Mortgage Loan problem .. U/W?

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Finally my home purchase entered in to escrow and and loan is in underwriting, but unfortunately lender bank sent an email asking explanation for mortgage tax write off that I made last year.

Going to the short history, I took loan and bought an apartment in INDIA in early 2008, off course spent some money from my pocket towards down payment, repairs and the payments until it was rented. When I was filing taxes for 2008, my tax agent suggested me to write of tax on that money, so I did write of on payment that I was made before it was rented.

Now lender bank looked in to my last year tax transcripts and asking for explanation about the mortgage write off on my taxes last year ..

In reality, this is not a BIG mortgage, I already paid half of the mortgage and I have other money resources (rents on this property and other property of mine) to take care of the payments and also have money in bank to take care of the payment if not rented in unfortunate situations. This is not a problem at all.

I wrote a letter to lender explaining the same, but did not hear anything from them from 4 days. My loan agent is saying that the U/W reviewing the explanation that I provided.

Can some one please shed some light on how to come out of the situation? Is this a big mistake to write of the mortgage on other countries? Did my other properties helps me to get this loan approval?

greatly appreciate your help….
Thanks for responses .. I did not claim any properties/mortgages that I have in India in my application. may be thats good idea to declare all those .. thanks for heads up.

  1. Reply
    April 30, 2011 at 12:10 am

    your problem is not unique,how ever it takes a long time to explain .
    if you could, email me with a contact number; and i will get in touch with you,i am in california. have been doing this business for over 30 years.

  2. Reply
    April 30, 2011 at 12:42 am

    We are all experiencing the effects of several years of borrower fraud (among other causes) so underwriters are being extra cautious these days. All they are trying to do is reconcile what you said you owed to various other creditors to other documents.

    Did you include that other mortgage on your application? If not, and they saw that deduction on your tax return, that would raise a red flag.

    If you fully disclosed everything you owed, then you have done all you can in giving them a letter of explanation. If your credit is good and your income is verified and enough to cover your debts (including the new house), then there shouldn’t be a problem just because you have some different things that other people don’t usually have.

    You should be okay.

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