I have been on my sons checking account since he left for college. It is not my personal account and I don't use it myself.My concern is that my son has had a couple overdrafts.
My question is can an underwriter see that I am on another checking account? I don't want the mortgage bank to think it is me with overdrafts. Should I just remove myself from the account? Do they have the ability to know if Im associated with his account?
You need the last two months of all statements, for asset purposes. If the son's checking is not part of your assets, then you need to get off the account. And wait a bit before applying (I think, not a pro, maybe the pros can weigh in).
I just submitted app, via mail. Included every account I could think of. Had to add up totals of accounts for assets vs liabilities (DTI).
I share accounts with my two children that I did not include in my mortgage app. I didn't include it with my assets as it's money that I won't touch. Nothing ever came up.
