My lender just told me today that due to the fact that my father's business technically declared a slight loss in both 2019 and 2020, that he is unable to use any of the W2's from his business to qualify us for the pre-approval.

For tax years beginning after December 31, 2017, and before January 1, 2026, the personal casualty and theft losses of an individual are deductible only to the extent they are attributable to a federally declared disaster [IRC Sec. 165(h)(5)].

Good afternoon.A late notice simply means that they are late.What do the terms of the notes say in terms of proceeding with a default, and how to declare a default?

Won't the lender/bank require me to make up the difference and get the first home to 20% equity before I declare a new home as my "owner occupied" home?

Alexander,With Condo ownership, the Condo declarations and bylaws govern who own what parts of the building and in this case who is responsible for paying for the repairs.  

You'd have to declare it not your primary residence to then count the long term lease as income to offset the debt.

It's tough to give much of an opinion without actual numbers (the value of the house you have now, the loan balance & rate, your current piti (principal, interest, taxes, & insurance + mortgage insurance where applicable), rent from upstairs tenant (you're declaring on your tax return so you can use it for your next loan application, right?).  

Then I'd tell them to not come back.You probably don't have the muscle or combat skills to do this like I do. 

If they’ve owned less than a few years they can have their cpa file a form that covers failure to declare depreciation. 

Point is, there is endless means to LEGALLY side step this f'kry of policy and fact is, I have 0 qualms about doing it because they declared war on us, not us on them, how I fight back is there problem.