Cash for mortgage payments?

MrWannabe · Mar 5, 2008

Long story short I have some cash that I would like to use. Would it be OK to use it for such things as mortgage payments through a cashiers cheque / money order of some kind. Was wondering if this would be OK or would this cause unwanted attention from the lenders or even worse would uncle sam be able to trace this somehow and further scrutinize my finances, thank you, wondering what advice you may have.

Soulstealer · Mar 5, 2008

MrWannabe said:
Long story short I have some cash that I would like to use. Would it be OK to use it for such things as mortgage payments through a cashiers cheque / money order of some kind. Was wondering if this would be OK or would this cause unwanted attention from the lenders or even worse would uncle sam be able to trace this somehow and further scrutinize my finances, thank you, wondering what advice you may have.

One option is to deposit them in lump sums such as 250-500-1000-2000 and claim cash gifts from friend relative... if you go money order route it will be obvious your trying to hide something... you could also launder it if you have a corporate entity set up already...

MrWannabe · Mar 5, 2008

all good points Sstealer, thanks, but regarding what I asked does anyone know if it would be a problem to do what I said, anyone, thank you.

Big A · Mar 6, 2008

Always ask yourself if you can satisfactorily answer any questions an IRS agent might ask you. If not, your solution is not good. Plenty of easy solutions available for what you are asking, but not a topic of discussion on an open board.

Force245 · Mar 6, 2008

unless the money came to you in cash form, the irs knows about it already. they monitor all high dollar check cashing or large amount deposits. i think if i remember right anything over 2000 is reported without your knowledge. any financial institution is required by law to report to the irs with all your info.

MrWannabe · Mar 6, 2008

Thanks and sorry BigA, just curious, peace...

dancinfool · Mar 7, 2008

Working in a financial institution, I can tell you that we are required via the Patriot Act to complete a Currency Transaction Report for any cash deposit or withdrawal of 10,000 or more. This report contains all of your ID info including profession, social security number, address, etc.