What is the name of your state (only U.S. law)? Maryland
I am in the process of a modification on my mortgage but racing against time to try and catch up on 3 months back mortgage payments before foreclosure proceedings begin. It looks as though Wells Fargo is not going to give us a modification although my husband was out of work for 3 months and now has a decrease in income since he started back working. Anyway, in going through my original settlement papers and comparing them with the settlement papers on my first home, I noticed that the lender did not require us to sign an IRS form 4506-T which is a Request for Transcript of Tax Return which to my understanding is required since my husband did "stated" income. When we bought our first home in 2004, he went stated on that loan as well and had to sign this form. By not requesting a transcript of our tax return is the lender in any violation of the law? Can we possibly hold them accountable or use this violation as leverage to get them to modify our loan? FYI, the current lender is not the original lender as the loan was sold a few months after we went to settlement in 2007. Not sure if that makes a difference or not.
I am in the process of a modification on my mortgage but racing against time to try and catch up on 3 months back mortgage payments before foreclosure proceedings begin. It looks as though Wells Fargo is not going to give us a modification although my husband was out of work for 3 months and now has a decrease in income since he started back working. Anyway, in going through my original settlement papers and comparing them with the settlement papers on my first home, I noticed that the lender did not require us to sign an IRS form 4506-T which is a Request for Transcript of Tax Return which to my understanding is required since my husband did "stated" income. When we bought our first home in 2004, he went stated on that loan as well and had to sign this form. By not requesting a transcript of our tax return is the lender in any violation of the law? Can we possibly hold them accountable or use this violation as leverage to get them to modify our loan? FYI, the current lender is not the original lender as the loan was sold a few months after we went to settlement in 2007. Not sure if that makes a difference or not.