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Guest

We are in the process of purchasing a home. We currectly love in an apartment. We have worked diligently to pay off bad debt - although, my husband owe back taxes but have a payment agreement set up. Will this prevent us getting a loan? Will the amount of the back taxes be cleaned off with the 8,000 tax credit the government is offering this year?

gmakerley · Posted: Wed May 20, 2009 12:49 pm Post subject:

jazzy, some lenders will grant a loan while a borrower is in a payment arrangement such as you described. everyone's very picky in 2009, so you'll have to do some digging to find the right people. as for the tax credit, assuming he owes less than $8000, then i would imagine the existing debt will get taken care of.

pretty soon you'll be able to love in a house.

Guest

I HAVE A BK THAT WAS FILED IN 02/2001 AND DISCHARGED IN 06/2001. IT'S BEEN 7 YEARS AND IT HASN'T CAME OFF OF MY CREDIT. WOULD A LENDER LOOK AT THAT AND SEE THAT IT'S BEEN 7 YEARS OR WOULD THEY REQUIRE ME TO GET IT OFF?? MY MIDDLE SCORE IS A 597. THANKS

Guest

I know it has been said that oweing back taxes will disqualfy you from FHA. BUt just to be clear, I wanted to ask this question. If you have a 620 or above FICO you will be approved by the Automated Uderwriting System. If AUS approves you, can the back taxes still disqualify you? Does the AUS review tax history, or is it maybe included in the data that is ran through AUS?

Guest

Hi, I put an offer in on house but I have a judgement on my report. Can I still be approved by just writing a letter and showing I'm on a payment plan?

jerry · Posted: Mon Jul 06, 2009 6:15 am Post subject:

Hi Tiffany,

If the bankruptcy on your credit is 7 years old, you should write a letter to the credit bureaus and request them to remove it from your report. If the bankruptcy is so old, it is expected that the lender would not take it into consideration while approving your loan. But it is no doubt better to get it removed from the credit report. You should also work on your credit and take it to at least 620 to get good loan offers.

Hi Darlene

As far as I know, even if you get approved for a loan through the Automated Underwriting System, your loan application will be manually checked by an underwriter. If you owe back taxes, it may disqualify you for a loan. But if you show your intention to pay off the back taxes and write a letter to the underwriter stating what measures you are planning to take to pay them off, the underwriter may still approve your loan.

Hi Travis,

If you are on a payment plan to pay off the judgment, the lender can approve your loan. But there is no guarantee that they will do so. It depends on the lender you are working with. But if your credit is otherwise good, you have a sizeable down payment and you can afford the mortgage payments, the lender would usually want to offer you a loan.

Thanks,

Jerry

Guest

The IRS filed a tax lien on our home. The home is in my wife's name and the lien is because of a tax problem I had before we were married. Is it legal for them to file the lien on my wife's property? The lien was filed about 9 years ago. We didn't even know about it until this year. We've been married 14 years.

Guest

I hired a lawyer who has really not done much except by time, the promise was to help me make an OIC (Offer of Compromise). The lien was placed on my credit in 2004 unbeknownst to me.I was advised by a tax lien advisor that works for the IRS to try a PMM Purchase Money Mortgage, however all the lenders I have contacted either have never heard of it or won't do it. The amount they claim I owe I could not pay. How do I go around this HUGE OBSTACLE???

gmakerley · Posted: Wed Sep 02, 2009 9:48 am Post subject:

linda, are you by any chance aligned with any of the previous posters here? if not, then your post is simply confusing by itself.

lenders who don't know what a purchase money mortgage is ought to take down their logos, their shingles and their signs because they obviously aren't really lenders.

i don't comprehend why a tax lien advisor would suggest such a thing, however. and a lien isn't placed on credit; credit agencies report information that they garner from credit grantors, municipalities, courts, etc.

please clue us in on your overall situation a bit more; i can't figure out what to tell you based on your comments.

Guest

My husband and I got qualify for a home and had a closing date. I informed the lender if he had noticed the tax lien on me and my husband which was on our credit report and this had caused problems before. He said he thought it was satisfied but even I know it would have been listed on the credit report as satisfied. He said he would take it to the underwriter. What are our chances?

gmakerley · Posted: Mon Sep 28, 2009 7:56 am Post subject:

janet, please explain: is the tax lien satisfied? if anyone will know that answer, it is you and your husband. the lender wouldn't know, and if you have already been qualified (approved?) and have a closing date (proposed or real?), then the underwriter would have already seen and taken action on an unsatisfied lien.

Guest

My husband and I have pretty much been approved for a FHA loan based
on his credit scores...we are paying monthly payments to the IRS for taxes he owed before we ever got married...I pay this monthly and have never been late..but a tax lien has shown up on his credit report from 1993
is this going to kill our loan?????

gmakerley · Posted: Mon Sep 28, 2009 1:32 pm Post subject:

need...i don't quite get it. if you were "pretty much" approved based on his scores, how did the tax lien suddenly appear? wasn't it taken into account on the credit report from which those scores were drawn? have you had a conversation with the lender about this 26 year old lien? is there still money owed on this lien?

i'd have to think that the lien had been taken care of by now, and merely sits unreleased due to some bureaucratic error. at least, that's what i'd hope to be the case. can you shed some more light on this situation?

Guest

Yes, it is on the same credit report that shows high scores...and that the lender based his info on....he called today and questioned me about the lien from 1993 and said he would have to explain it...is there a statute of limitation on back taxes? How do I get this taken off our credit report...IRS
won't discuss this with me...it was before we were married....

gmakerley · Posted: Tue Sep 29, 2009 7:30 am Post subject:

the irs can answer generic questions such as you asked above about a statute of limitations, but you'll have to sic your husband on them to get to the bottom of this old reference.

you have to determine how valid this is before you can begin attempting to remove it from credit. have you drilled the lender to find out why this is now an issue when it wasn't earlier?

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can you get an fha mortgage with tax lien and some judgements