newsflash, self employed people do not always have “verifiable” income because they have small corporations that become their expense vehicle.
A person taking LEGAL deductions can dramatically reduce income to very low levels but live a very comfortable life.
The issue is the use of inflated valuations to allow banks to have virtual 100% loan to value loans.
If you want to “punish” the banks then restore the pre-2005 bankruptcy rules allowing for lien stripping. The secured portion of the loan is reduced to the current value of the house. Since this is court approved with the supervision of the bankrupcy trustee, the valuation games are not so available to the bank.
Newsflash right back - if you claim so many deductions/expenses that you show no/little income, then don’t complain that the bank thinks you can document none.
What you are saying is that a person should be able to fudge the numbers for the IRS, then unfudge them for the bank.
Sorry - one way or the other, you are still a liar. As any investigation into your bank account will prove.