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Did any of you try using the "Wage and Income Transcript" that the IRS can fax to you within minutes over the phone? Its not the tax return transcript, but per other websites, it should provide the underwriter sufficient validation of wages and income over the past two years.
I am in the same situation right now. My loan officer told me 7 days before closing that I needed the transcript and I am struggling to figure out how to meet the request. We just file 7.29 for our 2008 and 2009 returns...
I am hoping to figure out monday if the "wage and income transcript" will suffice.
At this time, we're still waiting for the transcripts to be processed. We sent in our amended return via certified letter, and received a receipt notice on June 25th. Our LO has started requesting the transcript from the IRS every Monday, but so far it has still not been processed.
The sellers agreed to let us lease the house until we can close on it. We have up to a year to do so, but obviously, the sooner the better! We moved in on July 16th and can't wait to become owners instead of tenants.
Today we got confirmation that our LO was able to verify our tax transcripts. It took 48 days from the time the IRS received our transcripts (June 25th) to the time our LO could verify them.
Here's hoping the rest of the closing will go smoothly!
Call your Congressman's office, now. With the homebuyer credits out there, the IRS is beyond jammed than normal. We did have a happy ending, I forgot to come back and post, but it was a couple days after my last post that the transcripts arrived.
That's what they are there for.........God knows what else they are doing, they may as well help constituents.
Marxism is the antithesis of capitalism, considered to be a form of Communism and Socialism. Where the "haves" must provide for the "have nots." The problem with this in our society, the "have nots" have no intention on contributing to society, they just want to suck it dry.
This is very true. I've been a Mortgage Lender in Virginia for the last 7 years, and there isn't a Gov't loan that can close without a 4506-T (IRS tax form that we submit to verify not only the that taxes have been paid, but it tends to be a 'backhanded' way to verify that someone it truly employed or has been employed). I'm fairly certain there isn't any loan that can close without tax transcripts (4506-T). This is a required form by the investors who purchase the loans and service them.
However, I have closed loans where extensions have been filed. There has to be legit documentation from the IRS accepting the extension, but as long as that is done you might be fine. Can you get out of your contract on your financing contingency still? I know that tax transcripts are one of the first document that we pull and verify.
Sorry this is such a headache! Trust me, we find it just as frustrating as many of our clients do! It not only causes more work for the homeowner, but more work for every person involved in the transaction. I hope it all works out for you!! I know how hard I work, and I hate to see things fall apart for anyone!!
Today we got confirmation that our LO was able to verify our tax transcripts. It took 48 days from the time the IRS received our transcripts (June 25th) to the time our LO could verify them.
Here's hoping the rest of the closing will go smoothly!
48 days?!?! That simply doesn't sound right at all. I don't pull transcripts because our processors do that, but I know we have not had that issue. They're all automated so I'm curious how it took so long! Let us know if you get an answer on that.
The IRS cannot create transcripts until the returns are processed and there is nothing to be done to speed it up. Processing is a complex and non real time system (31 years of experience). Any requests to a Conressional Office are routed to the appropriate Taxpayer Advocate office in the IRS (I used to answer these). Save some time and ask the source. Their contact info is on Internal Revenue Service.
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Update
We moved in on July 16th and can't wait to become owners instead of tenants.
