If I am holding a property in a trust and my name is not on the mortgage or deed, how much am I obligated to report to a lender when applying for a loan?
Obviously, the amount on the loan and the income would affect my debt-to-income ratio, probably adversely. If I have taken posession of the property and am making the mortgage payments does that obligate me to report it when I am applying for credit? It does not appear on my credit report. It is still on the credit report of the person I bought it from.
Try showing it as option equity and option income. Therefore no liability.