Sunday, December 4, 2011

Can my settlement statement (HUD) reflect a different closing date?

I was trying to close by 6/30/10 to qualify for the first time home buyer credit. I entered into a contract prior to 4/30/10. We still haven't closed, but my broker said it will be sometime next week. He says the paperwork will reflect the sale at the end of the month- June. Can they do that? Or is there some sort of extension they can request? The broker says not to worry, that i can still claim the credit...|||I doubt the title company will be willing to commit fraud in order for you to defraud the IRS. Your broker just doesn't want you to back out.|||if this happens, it is FRAUD. I find it hard to believe that the lawyer would do this. They could and SHOULD lose their license for doing this.





The date on the HUD MUST be the date of actual settlement. The loan papers will also show the actual date of settlement. The lender will not back date them to June 30. And if they don't back date, the actual deed will still show the july date.





However, the date appears to have been extended to 9/30/10. Talk with the lawyer.|||The HUD-1 will be notarized and if the notary is willing to flub on the date it was signed, then you will get away with this FRAUD. That is what this is ... FRAUD.





But the good news is they don't have to commit this fraud. As of this morning, President Obama has extended the date you must close on a loan as long as the sale was contracted no later than April 30, 2009. The new close date expiration is 9/30. Congrats!|||I suppose it can be done if the title company sets it up that way. However, you and the seller and any other parties are also going to have to sign that HUD statement, so make sure that you all date it as 6/30/10.|||Sounds like you need a new broker. Any broker who advises you to commit fraud on a federal entity is insane. Federal tax fraud is a felony.

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