Mortgage on Commercial Property - Short Sale (loan, approved, credit)

[dubstyle247]

My wife and I just moved to NH from NY. I sold my business in NY and have a lump sum of cash. My business was a service business and it was an asset sale. My plan is now to close my corporation after filing final sales tax returns, etc....

We found a property in NH. It's a commercial property that housed a business that just recently went under. The owner of the property is also the listing agent. Her bank has approved a short sale as she apparently owes more than she can get. Bla Bla Bla.

We feel at this point the property is a steal as she is "throwing in" all necessary equipment for us to basically take over where she left off.

My question is this;

My wife and I are technically "unemployed" at this point. We have more than enough money to easily put down 20% on whatever we offer the bank. Both our credit is near 800.

Do we have a chance at obtaining a mortgage on this property under these circumstances? Our realtor threw out the possibility of showing our last years tax returns and act like we still have our jobs...... While obviously not ethical is that a possibility we need to consider? What about the address change? Wouldn't the bank look at our address on those old returns and wonder why we would be buying a commercial property in another state? Or would they just look at it as "hey these folks are buying an investment property in another state"?? Or would they wonder why we are employed in NY but live in NH and are buying another property in NH?

We do own our home in NH that we bought as a "2nd home" 2 years ago and dealt with sort of the same thing, but we lived in NY at that time where we actually worked.

Any help is greatly appreciated before we begin this process.

[MrRational]

Originally Posted by dubstyle247

My question is this;
My wife and I are technically "unemployed" at this point.

Do we have a chance at obtaining a mortgage on this property under these circumstances?
Our realtor threw out the possibility of showing our last years tax returns
and act like we still have our jobs...

The tax returns will absolutely be looked at.
As will cash reserves, credit history and supplier lines of credit your previous business had.
As to that "acting like" nonsense... No. Don't go there.

But this later reference to "having jobs" vs your earlier phrasing of being in business
will need to be hashed out. eg: If your NY income was from something other than
the business you had... then you're not "technically" unemployed; you're positively unemployed.

hth

[Debsi]

Seriously?

"Mortgage fraud is crime in which the intent is to materially misrepresent or omit information on a mortgage loan application to obtain a loan or to obtain a larger loan than would have been obtained had the lender or borrower known the truth.

In United States federal courts, mortgage fraud is prosecuted as wire fraud, bank fraud, mail fraud and money laundering, with penalties of up to thirty years imprisonment.[1] As the incidence of mortgage fraud has risen over the past few years,[2] states have also begun to enact their own penalties for mortgage fraud.[3]"

Mortgage fraud - Wikipedia, the free encyclopedia

[dubstyle247]

Other than advising what not to do..... anyone have any advice as to what to do?