Hi i'm new here! My husband and i recently "purchased a home" the offer was accepted on February 14th and we were suppose to close on Monday. About a week ago our underwriter sent us our loan commitment letter and everything was all set to go except for one thing. She had called the IRS to get our 2010 tax transcripts (and FHA requirement) and it came back no order, we filed our taxes in January so we thought it was just a hiccup and told her we'd call to see what was going on.
That's when everything got out of control. My husband is self employed and made considerably more last year than in years past so we had to use 2010 taxes to get the loan approved. When we called the IRS we found out that since we owe money they would not process our taxes until the middle of may and we wouldn't be able to get our transcripts until then! We can't close on the house without them. The bank tried working with us and said they would accept a stamped and signed copy of our 1040 so we went to the local office and they couldn't do that because we e-filed or something. So here we are forced to push our closing date back by 2 months. I feel terrible for our sellers but there is nothing we can do about it!
The worst part is that the lease for our town house is up on Saturday so we are forced to put everything we own in storage and crash at my parents house for 2 months. Such a huge mess.