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would this work for self-employed borrowers?


marcusfan
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I've been thinking about this issue for a while now. Although I'm no longer self-employed, I was when I bought my first house in 1997 with a stated income loan.

 

I know the lenders average the past two years income. Is there a reason why one couldn't file tax returns forgoing the deductions and then after the mortgage process is over, amend their tax return to take the legitimate deductions. One has three years to amend a tax return. Is there any down side to this? It just seems totally unfair that a self-employed person is stuck in this credit debacle going on right now. It's something to think about perhaps.

 

Marcusfan

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Guest Bree82

There are 3 downsides.

 

1) Youre going to pay a bunch of taxes on income you didnt make because 1) Your going to be in a higher tax bracket and 2) Youre going to pay much more in self employment tax

 

2) Youre going to get into a house you cannot afford and we all know how that goes

 

3) You risk the IRS doing an audit if you go ammend this tax return and make HUGE changes to get a bunch of money back

 

Im sure theres more that I cannot think of.

Edited by Bree82
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