Posted by Tim Randle on December 04, 1999 at 23:45:29:
Hopefully, someone with more experience will also respond, but I figured I share my opinion. Unless you have issues regarding income and/or net worth and disclosing one or some of these properties will SIGNIFICANTLY impact your numbers, there is no reason to share this information.
In fact, if your lender contact is friendly, they will also tell you this. I was in a similar situation this summer and attempted to include “invisible” properties on my application, probably as much for ego as the slight increase in income and equity. I was told the slight improvements were not worth the hassle of providing all the documentation. Hope that helps…
Lets just say you have acumulated properties subject to the mortgage and you are now legal owner thru either land Trust or just deed. If you decide to apply for a loan they ask you to state your real estate owned and the debt on each property. Do you name all the real estate and mortgage amounts? If you do put mortgage payments down they would not find it on your credit report so how do they verify that it is current etc(or your payment history). I havent as of yet acquired any properties “subject to” but I’m trying to get the answers ahead of time. Thanks for any input.
Kelly
Posted by JPiper on December 05, 1999 at 24:25:32:
My suggestion to you would be to put all your property down along with all the loans. The problem with those loan applications is that when they’re not filled out correctly, it becomes fraud.
One way to verify is for you to provide cancelled checks showing timely payment.