Can someone answer this ?

[Anonymous]

I want to apply for a mortgage loan soon. My problem is that a year ago I went on a loan with someone else to get a vehicle for them. They wanted to show more income so they could get a more expensive SUV. With my income and theirs they got the loan. There is still like 4 more years left for him to pay the loan and he has never been late. I do not drive the vehicle and do not make the payments. My question is..... when I go to try and get the mortgage loan can I tell them I don't pay on the auto loan and will they not add that to my debt owed %?

[Anonymous]

did you co-sign the loan? is it reporting to the cra's? if yes and yes, then i'm pretty sure it will factor it into your debt to income.

[Anonymous]

I didn't co-sign it's a joint loan....(yes I really trust them ) And yes its on my CR's. So I guess they will count it.....Shoot

[Anonymous]

it's ok, i even thought about co-signing for my brother in law at one point. the joint account thing certainly means it will be counted though.

[ShanetheMortgageMan]

When the applicant has a contingent liability resulting from having co-signed for another party to obtain credit, the debt must be included in the applicant’s total debts unless:

• The applicant can provide evidence that the primary obligor has been making the payments on a regular basis; and

• There have been no delinquent payments in the previous 12 month period; and

• The due date and amount of loan payment must be provided.

• Cash as a source of payment is not acceptable. The applicant must be able to furnish canceled checks, copies of consecutive money orders, etc. for a 12 month period when payment history is not shown on the credit report.

[Anonymous]

When my sil applied for their house, she documented that her mother was paying her student loan (even though it was her loan)- her mother wrote a letter and they used cancelled checks to verify that she would not be paying on the loan.  Sounds like a similar approach might work.  Make sure they are not late ever!!!