If I am on title for primary residence but not on mortgage, do I have to disclose any housing payment when qualifying for second home?
Question Details:
I am on title but not on mortgage where I am currently living. I want to purchase a second home in Florida. When applying for 2nd home, do I need to disclose any current housing payment since the mortgage is not in my name (for qualifying reasons)?
Real Estate Law Answers
That would depend on the specific facts as to how you are in title but not on the mortgage. If you were in title before the mortgage, I have to believe that you at least signed the note. If you signed the note, you would have to disclose the debt. Even without signing the note, if you are submitting a financial statement as part of the loan application process, you should not show the value of the property without showing the debt. The lender is interested in your equity in the property.
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