This is the first time I've come up against this - anyone else?
Chase has an extension for 2010 taxes from my Seller that expired this month. They are now telling me they won't approve the short sale until he files his 2010 taxes which he can't afford to hire an accountant to do because of his situation. He has four properties and is way under water with no leases.
How will Chase explain to the people that they will foreclose on them rather than approve a short sale offer from a cash buyer?
Any input on this?
Hi Karen, I've had banks advise that the seller can just put an LOE together explaining why they haven't filed yet or why they are seeking another extension, then have the seller sign. This has worked in the past. Good luck!
I'm closing 3 right now (for the same seller) on Chase and he hasn't filed in years. He wrote a letter to explain and have them sign the 4506-T with the box checked for the "proof of non-filing" and chase will continue the work in my experience. I've had many sellers with taxes not filed and a LOE has always worked.