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Show mortgage payment or not when apping after chapter 7?

Regular Contributor

Re: Show mortgage payment or not when apping after chapter 7?

Wow lexie you must work for a bank
Frequent Contributor

Re: Show mortgage payment or not when apping after chapter 7?

@09Lexie

I asked the question as to whether or not the application process asked for mortgage payment information or just if you owned or rented...and further said only disclose your mortgage info if asked for it. You proceeded to call me out as being unethical. I NEVER said lie, only not disclose adverse information if you're not asked for it. And this is exactly the same as manipulating your utility or credit profile to be approved or receive better credit.....you're working the system to make yourself look better in a creditors eyes.

Next time, please expound on your reply if you're going to call someone unethical. Had you simply said, "every application I've ever seen asks for mortgage payment information and lying about mortgage payments when asked is unethical" would have been enough to keep your reply from sounding pompous.
Established Contributor

Re: Show mortgage payment or not when apping after chapter 7?

What about those elitely sought after credit cards and tradelines that are hidden?  Like BML and I think there's a Chase one... Not disclosing any debt you have associated with those would be similar to not disclosing a mortgage that doesn't report on your CR... But no one critiques people who use those tradelines to hide their debt before applying for other credit.

 

It's certainly a bit shady not to admit to the mortgage, but there are many ways to look at it - things are rarely black and white.

 

For example you said "our" and "we" so if you're applying for separate credit products (not joint) you could always explain that the mortgage is taken from your other half's income, or only half of the mortgage comes from your income - since applicants are supposed to only include their personal income now instead HHI (which irks me since things like Medicaid/other medical assistance from clinics and gov. assistance are based of HHI still even if unmarried), why should you both have to claim a full mortgage/rent payment if you're both employed and contributing to expenses?

Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)
Moderator Emerita

Re: Show mortgage payment or not when apping after chapter 7?

@fittiger

My response did not call you or the OP out as unethical. I was referring to the question asked: namely is it right or wrong to purposefully deceive the lender? My response to you which I expounded on included an additional hypothetical if you will - in reference to inflate one's income.

If you believed I was personalizing my opinion of you, I was not.
Established Member

Re: Show mortgage payment or not when apping after chapter 7?

09Lexie - are you aware that some credit card applications do not ask for a housing payment if you put "Own" for housing status? Chase for example.

I believe the OP may be referring to these situations.
Moderator Emerita

Re: Show mortgage payment or not when apping after chapter 7?

@ creditcardz

Yes, I am aware that cc apps ask for own/rent. Then there is a box 'usually' asking for amount. I believe the question was...do you put an amount there just because it is not on your cr. should you leave that box blank?
Frequent Contributor

Re: Show mortgage payment or not when apping after chapter 7?

I agree that it sounds pretty unethical to me.  I mean, if you have to ask..

2011: EQ 580~
2012: EQ 620~
2013: EQ 641, TU98 645, TU04 635, TU08 635, EX 648 (lender)
Closed on first home 4/25/13.
Established Member

Re: Show mortgage payment or not when apping after chapter 7?

I just think it is important to distinguish between the applications that will allow you to enter in an monthly amount after selecting own, and those that won't (like Chase).

Obviously not supplying a mortage payment with the latter would not be fraud or unethical at all. But I agree that if asked for an amount, one should provide an accurate number regardless if it is on his/her credit report.
Regular Contributor

Re: Show mortgage payment or not when apping after chapter 7?

Sheesh who knew asking this question would turn into this
Frequent Contributor

Re: Show mortgage payment or not when apping after chapter 7?

@09Lexie

I apologize if I came across too aggressively. I felt like you were calling me unethical and did not understand my point about there not being a spot for mortgage payment.