What happens if I want a mortgage but have not reported all my income to the IRS?
August 26th, 2008 By Peter G. Miller
Lenders can only count reported income when calculating qualifying ratios. If they have any hint that a portion of an applicant’s income is unreported, they will (or should) walk away — the logic being that a federal tax lien takes precedence over a mortgage claim.
You will need to amend your returns and pay all taxes and penalties. See a tax pro for details.
© Copyright 