Monday, March 4, 2013
LimboClosing was delayed.
We were supposed to close February 28th. But that did not happen.
Three days before closing, NVR relayed to me that they didn't have a 2011 tax transcript. I swore I filed it, but it turns out I didn't. There aren't too many things I procrastinate about in life, but if there is one to take the cake, it would have to be anything to do with the I.R.S. While I had prepared my tax return back in September, on the counsel of NVR saying "it's probably a good idea to get your taxes filed..." I must have lost sight of actually sending in the 1040. Well it all came out just three days before closing (I'll let you draw your own conclusions about that).
February 25th, upon learning that the underwriter required the transcript in order to close, I raced down to the local Federal building to submit my paperwork. The plan at the time was in hopes a stamped submission would be adequate. I am now 4 days past closing, and here to tell you it's not adequate. Also, at the time, we were working on a backup plan to arrange another local lender to service the loan. Sadly that didn't work out since it would mean a new rate lock at a substantially higher rate with a a bank unwilling to honor my deal with NVR.
So here I sit, in a veritable limbo, waiting to hear from NVR as to what the game plan might be. In speculation, I am to guess it's not in their interest to delay a solution, but if some plan isn't formulated, then it could be up to 8 more weeks before the I.R.S. registers my transcript.
Discussing this with NVR, to their credit, they did acknowledge in this worst case scenario, that they would extend my rate lock period. Now that is A++ service!
Hoping to hear something soon!