Posted on: 25th Dec, 2009 12:45 am
About 3 years ago my ex purchased a house. I was used as 'undocumented' income on the loan. It was some sort of first time home buying program that BofA was using. My credit was not run and from what I remember they did not ask for my social. In fact, when I look at the copies of what I believe was the mortgage application, my name does appear as undocumented income, but contains no other information (no social, birth date, etc) where as for his name it had all of his job information, social security, etc.
I'm going to be honest, all of these was done from NY and the lender was in NC, so I know we sent things back and forth to be signed but I don't remember what I've signed. Out of all forms that we had as copies my name only appears on the application with literally just my name.
My name is NOT on the deed. The mortgage does not show up on my credit report at ALL. He refused to sell the house when we broke up and said it was his problem. Well, now 2 years later I'm learning the house is going into foreclosure and I'm scared. He tells me I have nothing to worry about. After looking at the copies of the documents I tend to believe him. I even called BoFA, and not having any specific information (account number or ex's social), they asked for my social security number and said they couldn't see that I had a loan. I've looked at local public records online and the house deed is in his name. In fact, when I went to closing with him, I didn't sign a single document there.
I ran my credit and still no mortgage is showing up. In fact, I'm actually just a few weeks away from closing on my OWN home now, but now I'm afraid something is going to pop up at the last minute.
I'm not sure what to do or whether to worry. At this point there's nothing I can do anyway - but if someone could either put me at ease or tell me what to expect I would love you forever!
I'm going to be honest, all of these was done from NY and the lender was in NC, so I know we sent things back and forth to be signed but I don't remember what I've signed. Out of all forms that we had as copies my name only appears on the application with literally just my name.
My name is NOT on the deed. The mortgage does not show up on my credit report at ALL. He refused to sell the house when we broke up and said it was his problem. Well, now 2 years later I'm learning the house is going into foreclosure and I'm scared. He tells me I have nothing to worry about. After looking at the copies of the documents I tend to believe him. I even called BoFA, and not having any specific information (account number or ex's social), they asked for my social security number and said they couldn't see that I had a loan. I've looked at local public records online and the house deed is in his name. In fact, when I went to closing with him, I didn't sign a single document there.
I ran my credit and still no mortgage is showing up. In fact, I'm actually just a few weeks away from closing on my OWN home now, but now I'm afraid something is going to pop up at the last minute.
I'm not sure what to do or whether to worry. At this point there's nothing I can do anyway - but if someone could either put me at ease or tell me what to expect I would love you forever!
Oh, and also I was shown the little payment stubs - they dont have my name. And the documents he received from the bank to work out a new mortgage payment also do not have my name anywhere on there.
Looking at everything it seems to ME that i dont have anything to worry about - at the same time im very confused that such an 'easy' loan would exist, but then again i guess things were very different a few years ago
Looking at everything it seems to ME that i dont have anything to worry about - at the same time im very confused that such an 'easy' loan would exist, but then again i guess things were very different a few years ago
You have mentioned that your name neither appears on the mortgage docs nor it is mentioned in the property deed. Moreover, your credit report does not mention that you own a property or have a mortgage on it. You have also mentioned that you have contacted the lender who could not locate your SSN in any of their documents. All these facts only proves that you are in no way responsible for the mortgage. Thus, if the property is foreclosed upon, you won't be responsible for anything and your credit will not be affected.
still a bit concerned about this. i close on a house in 2 weeks time. mortgage company re-ran my credit and all is well. the only thing i wanted to correct in Niiccs's post is that my name was on the loan document, it just had my name under Co-Borrow but with 'undocumented income' to the side. it contained no other personal information that i can find (in the copies).
the mortgage company i'm working with now has been thorough in giving me copies of everything, whereas before i didn't see certain documents. is there any way i can find out for sure that i'm not responsible? has anyone even heard of this type of 'undocumented' income. it just seems silly that i could NOT be responsible. but then again, after 3 years nothing is on my credit report. my ex is telling me that he hasn't been given an exact foreclosure date but that he's almost a year behind on payments. i just don't want to get moved into a new house and then suddenly have a lien or find out i'm going to lose my house because of my ex's situation
blah. so stressful and i don't even know what to do!
the mortgage company i'm working with now has been thorough in giving me copies of everything, whereas before i didn't see certain documents. is there any way i can find out for sure that i'm not responsible? has anyone even heard of this type of 'undocumented' income. it just seems silly that i could NOT be responsible. but then again, after 3 years nothing is on my credit report. my ex is telling me that he hasn't been given an exact foreclosure date but that he's almost a year behind on payments. i just don't want to get moved into a new house and then suddenly have a lien or find out i'm going to lose my house because of my ex's situation
blah. so stressful and i don't even know what to do!
Did the lender ask you for your pay stubs while you applied for the loan? If you did not provide with your income proof to the lender, then your income remains undocumented. Before the sub-prime crisis started, the lenders used to offer the no-doc loans to the borrowers.
If your name is mentioned on the mortgage docs as a co-borrower of the loan, then the foreclosure of the property will affect your credit score. Your credit score will be lowered by 250 points.
If your name is mentioned on the mortgage docs as a co-borrower of the loan, then the foreclosure of the property will affect your credit score. Your credit score will be lowered by 250 points.