MGIC denial

My client has one loan with Wells Fargo. I just heard from Wells this morning that they are denying the short sale - MGIC says seller can afford his loan. Wells rep says that income/debt are outside MGIC's guidelines. Has someone had experience appealing an MGIC decision of this type? Any recommendations? It is true that my client's income is good - but he has a huge IRS debt because until January he wasn't paying taxes. Long story - he was a contractor and responsible for calculating his own tax which he didn't do. Now he is an employee and they're withholding - but the damage is done. Please help.

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Permalink Reply by Melissa Polce on April 8, 2011 at 3:53am

would not only appeal with this IRS fact(may want to check there is no IRS tax lien placed on the home), but also make the hardship of homeowner no longer wants to own this home and values of the home/neighborhood are no longer at what he owes, and note also that at this point(I am sure he is not paying)...he could not afford to catch up and come current(another hardship)...good luck

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