if this would do any good, but get a copy of your original Post Office Box application (PS Form 1093) from the PO showing that you rented PO Box 123 on 5/1/10 and at that time you showed your physical address as 456 Main Street.
You didn't ask, but I'll offer the advice that unless your business address is a business you own yourself, I wouldn't get personal mail there. There's just too many things that can go wrong.
Don't know if this would do any good, but get a copy of your original Post Office Box application (PS Form 1093) from the PO showing that you rented PO Box 123 on 5/1/10 and at that time you showed your physical address as 456 Main Street.
You didn't ask, but I'll offer the advice that unless your business address is a business you own yourself, I wouldn't get personal mail there. There's just too many things that can go wrong.
Good idea on the post office PS 1093
I'm one of the business owners... it was just for convenience because someone is always there to sign for deliveries... UPS won't deliver to the Post Office
All this should require is a letter of explanation. However, if the subject property appears on Schedule E of your return (or some other trigger), there's a problem.
A PO Box is not a reason to suspend, let alone, decline a loan. There's something esle.....or you are working with an idiot.
All this should require is a letter of explanation. However, if the subject property appears on Schedule E of your return (or some other trigger), there's a problem.
A PO Box is not a reason to suspend, let alone, decline a loan. There's something esle.....or you are working with an idiot.
I travel frequently for work and rent a room to a childhood friend for the last 7 years... it's great to have someone there to look after my dog and the garden when I'm away...
I declare the income on Schedule E... following my CPA's advice.
Before submitting the application, I mentioned my rental income and it didn't seem to be a problem. He did say it cannot be counted as income for loan purposes... which is OK
I don't need to refi... my adjustable rate is 3.375 and has been as low as 3.00%. Just thought it would be smart to lock in a fixed rate and my lock is 3.125 with a minus .125 point.
I could also pay off or pay down the mortgage... really didn't expect any problems and have over 21 years on the job with this mortgage my only debt... The lender sent me a letter saying now is a good time to refi...
If push comes to shove... it's not worth loosing a good roommate.
If renting out a room is the problem... there is no point in going further.
Any idea of the impact on my credit by not funding.
The lender did come back and said they needed several more years of tax returns which they have... plus they would have the ones from 8 years ago already.
Last edited by Ultrarunner; 12-30-2012 at 01:22 PM..
I could also pay off or pay down the mortgage... really didn't expect any problems and have over 21 years on the job with this mortgage my only debt... The lender sent me a letter saying now is a good time to refi...
If you could pay off the loan, do it. Its better to pay it off and pay no interest to a bank. Paying $3 in interest to a bank to save $1 in payments to the IRS makes no sense. Pay it off!
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