Tax returns and a form called a 4506T

Here is a case in point.

We have a client who was in the process of purchasing a home and then:



The client supplied his W-2 forms and pay stubs, however neglected to tell the Broker (Me) that he had not filed his taxes for the last 2 years.



Guess what; the lender request now a transcript of taxes being paid etc, and the client profile comes up with no taxes filed per the 4506T form.



Well we now have a big problem, even if they get the tax returns stamped the process getting to the IRS and the completed taxes to show on the 4506 could take up to 60 days before it will show up.



No loan for the borrower, so please file your taxes or let your mortgage broker know otherwise you could be out of contract and cost money and frustration that is unnecessary. http://www.willrudloff.com/