Just another thought.... - Posted by -Jimbo-

Real Estate Investing
1

Posted by Ed Copp on March 08, 2003 at 17:29:02:

is legal, but to use more than one social security number is not. All legally used aliases will track back to the same social security number, and that will be you. Any deception beyond the alias being you with a different name is fraud.

2

Just another thought… - Posted by -Jimbo-

Posted by -Jimbo- on March 07, 2003 at 23:11:45:

I was reading about the assumed name post and was thinking something like:

  1. Go to bank w/ self-employment status provide paychecks signed by assumed name showing gobs of income.
  2. Would this be considered fraud? a.On a home equity line of credit? b. Mortgage? c. Both?

Just trying to get around the proof of income problem - I generally don’t
like to mess with banks for loans.

I own property all free and clear and credit is a problem - personal assets
are great though becuase of all the equity.

Just thinking out loud.

-Jimbo- “Smack your kid. If you don’t know what for, they do.” Ann

3

Re: Just another thought… - Posted by LES

Posted by LES on March 08, 2003 at 19:30:57:

Jimbo,
Do you own your properties through a corporation or LLC? (IMHO… you should)
I am a business owner as well…however I have NEVER had a problem with income verification. When I fill out paperwork for a loan or mortgage, I always give the name of the company I am employed at…(I happen to own it but that is my business.) When they call for income verification I have them speak to my bookkeeper and she happily “verifies” my income. If they ask me to provide paystubs, I explain that that we do not get “stubs”, however if they would like, I can have the “HR Department” at my company write a letter to verify weekly income and they can have copies of my
W-2… I have never had a problem.
FWIW
LES