Home Loans and Support

4506T Authorization for Tax records

Discussion in 'Bank of America Mortgage Help' started by sns0710, Mar 9, 2010.

  1. sns0710

    sns0710 LoanSafe Member

    Received a call today and was told that I would get an email requesting that this form, 4506T, be signed and returned. It gives BOA authorization to get any info from the IRS, like older tax reports. I already sent them 2008 taxes. Does this sound right? Has anyone else had to sign this? Please let me know before I have to send it back. I just don't trust anyone or anything having to do with this anymore.
  2. Andersj

    Andersj LoanSafe Member

    This is very standard, it is required by Banks now as it verifies to people have not committed Fraud, meaning generating false tax returns just to get approved for a Mod.
  3. chowder

    chowder LoanSafe Member

  4. Whittier

    Whittier LoanSafe Member

    It's standard. You can get the form from the IRS website, if I were you I would also fax it over to the IRS to expedite the process and mail them the form with original signature: My package had one in it for me to sign and return.
    Making Home Affordable - Request a Home Affordable Modification
  5. lisasxr

    lisasxr LoanSafe Member

    This!!! The bank is confirming that what you provided them matches the IRS records of what was filed!
  6. sns0710

    sns0710 LoanSafe Member

    Thank You. Do you have the address, or fax number for sending it to the IRS?
  7. donita

    donita LoanSafe Member

    Do they look at other assets on the Tax Return to make decisions on the outcome of a loan mod application?

    Sorry it may sound like a stupid question to most of you. I'm really coming from a not-knowing-anything background.

    I have been offered a trial mod under HAMP and got this 4506-T request from the lender. My worry is my tax return shows a bank account that holds funds owned by a family member who years ago had to move ownership from her name to mine due to other financial reasons. Even though it is in my name, I morally cannot touch those funds. Does this spell trouble for me?

    Thank you in advance.
  8. Whittier

    Whittier LoanSafe Member

    The use it to compare income vs the transcripts. If you have someone's else assets and it's in your name you are to disclose it. Because the assumption is that if it's under your name those assets/funds can be used for your benefit.

    But you didn't disclose them and they find it and ask you for details

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