Posted on 10/05/2013 9:34:46 AM PDT by BenLurkin
COSTA MESA (CBSLA.com) — The government shutdown could bring the Orange County real estate market to a standstill.
“We have to verify tax returns through the Internal Revenue Service for all loan transactions, and so we can’t do that right now with the government being shut down,” said mortgage broker, Lauren Stipe.
Stipe said buyers can’t get a loan without the 4506 forms.
“(I have clients) waiting and, basically, hoping that we’ll get the results back in time for them to close escrow on time,” she said.
Stipe is hopeful the shutdown will end soon. But if it doesn’t, she’s worried buyers will fall out of escrow and be forced to cancel their contracts.
“I think worst case scenario, if they remove loan contingencies, they have the potential of losing their deposit on the house,” she said.
KCAL9’s Stacey Butler reported that so far, there have been few disruptions. Most loans close at the end of the month and take 30 to 60 days.
Traditional loans aren’t the only ones affected.
Loans backed by agencies like the Federal Housing Administration could also be in jeopardy as the FHA’s diminished staff struggles to keep up with processing.
“I’m hoping that like previous situations, they’ll resolve it within a matter of days,” said Stipe.
Great answer; you won’t answer a simple question.
You are now arguing like a Liberal. DU might be a better place to vent your poor attitude.
As I thought; you won’t give an answer.
You might want to sit and think about how government services are embedded in how your income is derived.
Instead of playing keyboard cowboy with someone who is trying to bring a bit of first hand knowledge with how things actually work; try getting out and trying to change things so less government is required for all of us.
You are dangerously close to Zot.
So you have been backed into a corner in an argument; and you try to hide behind what you just wrote. Fine.
It shows someone that is not capable of intelligently discussing an issue using actual facts rather than emotions.
You gave out private information on the interweb, so who is the dummy. Not playing your silly LIBERAL word games. You are a bore.
Nor student loans
I gave out no private information.
I provided actual facts about how an industry works that I am in.
The goal is that my fellow conservatives know facts. I like hearing from people in other of industries how things work so I am more knowledgeable. You chose to attack me for providing such info; strange.
I asked the question about your income; as most people in this country are tied somehow to govt services or regulation.’ like it or not.
The answer is to call your representatives and tell them we have too much regulation and govt control. Or to get new ones elected.
I have stood toe to toe with Occupy protestors and challenged their stupid signs and chants.
They were perplexed anyone would challenge them; and had no answers for my questions.
You did provide useful information to the thread. I’m with you fellers.
Que “Oh brother, where art thou?”
Is that you Barry? Changing your tune again. We got the information you are a crony capitalist.
The Occupy punks use the same personal attack strategy after I had dismantled their foolish arguments.
I expect better from a so called conservative.
Blah, blah, blah. In the immortal words of Jim Thompson, go get a little.
You actually said something funny; congrats!
Well it is FR. Hugh and series.
It is FR; one of the best websites on the web!
Have a good evening.
You do support the regulation because it beenefits you and your industry. You stated it in your first post. There is nothing you can do to take that back.
Stop lying.
“Stop lying.”
Trying to explain an issue to someone like you is pretty pointless; but I’ll try again.
As I posted earlier; the process is used to detect potential fraud. Current banking regulations require this to be done. Loans won’t be made with the current system without this process being done.
The banking industry didn’t pass all the laws that have brought us the current system but it has to work within that system.
Is this true? When did they start verifying incomes through the IRS? The last time I bought a house you give them your tax returns, your w-2s or your paystubs. Your employer can verify your income.
I should have read your posts before I posted. When did they start requiring this?
Wow, good thing we found a Cash Buyer for the Condo we just sold in S. Orange County.
Glad I didn’t take the second offer after all.
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