“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.