What is the Tax Form for? - Loan Modification Forum

Amy3265 · 10-07-2009, 11:08 AM

We just made the 2nd of 3 trial period payments for HAMP. They just asked for the tax form again. Why? Is it to pull up our taxable income for this year or last year?

MyHAMP · 10-07-2009, 11:14 AM

I can't tell you why they asked for it AGAIN (maybe they lost the first one), but i think they use this form to check your previous income and if that matches the "story" you provided.

We also just made our second trial payment on 10/01 and they told us they submitted our case to the treasury department for verification to see if our claims concerning income match the tax-files...

Amy3265 · 10-07-2009, 11:33 AM

That is so strange!! I'm just wondering if they look (or CAN they look) at this year's income? My husband worked a side job earlier this year..before we started the trial period. We did not mention it and now I am wondering if we should have? Can they find out?

MyHAMP · 10-07-2009, 11:47 AM

Well, is your husband on the loan (as well)? If so, you should have mentioned it.

In our case, my mother just started her new business (self-employed) in spring of this year so there simply are no tax-records of her current employment. She was unemployed in 2007 and 2008 but to be on the safe side, she filed income-tax for that time with little amounts (less than $1000).

In our case, they requested profit and loss schedules for her business and we provided them with every single bill my mother issued her clients incl. clients' name, addresse and phone-number so every penny she claimed as income can be verified.

10-07-2009, 11:08 AM	#1 (permalink)
Amy3265 Senior Member Join Date: Sep 2009 Posts: 37 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What is the Tax Form for? We just made the 2nd of 3 trial period payments for HAMP. They just asked for the tax form again. Why? Is it to pull up our taxable income for this year or last year?

10-07-2009, 11:14 AM	#2 (permalink)
MyHAMP Senior Member Join Date: Oct 2009 Location: Florida Posts: 724 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What is the Tax Form for? I can't tell you why they asked for it AGAIN (maybe they lost the first one), but i think they use this form to check your previous income and if that matches the "story" you provided. We also just made our second trial payment on 10/01 and they told us they submitted our case to the treasury department for verification to see if our claims concerning income match the tax-files...

10-07-2009, 11:33 AM	#3 (permalink)
Amy3265 Senior Member Join Date: Sep 2009 Posts: 37 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What is the Tax Form for? That is so strange!! I'm just wondering if they look (or CAN they look) at this year's income? My husband worked a side job earlier this year..before we started the trial period. We did not mention it and now I am wondering if we should have? Can they find out?

10-07-2009, 11:47 AM	#4 (permalink)
MyHAMP Senior Member Join Date: Oct 2009 Location: Florida Posts: 724 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What is the Tax Form for? Well, is your husband on the loan (as well)? If so, you should have mentioned it. In our case, my mother just started her new business (self-employed) in spring of this year so there simply are no tax-records of her current employment. She was unemployed in 2007 and 2008 but to be on the safe side, she filed income-tax for that time with little amounts (less than $1000). In our case, they requested profit and loss schedules for her business and we provided them with every single bill my mother issued her clients incl. clients' name, addresse and phone-number so every penny she claimed as income can be verified.

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