Awwwwwwww!
BINGO!! THAT is going to be the end result of all these sob stories....the GOVT. IS TOO DAMN BIG!!!!!
My first thought as well. Government shouldn’t be involved in the housing market at all.
Just another example of the government being TOO BIG! The government shouldn’t be involved in real estate sales. It’s not in the Constitution.
The 4506T audits are a big deal for mortgage lending. We send in the signed 4506 form to the IRS.
The IRS then send back to us a transcript of someones tax return with all the data from their return.
We match that up with tax returns W2’s or paystubs (all of which could potentially be fake) we have collected from a borrower.
It is a way to detect possible loan fraud.
So yes the govt has it’s fingers in too many things; but this isn’t one of them.
Call your commie 'critters and tell them to fold.
In an area plagued with earthquakes and mudslides a real estate standstill is a good thing.
Bring it on --
Isn’t it amazing that the feral government has its nose in everyone’s business to this extent. Shame on we, the sheeple, who have allowed this rapacious government to run wild.
And the Government Shutdown COULD make monkeys fly out of my butt.
The Democrats may get confused. They will now have to decide whether to blame their failures on the partial shutdown, Bush or global warming.
I have been connecting some other dots....
The shutdown is a problem when the Feds have so many fingers in the pie, no doubt.
BUT—When Obamacare kicks in & people find out how expensive it is going to be & how high a series of decuctibles there are:
What will they have to give up?
Many homeowners who are already paying mortgages on proof of money they earned before their hours were cut to 30 per week will have to make some choices.
They are earning less & will have to pay seriously spiked premiums for ‘health care’.
Will they give up their cell phone plans? A penalty connected to that, for sure.
Will they turn in their newer car & drive an older one instead? Fat chance. They have been brainwashed to believe that only the NEW cars are safe!!!
Will they give up the beauty parlor & manicures? Not betting on that.
350 channels on their TV? Not so sure about that, either.
Dining out & family gatherings?? No—not that.
Will they find themselves paying their mortgages later & later??? Perhaps. There isn’t as much instant gratification with a mortgage payment as there is with a cell phone or a new haircut.
This will start another complete round of foreclosures-—just when the home market was starting to feel a little better.
Watch what happens-—within another year, before the 2014 elections, the foreclosures will go waaaay back up.
See if I am wrong. Remember I have said this.
We just did a refi on our home. The lenders are assuming you are lying about everything and you have to provide 2 different ways to backup your info. In our case my wife recently retired and takes a draw on her reinvested profit sharing account. The lender requested a letter stating the draw agreement had been set up and she had to prove the draw had been made.
She recently had bought out a car lease, she provided the satisfied lease agreement and had to prove that Toyota had been paid for the car.
The whole thing has gotten ridiculous thanks to Barney Frank.
the IRS is not the only means for verifying income
and if some state or bank has made it a rule that
ONLY an income tax returned can be used to verify
income then that state and or bank have created
their own problem
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.
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.
The solution of course is form 4506 Z.
The -Z form is the regular 4056 form with a line at the bottom saying “The 4506 form is waived during shut down. “
Just get the returns and examine them