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Are you a victim of Identity Theft and don’t even know it yet?

Are you a victim of Identity Theft and don’t even know it yet?

I am sure you recently received your 2011 W2 form in the mail from your employer along with other year end financial items and, like most Americans, you are probably gathering the necessary paperwork so you can meet with your accountant in order to file your 2011 tax return with the IRS. Some of you may be entitled to a refund this year so you are anxious to file your tax return quickly while others may owe the IRS money so they may wait until the April 15th deadline.

Whatever your tax situation may be you at least know your own tax position when you get ready to file your return. However, what you may not know or what may not be discovered until after you file your tax return is that some thief already stole your identity and filed a fraudulent tax return with the IRS so they could get some fast cash in the form of a tax refund. Identity theft in the form of filing a bogus tax return is on the rise especially in the type of economy we are now experiencing.

The sad thing about this type of theft is that the IRS really doesn’t seem to have a grip on it nor do they have any sort of solid system in place to prevent it. If you are one of the unfortunate ones to have had this happen to you and you were expecting a refund then you may have to wait sometimes in excess of a year to get your refund while the IRS investigates your case. And to add further insult to injury if you are trying to purchase or refinance your home then this could possibly delay of affect your chances of getting a loan until the identity theft issue with the IRS is cleared up.

When you apply for any sort of mortgage loan, the bank or lender pulls a tax transcript from the IRS to verify that you indeed filed your return and to verify the accuracy of what you provided as income verification. If that tax transcript comes back with a different address, income amount, refund due or tax owed than what you filed then this is considered a red flag and there is a very good chance you were the victim of identity theft. If you are a victim you should at least be notified right away after filing your tax return because the IRS system should show that a return was already filed under your social security number.

If this is the case, you should immediately take the proper steps to start the investigation and try to get this cleared up with the IRS. I have done several loans this past year including a few for residents in Sunset Lakes that were victims of this type of identity theft. Luckily we were able to get all of their loans closed but some of them were delayed and extra work was needed to be done in order to clear the identity theft issue.

I know how frustrating it can be to be a victim of this type of identity theft because I was a victim myself last year and sadly the IRS still has not completed their investigation on my account. I encourage everyone to take the proper steps to protect their identity and make sure you don’t just give out your social security number to just anyone.

To learn more about our company and mortgage products, please feel free to call Dan Longman, President of Priority Lending Corp, at 954-438-3776 ext.11 or email me at prioritydan@bellsouth.net. Visit us online at www.prioritylendingcorp.com

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