Q&A

I am more than happy to offer free advice to all readers. Please post your questions on this page and I will assist you with my years of knowledge in Underwriting as much as I can.


1,265 thoughts on “Q&A

  1. Amber on

    Could someone please help me figure out a letter of explanation for owed taxes. Long story short my husband changed his w2 back in 2013, to break even as we had already paid in more than enough to not owe. Well he didnt change it back to having taxes taken out of his check until this year. We have already filed 2014, 2015 and 2016 and under an installment agreement to pay the last 3 years. We have already made our first payment which we were told that the payment along with the agreement paperwork would suffice the underwriters. Now they are saying that they are not use to seeing people owe more than one year and our lender is saying we need to paint a prettier picture. My question is what are they wanting exactly? We are scheduled to close in less than 30 days.

    • Underwriter on

      Hi Amber. The lender wants an explanation on why you two are unable to pay taxes for 3 years in a row. If you were to lend a friend money and they have not been able to pay their bills in its entirely, I am sure you would want to know what causes them to be in the situation they are in and how it will not happen again. Asking you to “paint a prettier picture” is dishonest on that person’s part. You should never lie about the situation you were in.

  2. bryan sky on

    Bryan

    Hello , I started a new business in 2013 . 2014 and 2015 i didn’t file taxes . 7/29/2016 i filed 2014 and 2015 and with into a payment agreement . 3/28/2017 i filled my 2016 taxes and have combined 2014, 2015 and 2016 together into a payment agreement . now the underwriter is and for a LOE of why i didn’t file my 2014 . Any advice is appeciated .

    • Underwriter on

      Bryan. I thought you already filed for 2014 on 7/29/2016. Is that correct?

  3. Naz on

    We are buying a new house, me as a first time buyer and my husbands second property we will be renting out his first property. We have a 25% deposit and credit scores and in their 900’s however I have had a few late payments in the last 2/3 years will this be a deal breaker?

    • Underwriter on

      What is the question?

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