A problem with cash?

[StartingOver10]

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@Anonymous wrote:

You can always use the cash to pay some of your bills, and use your documented income over the next pay period(s) towards the loan. 

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^^^This is the best way to handle it.

[Bratbaby]

Yep, we've converted to an all-cash economy over here!

[p-]

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@StartingOver10 wrote:

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@Anonymous wrote:

You can always use the cash to pay some of your bills, and use your documented income over the next pay period(s) towards the loan. 

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^^^This is the best way to handle it.

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Bingo.  Keep your entire paychecks in the bank.  Start burning up that cash on gas, groceries, etc, and just let the paychecks add up.

[ezdriver]

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@DallasLoanGuy wrote:

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@Anonymous wrote:

Cash is a problem but if you sold something and wrote up a bill of sale for it that may suffice.  Maybe you have a car in your name and you sell ti to your husband for the money you receive.

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i think the uw would see thru that and deny the loan for fraud

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LOL....

Isn't it entertaing to see some of these recommendation?

[Anonymous]

Yeah it is comical ....oh wait i did this for my own mortgage FHA this past year.  Sold a few rifles to my father since I had deposited cash into my savings account during the mortgagae process.  I guess a Bill of Sale was fine with my underwriters.

[Anonymous]

I think the "comical" part was recommending someone commit fraud. Whether it works or not I don't think is the issue. Seriously why take that risk.

[Anonymous]

I never told anyone they should commit fraud.  I said sell them something. 

[DallasLoanGuy]

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@Anonymous wrote:

I never told anyone they should commit fraud.  I said sell them something. 

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my apologies for not being more clear.... i didnt mean to assert that you were coaching the OP into a fraud situation. i only meant to point out that the described scheme would be considered fraud. 

you do not have to INTEND to defraud the lender to actually be guilty of it.

the sell car to spouse to 'launder' the money might sound innocent.... but it is not allowed.

my posts/answers are for the benefit for all.... not just the person asking the question. and i want people to know when they are doing something questionable

[Anonymous]

I see that I probably could have worded that better, to the bank if would have the potential of being fraud, they have no way of knowing if the sale is legit or not. I imagine a lot of banks would not allow it, too much risk to them.
I'll stand by my last statement why take that risk.
Now if the sale was simply a sham and the items were returned after, that indeed would be fraud. Not arguing the ethics, that's just what the fine print says.
Having a home is a big deal and I'm sincerely glad you had no issues.

[Anonymous]

Actually you do have to intend to defraud someone to be guilty of it. 

If the husband has cash and is not on the mortgage for whatever reason most likely for the benefit of a better mortgage product why is this not fraud if they are intentionally keeping him off of the mortgage so that she may qualify for a mortgage or a better one? They are both benefitting by excluding one of them for the mortgage. That is the definition of fraud.  Will he not be paying toward the mortgage? 

If she (wife)owns something and chooses to sell it even to her husband she is allowed.  There are better solutions like using the cash toward bills but when the uunderwriter goes through this why is there no red flag when they see your usual monthly obligations are no longer comiing out of your account?

Hopefully everything works out the OP.