We are trying to close on the purchase of our new home on Friday (two days from now), and are being held up by the lenders request to the IRS for transcripts of our previous years returns, which is all well and good (I suppose) ... but it's now been 5 business days since the request was initiated, and our lending agent can't get an answer as to where the lender (not his agency) is with the 4506-T process.
This closing is time-critical, as we will be closing on the sale of our current residence Friday morning, and the moving truck is arriving on Saturday.
Is it possible to still close, even if it's late on Friday, in light of the delay on the lender's part regarding the processing of this 4506-T request?
We had supplied the lender with copies of the previous three (3) years returns during the application process, and there has been no attempt to defraud on our part ... all of our income is varifiable, there are no "unusual" aspects of any of our returns, etc.
We thought that, with this being an electronic process, we would have had an answer by now ... and we're getting extremely anxious as to what we're going to do come Saturday. The closing on the sale of our house cannot be delayed.
Any advice would be greatly appreciated.