IRS And Refinance Trouble
by Donna from New York
Ask Kate About IRS And Refinance Trouble: Hi Kate, I'm going nuts. My husband and I are refinancing our 30 year fixed mortgage. We're at 6.5 percent and thought going to 5.2 percent was worth the effort. Our mortgage rep recommended an FHA loan, which we do not have now.
Well, we did the application, the appraisal came in fine. Income was fine. My husband even got a promotion and a nice raise and I just got hired for a position. So our income situation isn't the issue.
The problem that the mortgage rep says is holding up our refinance is our tax filing. They say the IRS is telling them we didn't file our taxes for 2009, when we have a DCN number that proves we files over a month ago.
Plus I spoke directly to the IRS and the agent not only saw the return while talking to me on the phone but was willing to do a three-way conference call with the lender to confirm the filing.
But nooo, the mortgage rep never responded to the request to set up the three-way and now have sent me yet another form tax return transcript request form that they sent to the IRS that says no return was filed. They sent the request for the return in one day and got a response the same day when it takes 10 days to receive a transcript of a return from the IRS.
Should I just kiss this refinance goodbye?
Kate Answers: IRS And Refinance Trouble
Dear Donna, Can I suggest you put on your steel tipped boots? It's time to start kicking and screaming!
Argh, this is the kind of homeowner treatment that really riles me up!
Take a look at your mortgage process to determine what the lender is trying to avoid. For example, are you locked at a rate that is lower than the going rates?
Then after putting on your boots, pick up the phone. But first, get an old fashioned pad and pen because you are going to be taking notes.
Start with your contact at the mortgage company. The ask for the supervisor, and the next. Work your way up the line until you find someone who will listen to the unfair treatment AND take action.
Yes, it will take time. It is going to get your stomach in a knot. But honestly when the IRS treats you better than your lender, something is really upside down.
Keep a log of dates, times, phone numbers, extensions and names as you start kicking and screaming. Insist on the best. You deserve it.
I have also included more information on mortgage rate lock and what to do if your mortgage approval hiccups at the bottom of this page. Please let me know if you have any more questions. I hope you'll return often.
PS If you still have questions regarding refinancing, write me at Ask Kate where every question is a good question.
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