3 Weeks. The consumer can call 1-800-829-0922 to check to see if their transcript is available and request it directly from IRS at no cost. However, they must allow 10 days to receive it.

2. If the taxpayer mails their return, approximately how long should they expect to need to wait until they can obtain a copy of their transcript directly from the IRS?

6-8 weeks and times may extend longer after April 15th. The consumer can call 1-800-829-0922 to check to see if their transcript is available and request it directly from IRS at no cost. However, they must allow 10 days to receive it.

3. Can taxpayer file their tax returns by visiting a local IRS office? And if so, will they get some sort of receipt as evidence they’ve filed their return with the IRS?

Yes and Yes.

4. Can taxpayers get copies of their tax transcripts by visiting their local IRS office in person?

Yes but only IF their return has been processed through the system (meaning still subject to the 3 week average expected turn time from date of electronic filing or 6-8 week turn time for mailed filings). However, once the transcript is available, keep in mind that if the borrower can get it at the local IRS office, it will save the added 10 day waiting period for mail time from requesting from the IRS 800 number.

5. How can we direct taxpayers to find their local IRS office location information?

Go to http://www.irs.gov/localcontacts/index.html, scroll down the page to the U.S. map and click on the state.

6. How does the taxpayer go about requesting copies of transcripts directly from the IRS? Is there a charge?

They can request their transcripts directly from IRS at no charge by calling one of the following numbers:

- 1-800-829-0922
- 1-800-829-1040 and listen to menu to select prompts to get to proper menu
- Visit local IRS office to request directly on site
The IRS does charge $57 if the consumer requests a copy of his/her actual return (not the same as a transcript).

7. Can you explain the different types of “products” that can be requested using the 4506-T and what purpose each might be used for?

- Return Transcript: includes most of the line items of a tax return as filed with the IRS. A tax return transcript does not reflect changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series, Form 1065, Form 1120, Form 1120A, Form 1120H, Form 1120L, and Form 1120S. Return transcripts are available for the current year and returns processed during the prior 3 processing years. Note: Transcripts will not show amount of tax owed or paid, outstanding balance or IF an amended return has been filed.

- Account Transcript: contains information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability and estimated tax payments. Account transcripts are available for most returns. Note: Verifies outstanding taxes owed, account status, payments made, penalties, interest and fees etc. This is what you may need if there is any concern that a borrower may have a large amount of outstanding tax liability with IRS

- Record of Account, which is a combination of line item information and later adjustments to the account. Note: Ideally THIS is what we should require rather than just transcripts because this actually shows line item filing information PLUS includes information on amendment filings. THIS is what we would want to require in any case where the tax return copy provided by the borrower doesn’t match up to the transcript we receive.

- Verification of Non-Filing: Proof from the IRS that the borrower did not file a return for the year. Current year requests are only available after June 15th. There are no availability restrictions on prior year requests. Note: We would need to require this product to verify that a particular individual was perhaps not required to file and therefore did not.

- Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. A transcript that includes data from these information returns. State or local information is not included with the Form W-2 information. The IRS may be able to provide this transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS. For example, W-2 information for 2007, filed in 2008, will not be available from the IRS until 2009.

So ideally, for a borrower who has recently filed tax returns for 2009 income that is for instance, required for qualifying such as may be a the case for some self-employed borrower situations, the most efficient way to obtain transcripts right now is to direct the borrower to check with the IRS periodically to determine when transcripts are indeed available. Then, if possible, have the borrower go to the local IRS office in person to request and obtain the transcripts on site. This will help avoid the additional 10 day or so waiting period for the IRS mailing process. This method also costs the borrower no fee for obtaining the transcripts.

http://www.nmlsconsumeraccess.org/

http://www.washingtontimes.com/news/2009/nov/13/cover-story-how-to-choose-banker-or-broker/

Median home price: $371,000

Value lost since 2006: 15.2%

Forecast gain by 2011: 3.8%

Seattle has become a world-class city with a diverse, vibrant economy. As a home to manufacturers such as Boeing and software providers such as Microsoft, the job market has held up better than average, with a current unemployment rate of 8.8%.

