Home Buying in 53215>Question Details

adminuser, Home Buyer in 53215

How do mortgage lenders look at a business loss on a tax return if it was the final year for the business?

Asked by adminuser, 53215 Thu Jan 9, 2014

If our business is no longer in operation (as of November, 2013), but the business will show a loss on our 2013 taxes, will mortgage lenders count this loss against our future income if Schedule C on our tax return is marked "FINAL"? The business was run by my husband. I have a regular W-2 job for the past 14 years. Also, my husband and I are getting divorced (not sure if that will matter or not.)

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2
The underwriter should not have to count the business loss against your income. You may want to wait for your divorce to be finalized before applying for a mortgage.
0 votes Thank Flag Link Thu Feb 6, 2014
I not the expert on that but, your w-2 should be a trump card. As long as you are not still paying for the business, you should be ok. Here is a person that could real help you out Byrnn Sorenson. 262 649 5439. She is an experienced lender at Bank Of England. Hope that helps

Sincerely,

Tony Thanas
Realty Executives Integrity
414 902 0822
0 votes Thank Flag Link Thu Jan 9, 2014
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