Posted on: 10th Feb, 2011 07:09 am
I owe IRS a substantial amount of money. We are working on a payoff deal with them, and they have come up with a very generous offer (They are truly nice people when you show that you are sincere about paying!); however, they want us to seek an additional mortgage (mortgage co. holds 1st mtg; HUD, second) to convince their officers that we have exhausted all other avenues for obtaining the money. Here's the catch: We have applied to several banks, and all have refused to consider such a loan; however, none of them is willing to give us written proof of such a refusal. Our current reverse mortgage balance is 61% of the property's value as assessed in 2007. I need something in writing, one way or the other, and I'm tired of spending hours filling out (different) applications for each lending institution.[/i]
Hi tbonepickr!
Welcome to forums!
If you have a reverse mortgage on your property, then you won't be having any equity in your property. Unless there is any equity in your property, none of the lenders will be ready to give you a mortgage. You should let the IRS know about this fact and ask them to consider you for the payment plan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you have a reverse mortgage on your property, then you won't be having any equity in your property. Unless there is any equity in your property, none of the lenders will be ready to give you a mortgage. You should let the IRS know about this fact and ask them to consider you for the payment plan.
Feel free to ask if you've further queries.
Sussane
As we all know or for those who still doesn't know, home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.
As we all know or for those who still doesn't know, home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.
If you applied for a mortgage anyplace, the lender is leaglly required by federal regulations to give you a DENIAL LETTER and the reasons for denial checked off.
That is a standard denial letter.
The lender is subject to large fines if that letter is not issued within 30 days of the date of an application. Of course, they only pay the fine if reported or caught in an audit. So, "threaten" to report them if they do not give you the required denial letter.
That is a standard denial letter.
The lender is subject to large fines if that letter is not issued within 30 days of the date of an application. Of course, they only pay the fine if reported or caught in an audit. So, "threaten" to report them if they do not give you the required denial letter.
they have to provide you a denial letter.
call their bosses and their boss's bosses
call their bosses and their boss's bosses
