“Do I Have to Claim this Home when Applying for a New Mortgage?”

Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“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

Email: joe@righttracfg.com



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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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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good information for all to know.... I'm sure that person's bankruptcy attorney would be educating him and confirming your answer....

Dec 04, 2020 03:12 AM #1
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. A man with multiple sources has multiple opportunities, especially when they are patient and looking at the long run. Enjoy your day!

Dec 04, 2020 04:43 AM #2
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

That would have been my guess Joe ... yes, you have to claim it but I will always ensure clients talk to a professional who knows the answers! 

No doubt you will figure out a way to make it work.

Dec 05, 2020 02:27 PM #3
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Joe Petrowsky

Your Mortgage Consultant for Life
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