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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I have a question about affordable housing. 6 month ago we

Customer Question

Hello, I have a question about affordable housing. 6 month ago we applied to purchase an affordable unit, got income qualified, submitted tax returns, applications, w-2's etc. Went under contract for the property, that was supposed to close in 6 month. We planned the move, leased out our current apartment, hired lawyers, appraisers, title company, got approved by a mortgage lender and 2 weeks before close they decide to re-calculate our income differently and they issue a denial, even though I've disclosed everything to them originally
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: IL
JA: Has any paperwork been filed?
Customer: Yes
JA: Anything else you want the lawyer to know before I connect you?
Customer: I'd like a lawyer familiar with real estate law in Chicago and who preferably has experience with affordable housing laws
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
The program is called CCLT, the lady who reviewed our case didn't do it thoroughly and might have used a different standard. She assured us that as long as we disclosed everything, we won't need to re-qualify for income again. The difference in income stems from other rental properties Ive disclosed all property owned at the time of the application and submitted the tax returns, which includes real estate rental income. Since the rental income on the tax returns includes depreciation, we used that number in the application (since the application also asked for rental income).
Expert:  Phillips Esq. replied 1 year ago.

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What is your specific question for us, since this would actually involve reviewing the calculations and appealing their denial based on argument that their second calculations were in error, which needs to be done by a local attorney?