Posted on: 24th Dec, 2010 05:48 am
process of divorcing. we are selling the house and splitting the proceeds. the only thing joint after that will be our 2 car loans. with only 1 income each, i'm pretty sure we wouldn't qualify to refinance to get our names off, plus only 2-3 yrs left on the car loans anyway. i also am on my son's car loan as a co-signer even though i've never made the payments, he has.
my question is, how hard will it be to qualify for a mortgage since 3 car loans are going to show up on my credit report? i know that even spelled out in divorce decree doesn't remove me from the obligation of his truck. my credit is excellent but with 3 i'm afraid it will look like i'm over extended when i'm not.
my question is, how hard will it be to qualify for a mortgage since 3 car loans are going to show up on my credit report? i know that even spelled out in divorce decree doesn't remove me from the obligation of his truck. my credit is excellent but with 3 i'm afraid it will look like i'm over extended when i'm not.
With some loan programs, especially FHA programs, if you have a papertrail showing that someone else has made the car payments for 12 months, they will not be counted against you. You would need to show twelve months' canceled checks, front and back of the check, and those checks need to show the other person who you claim is making the payments as the checking account holder. Aside from that, having the other people refinance the car loans in their names is the only way you are going to be able to have those payments not count against you.
Hope this helps..
Hope this helps..
Thanks for the info! Would 12 months of statements work showing the payments? All payments are made thru automatic bill pay thru our respective accounts. No checks are actually written out.
Hi vlaw,
The lender will want to check out your employment history of at least 2 years. If you show 2 years of employment history, it'll be easier for you to get a mortgage.
The lender will want to check out your employment history of at least 2 years. If you show 2 years of employment history, it'll be easier for you to get a mortgage.
That's all fine, not an issue, been here over 6 yrs. My question was regarding statements versus no checks being written for proof on loans I don't pay. But thanks!
It will be better if you could contact an attorney and take his opinion in this matter. He will be the best person to guide you.
Hi vlaw,
I think you have two separate issues, or maybe none.
None would be great. Have you had anyone look at your qualification subject to the 3 payments, or even just 2 of the 3? That's 5 minutes. If it's a moot point, there's no reason to track down extra paperwork.
When my parents got divorced my mom was in a similar spot. She bought within her means so I never had to get the paperwork. That was probably lucky--e-statements weren't as easy to get then.
Otherwise, she'd have needed me to either produce the checks or I've also seen the car statements showing transfer from "Acct # 123" be acceptable if we can prove that your son is the owner of "Acct # 123."
When you were still together, did you and the ex maintain separate accounts or one joint account? That might influence the best way to handle that account.
I hope things are on as good of terms as they can be, all things considered.
Best,
Chris
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Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
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I think you have two separate issues, or maybe none.
None would be great. Have you had anyone look at your qualification subject to the 3 payments, or even just 2 of the 3? That's 5 minutes. If it's a moot point, there's no reason to track down extra paperwork.
When my parents got divorced my mom was in a similar spot. She bought within her means so I never had to get the paperwork. That was probably lucky--e-statements weren't as easy to get then.
Otherwise, she'd have needed me to either produce the checks or I've also seen the car statements showing transfer from "Acct # 123" be acceptable if we can prove that your son is the owner of "Acct # 123."
When you were still together, did you and the ex maintain separate accounts or one joint account? That might influence the best way to handle that account.
I hope things are on as good of terms as they can be, all things considered.
Best,
Chris
------------------
Chris Richter
Senior Mortgage Planner
Luett Mortgage Group, a production unit of Wintrust Mortgage
773-931-2424 - direct
crichter (at) luettmortgagegroup.com
http://www.luettmortgagegroup.com/
------------------
Chris,
Not yet as this probably won't happen until summertime. Just trying to prepare and think thru everything.
I can print out statements from all 3 bank accounts. I'm not on my son's but I am his POA so I have access. As for ex and my accounts, since we had previously separated, when we reconciled, the only joint accounts we had together were the house and auto loans. Credit, bank accounts all separate. Like that over 10 years.
I think I'll just print out statements and keep fingers crossed that it's enough proof.
Thanks!
Angela
Not yet as this probably won't happen until summertime. Just trying to prepare and think thru everything.
I can print out statements from all 3 bank accounts. I'm not on my son's but I am his POA so I have access. As for ex and my accounts, since we had previously separated, when we reconciled, the only joint accounts we had together were the house and auto loans. Credit, bank accounts all separate. Like that over 10 years.
I think I'll just print out statements and keep fingers crossed that it's enough proof.
Thanks!
Angela