So our underwriter at BoA delayed the settlement on our house because she won't get past one hurdle.
On the recommendation of our tax person, I wrote off my tuition for my MBA as a "unreimbursable expense" on my 2008 and 2009 taxes which is totally acceptable per IRS guidelines. I finished in Winter of 2009, so I no longer have any tuition to pay. The underwriter is saying that the adjusted gross income after claiming the tuition puts us at the threshold for approval on the loan, but since I am no longer in school I will never write off my tuition again and I make quite a bit more since graduating.
The underwriter is requesting a document from my company to state on company letterhead that "I will no longer have any more unreimburseable expenses." How can I get my company to certify that I will no longer claim something on my taxes? They have no basis to make that statement, nor can they state that I will never go back to school, which I will not anyways.
We provided the underwriter documentation that showed I graduated in Winter 2009 and that I am done with school, but that will not suffice for her and she will absolutely not budge on this matter. What else can I provide to get this final hurdle out of the way so we can close on our house?
This is so frustrating as they have had our loan in underwriting forever. She ordered our tax transcripts from the IRS at the last minute on June 10 and didn't receive them until June 16 (we were supposed to close on June 18), she refused to review the other conditions until the tax transcripts came, then decided to leave early the day prior to our closing knowing we had to close at 10 am the following morning, and has now delayed our closing indefinitely until we clear this one remaining item. We stand to lose lots of money on this as everyday she waits it costs us a penalty to the seller...any suggestions would be greatly appreciated!!