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Updated over 2 years ago,
Closing with IRS debt
Good evening fellow investors!
I have a loan closing 5/6 and have an issue my lender has brought to me.
I am paid 1099 for sales and every year have a debt to pay to the lovely irs.
sense the pre-qual from my lender I was advised that I would need to make at least 1 payment towards any irs bill before closing which I did. Differing the rest on short term plan to close on the duplex/rehab then pay in full. Now 4 days before closing I get a call that underwriting wants the whole debt paid in full (25k) at closing.
I do have to full amount but it is currently in either stocks/crypto and probably can’t get into my bank before Friday.
I kept only cash to close plus rehab cost in cash.
What would be the best strategy or solution here? Has anyone dealt with this before.
Thanks team