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Do I disclose current mortgage pymt

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TReisdorf86 Joined: 23 Feb 2010 Posts: 18 6.58 Dollars($)	Posted: Wed Apr 07, 2010 5:35 pm    Post subject: Like 0 Dislike 0 As promised I was going to update you on the outcome of my hectic situation. Here is the scoop. If you filed BK you indeed must wait for the 2yrs and foreclosure 3yrs. HOWEVER! The underwriter will accept circumstances that could be out of your control such as medical bills, etc. Example would be my daughter needing surgery and it was a basis of life or death. THings like this can be overlooked - but even that you have a slim if any chance. I am going to wait it out (welll I have to) until April 2011. Then I can legally, ethically, morally apply for a purchase.
miranda Guest	Posted: Tue Jul 20, 2010 5:22 pm    Post subject: rent to own Like 0 Dislike 0 We have a house that we still have a morgage on, we have moved and put the house on the market, we are thinking about renting to own the house out. When we make up the contract to rent to own do we have to disclose that we still have a morgage on our house. I assumed it wasnt the renters right to know that we still have a morgage on it.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Jul 21, 2010 2:38 am    Post subject: Like 0 Dislike 0 Hi miranda, You may or may not mention about the mortgage in the agreement that you sign with the renters. However, you'll take the help of an attorney to draft the agreement. You can take his opinion in this regard and then take a decision regarding mentioning the mortgage to the renters. Thanks, Jerry
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 27, 2010 1:53 pm    Post subject: Like 0 Dislike 0 I know that based on posts I've read here through time that it would have been most beneficial for rent-to-owners to know that information. Of course, they can do their own research and find out that information as well. Ought you to tell them? I don't see any real harm in doing so, but I'll side with Jerry in that you ought to engage an attorney to assist you in drafting whatever type of contract you might need here. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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