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Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

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JamesG
Established Member

Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

I will be applying for a mortgage exactly one year from now, and it is my understanding that the lenders will naturally request transcripts from the IRS for the last 2-3 years.  My installment agreement is for '09 & '10 so it shouldn't show up in the transcripts they request.  As long as the payments aren't shown in my bank account records that I supply with my application, I want to know if I have to include it on my monthly debts.

 

Self employed for 2.5 years

Excellent credit

Commpletely current on recent tax returns

$650/mo debt on $7500/mo gross (not including tax installment)

Installment has been paid on time for the last 2 years, if it does have to be included on DTI

 

PS ~ Please don't just say, "why don't you just pay your taxes off...".  It's not helpful

 

Thanks!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

Well, I am not an expert but I would worry that if you didn't disclose it and they found out about it, you would be committing mortgage fraud and that is bad. So it is best to be upfront about it rather than omit and face the consequences.
Message 2 of 5
Peter1142
Established Contributor

Re: Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

That would be mortgage fraud.... you have to disclose it.

Message 3 of 5
DallasLoanGuy
Super Contributor

Re: Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

not disclosing would be mortgage fraud..... a federal crime

 

Retired Lender
Message 4 of 5
JamesG
Established Member

Re: Trick IRS installment on returns from 5-6 years ago, do I HAVE to disclose it?

Well, looks like my question has been answered. Thanks everyone!
Message 5 of 5
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