lender wants blank fed forms signed NEED answer fast - Posted by Prudy

Real Estate Investing
1

Posted by CarolFL on April 21, 2000 at 12:06:31:

NIQ = Non income qualifying
NIV = Non income verification
Lite docs (limited documentation req’d)
no docs (you can figure this one out!)

Exactly what might be required for each can vary, but what you are getting does not come into any of these categories… yours is a full doc.

Have fun!

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lender wants blank fed forms signed NEED answer fast - Posted by Prudy

Posted by Prudy on April 21, 2000 at 09:34:49:

I am financing a piece of rental property. In the paper work, they want me to sign fed forms 4506 (request for copy or transcript of tax form) and form 8821 (tax information authorization)Is this common to sign these forms? The forms are not filled in except for my name and social. I have never had to sign these types of forms before. Help

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Re: lender wants blank fed forms signed NEED answer fast - Posted by Tomc (Md)

Posted by Tomc (Md) on April 21, 2000 at 10:42:05:

I would recommend you read this article titled “Bill of Rights would end Lender’s Misuse of Tax Returns”

http://www.washingtonpost.com/wp-dyn/articles/A19175-2000Apr15.html

In case you don’t want to read it - here’s the summary. Sign the form, but make sure the date field is filled in.

TomC

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Re: lender wants blank fed forms signed NEED answer fast - Posted by Ed Garcia

Posted by Ed Garcia on April 21, 2000 at 10:12:20:

Prudy,

If your loan is going full doc, then sign the form.
If you’re going Stated income, NIQ, NIV, Lit doc’s, No doc’s, Easy doc’s, then don’t sign it.

If your lender questions you as to why you didn’t sign it, explain to them that it would have
No avail, because you are doing your loan with the understanding, of not verifying your income.

No, this is nothing new. However there are times that this document is put into the loan
documents when it shouldn’t be there.

Ed Garcia

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Ed Garcia - Posted by Prudy

Posted by Prudy on April 21, 2000 at 11:52:49:

I don’t know what these terms means- NIQ,NIV,Lit doc’s, No doc’s?
What I am doing is this: I am doing a 90 10 loan, gave fin. statements, last 2 years tax returns, etc. through a brokers service. Co. name Ameriway Mort. Co.

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Re: From Ed Garcia - Posted by Ed Garcia

Posted by Ed Garcia on April 21, 2000 at 12:31:54:

Prudy,

Carol did a nice job with the definitions. Bottom line is, the lender did not base the loan on
verified income.

Prudy, based on your second posting, the lender verified your income with tax returns etc.

So as for me, I would sign the form.

Ed Garcia