Home prices had a softer landing as well, dropping just 15.2% over the past three years, about half the national average. However, prices do tend to be volatile, according to Mark Fleming, chief economist for First American CoreLogic. The lack of available land for development is one reason for that volatility, as are political restrictions on growth.

After another modest price decline of 2.3% in the next eight months, the market should begin to turn up. Between June 2010 and June 2011, the city should see a gain of 6.2%. Averaged out, that means a 3.8% gain over the next two years*.

And while that may not sound all that robust for those jaded by the annual double-digit returns recorded during the boom, that performance will be one of the best of any large city during that period.

Read the full story at: http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/2.html

The Wall Street Journal surveyed six trend-spotting experts and they chose cities based on economic diversity, lifestyle and their own personal prejudices.

Here’s the top-10 list:

1. Washington, D.C. (tie)
1. Seattle
2. New York
3. Portland, Ore.
4. Austin, Texas
5. San Jose, Calif.
6. Denver
7. Durham, N.C.
8. Dallas
9. Chicago
10. Boston 

To calculate your debt-to-income ratio, follow these steps:

• How much do you pay each month in bills-mortgage, credit cards, etc? Come up with a total for all bills, excluding utilities and taxes.
• What is your monthly income? Be sure to include investments and child support.
• Divide your monthly payments by your monthly income.

What does it all mean? What is a good debt-to-income ratio?

36% or less – This is the target area we should all aim for

37% – 42% – You need to start paying off some debt before it gets out of control

43% – 49% – The danger zone – a high DTI ratio. Immediate action is needed to pay     down debt

Above 50% – A professional financial advisor can help get you back on track to reduce debt

Auctions: When you think of an auction, imagine standing at the steps of the county courthouse or in front of the foreclosed property. This is how most foreclosures go down. Transactions are cash only, and paid on the spot. Unfortunately for the buyer, they are unable to inspect the property prior to the auction. In very few cases, it’s possible that the homeowners have not vacated the property.

Real Estate Owned (REO): If a foreclosed home isn’t sold at auction, the bank can repossess it. This would happen if the highest bid at auction is less than what the homeowner owes the bank. There’s no guarantee at this point that the bank will offer a rock-bottom price to unload the property. It can also be a lengthy process.

Pre-foreclosure: For a fee, you can access websites that have homes listed that are in foreclosure. In this case, you would need to offer the bank more than what is owed, but less than market value. This would be the best option for most people.

Meet the Deadline: An appeal needs to be filed by certain deadlines. Washington state, for example, has a deadline of July 1st of the assessment year, or within 60 days after the date listed on the Assessor’s value change notice – whichever is later. Make sure all appeal forms are completed by downloading and printing out all necessary forms from your county assessor’s website.

Get the Facts: Gather information on comparable homes in your area. Use real estate websites, such as Zillow, to research homes values within a mile of your home. With the help of a realtor, you can  view the last few months of home sales in your area to help establish your own home value. Five “comps” should help support your case.

Present your case: Review your case with assessor staff at the county level. Remember, your county assessor’s office has been inundated with appeals from disgruntled homeowners. Be pleasant. Provide your research to further support your request. Meeting goes nowhere? Apply for a formal appeal at the state level.

A warranty can protect homeowners from unexpected costs and breakdowns that occur in a home. The types of repairs warranties cover often are not covered under a homeowners insurance policy. It is often possible for existing homeowners to obtain a warranty, but most likely, there will be a waiting period, depending on providers and the type of plan. So, who benefits most by purchasing a warranty? Sellers and buyers. The seller can use a warranty as a selling tool, and provide peace of mind for a potential buyer. The buyer can rest easy knowing that a seller has secured a warranty, and that it is in place should something unexpected happen after they move in.

Many home-warranty companies prefer to repair broken appliances, rather than replace, so always make sure you read the fine print.