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Old 09-14-2008, 09:22 AM
 
9 posts, read 14,856 times
Reputation: 10

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Hi,

As I was working in USA, I received SSN, CA-DL and bought some houses.
Since 3 years I do not have a job, staying in one of my houses as Tourist and trying to take care of Tax and Rental issues.
Now it is time to refinance, my FICO score is 750, have a nice income from an European Employer and was never late with my payments.
I want to get 50% of my newly appraised home, refinance it and also pay off another condo, both in 90703 Cerritos/LA.
The underwriter is insisting to see my Tax returns which incudes only rental income in USA and due to property taxes and loan payments is negative.
I insist not to give them because they will not help.

Now I stuck with a "conditional approval", which means nothng.
Just keeping me to go somewhere else. What should I and can I do ?

thanks for your replies
Austrian Tourist
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Old 09-14-2008, 09:37 AM
 
25,334 posts, read 37,463,648 times
Reputation: 13249
I guess you can get a special kind of mortgage for foreigners...but the rate will be higher! Ask a reliable mortgage broker.
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Old 09-14-2008, 09:41 AM
 
9 posts, read 14,856 times
Reputation: 10
Dear Bentlebee,

Thanks for the reply,
currently, I am locked by WaMu with 6,25%/15 years fixed.

thanks
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Old 09-14-2008, 09:41 AM
 
7,099 posts, read 23,885,607 times
Reputation: 7248
Since you are refusing to let the Underwriters see your tax returns, you are sending up a red flag that says...."Maybe this guy is trying to hide something. He may not be a good risk."

You see, it's like this, you know what you have and what it means, the underwriter doesn't. He wants to see the background and decide based on that, not just what you say. He's the one with the money so he gets to call the shots as to what is needed.
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Old 09-14-2008, 09:48 AM
 
9 posts, read 14,856 times
Reputation: 10
Dear Padgett2,

Thanks for the reply.
In two weeks I will back to USA and think about your red-flag opinion.
Maybe I can find only the photocopy of first pages of my tax returns, do you think those will be enough ?
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Old 09-14-2008, 11:14 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,435 times
Reputation: 249
Quote:
Originally Posted by Austrian Tourist View Post
Hi,

As I was working in USA, I received SSN, CA-DL and bought some houses.
Since 3 years I do not have a job, staying in one of my houses as Tourist and trying to take care of Tax and Rental issues.

You no longer have a job in the USA? or no longer have a job in Europe?

Now it is time to refinance, my FICO score is 750, have a nice income from an European Employer and was never late with my payments.

I suggest providing income from Europe with your USA tax returns.

I want to get 50% of my newly appraised home, refinance it and also pay off another condo, both in 90703 Cerritos/LA.
The underwriter is insisting to see my Tax returns which includes only rental income in USA and due to property taxes and loan payments is negative.
I insist not to give them because they will not help.

You must provide them. This is not optional. You may also have to provide rental contracts if they are rented and they want to see proof. I wouldn't worry to much about the negative payments. Either you get a, NO, from not providing the tax returns or you get a NO, if they don't like what they see. What if they are ok with it? Let them know that you are refinancing to pay off the other properties. Let them decide what is unacceptable.

Now I stuck with a "conditional approval", which means nothng.
Just keeping me to go somewhere else. What should I and can I do ?

thanks for your replies
Austrian Tourist

Conditional Approval means as long as you provide the documents requested and everything checks out, you are approved.


If they turn you down, you may have to go to a lender who offers foreign national lending. This would allow you to use your European Income.
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Old 09-14-2008, 11:15 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,435 times
Reputation: 249
Quote:
Originally Posted by Austrian Tourist View Post
Dear Padgett2,

Thanks for the reply.
In two weeks I will back to USA and think about your red-flag opinion.
Maybe I can find only the photocopy of first pages of my tax returns, do you think those will be enough ?
NO. They will not accept that.
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Old 09-14-2008, 02:43 PM
 
9 posts, read 14,856 times
Reputation: 10
Default Thanks

Dear Brokerdave,

Thanks for your detailed and prezise answer.
I submitted already my rental agreements and proof of my income from European employer. (No US job).
Unfortunately I did not keep full copies of my Tax Returns.
When I bring them to local IRS Office, they only copy the front page, stamp it and give it to me. This is also a problem...

WaMu is the lender of all of my properties. At least the Loan Officer in the bank knows, what I am going to do with the money.

One last question:
How long they would wait for my tax returns to say NO ?
I am begging them to say NO, but they don't do it.

thanks
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Old 09-14-2008, 04:06 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,594,435 times
Reputation: 249
Use this link to obtain a copy of your tax returns from the federal government. I would also notify your mortgage broker that you are using a Form 4506 to request a copy of your tax returns. This can take many days and if you have them sent to you out of country, may take a week or two for you to receive them.

I would also recommend requesting the last 4 years. If you only have 3 like you stated, that should be fine too.

How to Get a Copy of Your Tax Return Information

Hope this helps,
Dave
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Old 09-14-2008, 06:20 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
Quote:
Originally Posted by Austrian Tourist View Post
One last question:
How long they would wait for my tax returns to say NO ?
I am begging them to say NO, but they don't do it.

thanks

As mentioned you can use a 4506-T to request a copy of your tax returns. Why don't you just tell the lender to do it? Usually they make you sign a 4506-T as part of the loan application. Tell the loan officer you can not find your copies and if they can just request them from the IRS directly. Because they use a computer system, usually they can get them in 2-3 business days.

One question, why are you begging them to say no?
If you don't think you can do the loan... why not just withdraw or stop it? What good does the lender denying you do for you?
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