Replies to This Discussion

Permalink Reply by Michael Schneider on October 22, 2010 at 5:09am

The SunTrust response isn't logical, Ava, IMHO.
I've had one client who, for various reasons, had not filed taxes since 2005. We wrote up an affidavit stating this. The short-sale was approved.
Last time I checked, no Bank is authorized to enforce US tax code.

Permalink Reply by James ferebee jr on October 22, 2010 at 5:19am

Michael is absolutely right, just have the owner write a letter that " I have not filled my 2009 taxes and have him or her or both date it sign it and thats it.
If they filed for an ext you need a copy of that or have them fill out the 4506-T and the bank can request the ext from the IRS.
I have had shorts approved on many without tax returns.
Any doc that you do not have, write an explanation in it's place so they know why you do not have that type document.. Always have the seller sign and date.....

Jim Ferebee

Permalink Reply by James ferebee jr on October 22, 2010 at 5:20am

If you have the W2's include them in the package...

Jim

Permalink Reply by Ava Anderson on October 22, 2010 at 5:40am

@ James I kept calling back until I found someone more reasonable and sent the W2 in. @Micheal your right I did not understand why they were acting like they were going to force the issue since they don't enforce tax codes. They've at least submitted the short sale package for review so we will go from here.

Permalink Reply by Jeff Payne on October 26, 2010 at 10:34am

I have a form that the sellers fill out in the case that they have no tax returns, bank statements or pay stubs... If they have filed for an extension, include that.
How dumb can they be? The sellers are most likely financially in trouble, filing taxes is the last thing on their mind. just another way for Suntrust to stall

Permalink Reply by Ava Anderson on October 26, 2010 at 11:30am

Yes, Suntrust is stalling and the worst part of it is the house is set for foreclosure in about a week. I find that with these short sales sometimes you have to call a couple of times until you get someone who isn't being ridiculous.