Posted on: 02nd Jun, 2009 10:51 am
I am refinancing my home with same lender. I am paying loan down an additional $25k leaving a balance of $200k with an appraisal at $580k. Have a fico of 811 and two years of pay stubs plus bank statements. I was told initially the 4506-T would not be required but at loan signing it showed up again and now they say it is standard required procedure. I did not submit it in the original documents but I guess it was not noticed.I have 48 hrs. left to rescind the loan but really hate to do that. What are my legal rights here? Is it a aw that I must submit this even though it is a no-cash loan with excellent fico scores and loan values etc. ??
sunset, this is the way of the world in 2009. no matter what the transaction, no matter who the borrower, no matter who the lender - a 4506-T is being required on loan after loan.
i can't say this for every lender, but it sure looks that way. not only that, but the document is executed, too, so that the transcripts are available before closing.
you have to keep in mind that
i can't say this for every lender, but it sure looks that way. not only that, but the document is executed, too, so that the transcripts are available before closing.
you have to keep in mind that
If you closed already sunset they did not execute them but can if there is a problem...and if there is a problem you can be found fraudulent if there is an income discrepancy. Like George says all lenders are requiring them now and its primarily due to the stated income loans that flooded pipelines for years.
If your income is what you are claiming you should sign that comfortably and confidently, it only goes to the irs.
If your income is what you are claiming you should sign that comfortably and confidently, it only goes to the irs.
