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Hello, I was wondering if anyone with experience in this area can help me with this. when I filed my taxes this year I still owed $20,511. I paid the full amount the next day by writing a check, however it was from one of our accounts(with Chase) that was not disclosed to the lender because there are deposits as well as payments in that account from and to my parents that I did not want them to scrutinize, plus there was more than enough money for all the down payment and closing in our main account (with Wells Fargo) which we told them was our only account. I know when the lender request my tax return transcript, it will show the $20k due, so my first question is would they even look at that section or will they just look at the income to see if it matches with the tax return I gave them. And if they do ask about it the balance due showing, can I just show them a tax account transcript showing all taxes were paid or will the underwriter get into how and from what account the taxes were paid from? If the lenders found out about the undisclosed account, it will turn into a real headache. Thanks
You already committed fraud by not disclosing that account and it is not going to be pretty when they find out. Sorry to be so blunt. Of course they are going to notice this. I don't think they are going to want to move forward when they know you hid something.
Maybe you should find another lender, but this time, don't hide things.
It will be interesting to see what other posters will say on this. I've read replies from the mortgage brokers that post here, and they have made it very clear that hiding and forging on your mortgage app is a pretty big No No.
@Booner72 wrote:You already committed fraud by not disclosing that account and it is not going to be pretty when they find out. Sorry to be so blunt. Of course they are going to notice this. I don't think they are going to want to move forward when they know you hid something.
Maybe you should find another lender, but this time, don't hide things.
It will be interesting to see what other posters will say on this. I've read replies from the mortgage brokers that post here, and they have made it very clear that hiding and forging on your mortgage app is a pretty big No No.
we do NOT require you to disclose all asset accounts.
only enough accounts to satisfy the liquid cash requirements.
i leave accounts off the application all of the time.
this is NOT FRAUD.
as for the original question.... you will likely have to prove the amount owed is paid.... otherwise it is a liability.
talk to your loan officer... they can explain the situation to the underwriter and come to some type of arrangement about how to document the paid taxes without opening a can of worms on the other account.
OH. I figured not disclosing something was lying by ommission. Thanks for the clarification.
I'm self employed and owe taxes every single yr when I file It's never too much 1k-5k. But I'm sure there is a very easy way to prove that it's been paid. I filed in March, had my payment there by April and it was cashed immediately by them. So surely they can get you proof of that for your lender in a timely manner.
I'll keep you posted i'm in UW now with a similiar situation. My name is NOT on our loan. I currently operate a business that I'm selling since we're moving. I have made several transfers from my business account into our personal checking account in the past few months since I misplaced my business debit card and knew I was closing my business I just used our personal debit card and transferred the money to reimburse into our personal account.
They are asking for my business bank statements....since I'm wrapping up and transferring ownership I have regularly been using my overdraft line of credit until my sale goes through next week since I'm not marketing or taking on new clients. I'm hoping we can just provide a letter from the bank that the transfers came from my business account without providing the statements.
we'll see.