Comment

Comment by Stephen Shafer on July 5, 2011 at 4:01am

I closed a deal last week with Indy as the 1st and PNC on 2nd I found them both to be a little slow but ok to work with.

Comment by Wendy Rulnick on June 24, 2011 at 7:30am

Indymac has no HAFA.

Comment by Michael Schneider on June 4, 2011 at 4:49am

To IRS, I believe, a discharge means that they agree to release the lien, but the obligation remains, include wage attachment, if applicable, thereby allow the property to transact.  So, handling the obligation, disputes, or refusnik behaviors are a different matter.

In my case, the seller was probably going to file BK and have the debt extinguished, as the tax years associated with the liens were over 3 years old

I think the IRS will probably play ball, Henry, upon substantiation of hardship and no equity.  Willingness to "discharge for cause" is stated in the IRS guidelines, I believe.  But, plan for some work.

Challenges to consitutional authority, however legitimate, are outside of the services I provide.

From memory, so check the rules and consult your attorney....

Comment by Michael Schneider on June 3, 2011 at 4:24pm

Done one deal with an IRS tax lien, and yes Henry the seller had not filed returns for 4 years or so.  IRS will dischage, you follow the IRS publication, I submitted a CMA and a AVM report, which they accepted, althought the guidelines state two independent appraisals from licensed appraisers.

It was quite a bit of work to assemble the 17 or so pieces of information IRS wanted, but the reply was pretty fast.

Comment by Angie Branco on June 3, 2011 at 7:41am

Thank you for the input! We'll get on the SI right away.

Comment by Thom Colby CA Brkr 888-391-5245 on June 3, 2011 at 7:18am

Harry, as usual, GREAT POINT !  But, the IRS is releasing liens against property very quickly if there is no value in the property as shown on the HUD.  The seller has to do some legwork - they have to go into the IRS office and make some sort of arrangement to file and pay but IRS will release to allow the transaction to close.  Good catch!

Comment by Angie Branco on June 3, 2011 at 6:58am

Thanks Thom!

Comment by Thom Colby CA Brkr 888-391-5245 on June 3, 2011 at 6:53am

Angie -  have them write a letter to be included with the Short Sale Package stating they have not filed Tax Returns since 2007.  There's really nothing Indy can do about it other than approve or decline the short sale - they cannot force the borrowers to file taxes.  However, the bigger question will be whether the borrowers were fully truthful on their mortgage application!

Comment by Angie Branco on June 3, 2011 at 6:47am

I have a client with a 1st only with Indymac. I just found out they have not filed taxes since 2007!!! :-O This might be a dumb question but is there any way to submit the documentation for the short sale and get around providing tax returns? Any input would be greatly appreciated.

Comment by Kylee Roe on June 1, 2011 at 7:32pm

ooooh...you're the buyer's agent? Tough place to be in, am there on another deal, can't stand it!! So sorry.

• ‹ Previous
• 1
• …
• 8
• 9
• 10
• 11
• 12
• …
• 23
• Next ›
• Page