Can a creature purchase a home, hold a mortgage on a home, if they are on the title of another (not on mortgage)
Can a person purchase a home even if they are on the title of another (maryland). This person is not on the mortgage, but wishes to purchase another home. Will it effect them getting a mortgage, classification would they have to make adequate money to cover both. (maryland is not a community property state)
Answers:
Yes, they can own their name on other titles--it's like owning more sports car than one, as long as they are paid off, you can own as many as you want. What matters is the mortgage, or debt, or car/house donation amount, NOT the fact that their name is on the title.
Yes the person can enjoy a mortgage on a home even though they are on title on another home.
What you have on title will not show. You are responsible only for your debts. If you are on title for another home within another state, its an asset not a debt. List it as such.
The answer is yes, you should be fine. Source(s): 15 years mortgage real estate exp
Trained FHA, VA, Conv underwriter.
The "loan processor" above me is referring to something illegal, and should be fired. If you worked for me, you'd be fired. What she is suggesting for you to do is known as FRAUD. If you consciously put false information on a loan application (and yes there is a schedule of concrete estate in one section, and on page 4 it asks specifically "enjoy you owned any real estate in days gone by 3 years". Being on title is having ownership, so the answer would be yes) then you are committing fraud and are subject to prosecution.
You HAVE to disclose the information to the lender, but it doesn't plan you can't get a loan. If you are on TITLE and not on the NOTE (the mortgage is what puts the house up as collateral, the note is the actual debt...two different documents, two different purposes), later the lender cannot count the debt against you. If you aren't on title anymore, then it doesn't matter. It a moment ago means you can't do the first time home buyer programs. I believe you are the same human being I answered a similar question for. If you have any other question, feel free to e-mail me. Source(s): I am a Licensed Mortgage Broker in OH/NC/SC
as long as he/she does not have the mortgage appear on his/her credit then the trial lender might not find out since only on title. hopefully they will not do a title search - most predictable not Source(s): mortgage loan processor
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Answers:
Yes, they can own their name on other titles--it's like owning more sports car than one, as long as they are paid off, you can own as many as you want. What matters is the mortgage, or debt, or car/house donation amount, NOT the fact that their name is on the title.
Yes the person can enjoy a mortgage on a home even though they are on title on another home.
What you have on title will not show. You are responsible only for your debts. If you are on title for another home within another state, its an asset not a debt. List it as such.
The answer is yes, you should be fine. Source(s): 15 years mortgage real estate exp
Trained FHA, VA, Conv underwriter.
The "loan processor" above me is referring to something illegal, and should be fired. If you worked for me, you'd be fired. What she is suggesting for you to do is known as FRAUD. If you consciously put false information on a loan application (and yes there is a schedule of concrete estate in one section, and on page 4 it asks specifically "enjoy you owned any real estate in days gone by 3 years". Being on title is having ownership, so the answer would be yes) then you are committing fraud and are subject to prosecution.
You HAVE to disclose the information to the lender, but it doesn't plan you can't get a loan. If you are on TITLE and not on the NOTE (the mortgage is what puts the house up as collateral, the note is the actual debt...two different documents, two different purposes), later the lender cannot count the debt against you. If you aren't on title anymore, then it doesn't matter. It a moment ago means you can't do the first time home buyer programs. I believe you are the same human being I answered a similar question for. If you have any other question, feel free to e-mail me. Source(s): I am a Licensed Mortgage Broker in OH/NC/SC
as long as he/she does not have the mortgage appear on his/her credit then the trial lender might not find out since only on title. hopefully they will not do a title search - most predictable not Source(s): mortgage loan processor
Related Questions:
I hold a mortgage on a house, along next to a Home equity loan. Can I do a stop contract beside my renter?
She wants to buy it, but can't get a loan. She'd close to do to a land contract. BUT, since i have a Mortgage, surrounded by order to...