“Do I Have to Claim this Home when Applying for a New Mortgage?”
Hey Joe, Can I ask you a question, when I claimed Bankruptcy I had a house that I kept. My Daughter lives in it and pays the Mortgage that is in my name. It does not show up on my credit report owing because of Bankruptcy. So do I have to include this when I apply for a new house? If I do how will this affect me getting another house? I want to transfer to her but her and her husband both have bad credit and make about $50,000.00 a year and with 1 dependent.
This is a common question for folks that filed bankruptcy and still have a home in their name. Since the home is still in their names yes, the asset and the mortgage must be disclosed on a mortgage application.
There is no simple answer. What would work best is that I work with the daughter to improve credit so that she can qualify for the purchase of the home. No matter what, we will figure out a way to make it work.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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