If you do not file income taxes, have paycheck stubs or records,  then, as far a mortgage lender is concerned, the income you want to claim - does not exist!

If you don't have a Driver's License, passport, state picture ID, social security number, green card, student ID or military ID then as far as a mortgage lender is concerned - that person does not exist!

If the business you own is not registered with the state city or county, doesn't file taxes, and keeps no records then, as far as a mortgage lender is concerned - that business does not exist!

If you keep your money in your mattress and have no bank account, don't file taxes, don't declare income, can't prove where the money came from then, as far as a mortgage lender is concerned - that money does not exist! (Although I'm sure that the IRS would be interested in hearing about it.)kansas city real estate files

Here are the very basics that any mortgage lender expects a responsible person to possess:

  1. Picture identification
  2. Social Security Number (or visa if not US citizen)
  3. Legal address
  4. Phone number
  5. Proof of income
  6. A checking and savings account
  7. One credit card

If you cannot prove that you are who you say you are, why would they loan you money? 

If you have no address, why would they entrust their money to you?

Mortgage lenders loan money to people they believe will pay them back. They want to know that you are a good risk. Someone with no identification, no legal address and no visible source of income - does not exist! How can that be an acceptable risk for them?

If you are running a business with no records, that's not a good risk for them. It's not a good risk for you either. The IRS can be very nasty to people who try to cheat them out of their fair share.

A 10-year old kid with a lemonade stand does not need business records, checking accounts, DBA Statements, a phone, a picture ID, a credit card or tax records.  An adult who owns their own business is expected to have all of these items as well as a reasonable business plan.

I really do like to help people but I've got to have something to start with. You have to be more accessible than the CIA! 


I'm all for going off the grid when it comes to energy but if you're as elusive as D.B. Cooper, nobody is going to want to entrust you with a mortgage loan!

 
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11 Comments on Does Not Exist - D.B. Cooper

JUL
09
2010
112,756 Points 1 Featured Post Called Shot Master

Come to South Florida...there is more "mattress money" here than you can imagine. Illegals save cash and pool it with family members to buy homes.No income verification, no taxes paid etc. Its something that should be regulated more.
1:27pm • #1
510,488 Points 8 Featured Posts Outside Blog

Maria, VERY true!  it is to the point that we also need 3 pieces of credit to get some one a mortgage, no Score= no mortgage these days, and "thin" credit can be as difficult as no credit sometimes.

I laugh everytime I tell some one "you need a job to get a mortgage" and they dont understand why! Sort of shows how silly the industry got a few years ago.
1:29pm • #2
187,447 Points

Robert is right. There are many people whose only experience with loans was from a couple years ago.
1:35pm • #3
454,618 Points 15 Featured Posts Called Shot Master

Joe, doesn't the IRS notice?

Robert, it's amusing in a sad sort of way.
1:36pm • #4
4 Featured Posts Called Shot Master

It never ceases to amaze me that people will go in to apply for a mortgage loan but are unwilling to give out the necessary information to receive one. They do not seem to realize that when receiving a loan of such huge sums that they will be expected to turn over financial information. Did they think that because they are a nice person that they would simply be handed the money? It seems so! ;)
1:39pm • #5
162,719 Points 10 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Pretty basic, I agree. I mean really, most of us won't lend money personally to someone we don't know or someone who shows no means of the ability to eventually repay. We've got to know something verifiable about them, right?

Why would anyone think that a big anonymous entity like a bank or mortgage company wouldn't want documentation that at least proves the basic stuff that your own mom knows about you before SHE lends you money?: your full name, where you live, where you work, and a rough idea of whether she can really expect you to pay her back in this lifetime!
1:51pm • #6
462,862 Points 2 Featured Posts Outside Blog

If you don't want to provide this information to help you then get that money out of the mattress and pay CASH...
9:21pm • #7
JUL
10
2010
271,439 Points 22 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This is not rocket science, if you want someone else's money, you need to provide basic information to demonstrate that you can and will repay it.  I wonder how many of these incognito borrowers would loan money to someone with no information?
11:23am • #8
JUL
12
2010
510,488 Points 8 Featured Posts Outside Blog

Joe (Comment#1) That community mattress money is a big issue in today's world, There are a few stated income programs left, but I do not know of ANY true No Doc money... As far as I can see - Every loan available today requires Assets to be verified.  Statisticaly the performance of loans where assets were not verified was very very poor as compared to the rest, so I dont think we will see the no asset piece come back.  the no income has it's place and should come back, but with a decent down payment, and with that cash being in the bank.... If you say you make it, you should be able to save it after all, common sense!
10:11am • #9
JUL
20
2010
1,057,134 Points 27 Featured Posts Outside Blog Called Shot Master

Looks like the lenders are getting pretty tough. Finally! Too many of those liar's loans are what caused most of this mess.
9:06pm • #10
JUL
24
2010

So, are you saying that D.B. Cooper cannot get a loan?
1:42am • #11

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Maria Morton Kansas City Real Estate 816-560-3758

Kansas City, MO

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