sonnygal
Joined: 17 Oct 2005
Posts: 1
|  Posted: Mon Oct 17, 2005 2:53 pm Post subject: Anyone Brave Enough? |  |
|  I searched and searched...and have not see this scenario. Here goes...everybody put on your thinking caps. We started looking into buying a home this past April, since that time, I have run what I believe to be the "full" gammot of information on the web. We had initially been approved with a company that does sub-prime lending, see we have mid scores of 585, we have some derogatory issues, and here it is...an IRS Lien (we have no property), of about 6500.00 for past tax years. We were approved regardless with Option One...but the broker that was working it, I had to chase him over hill and dale to speak with him, and timing was getting short, we have made an offer on a home, but, then we were approached by yet another broker, who stated that they had a specialist in IRS Liens, and so because the presented very well...we chose to go with them, letting the other go. Now that we are 11 days from closing...the Lender MILA..."now"states "Thank you for your recent inquiry regarding this file. After further review, MILA does not allow Tax Liens to remain open with a 80/20, 100% CLTV purchase and we will require that the Tax Lien(s) be paid or prove paid at closing. No exceptions."
*PTF # 7 - Copy of cashier's check verifying source of borrower's paid closing costs exceeding $5000. Cashier's check must reflect borrower as remitter.
*PTF #8 - * Borrower to provide individual cashiers checks at closing payable to creditors for any consumer or adverse debts to be paid.
Eventhough they initially after approving us...stated it was ok. We have since been asked IF we wanted to see if the lender would accept appraising the property for above the sale price by what the IRS Lien is...we have agreed...and the Lien would be paid after closing by the Escrow company...but now we wait on the Lender. Since then, we have received our packet from the Title company and the disclosures with the terms of the proposed loan, based on the underwriting guidelines. The broker is waiting for word from Option One to verify a previous loan application we did with them through the other agent (whom the "new" broker claims never submitted it), and the "new" broker is waiting to hear back from MILA as to their acceptance of the IRS lien payment agreement. Our concern: who to believe? We MUST be absolute by this Friday the 21st...or we lose our earnest money. Are we being taken for a ride ending in a CRASH...or what? The IRS Lien Dept., claims they do not subordinate a mortgage, and will produce a document making that statement...I have been in touch with them on several occasions, but due to Katrina...they have been told that New Orleans takes priority over everything. However, they will verify all of this if you call to speak with them. Are there any lender's out there with the guts enough to do this? Any up for the challenge? |
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