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How can I explain my situation to the underwriter in the form of a letter showing the debt in my name is paid by my daughter?
Atlanta, GA
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Posted 7 months ago in Debt / Lending Agreements
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My Loan is in underwriting, my credit score is 699. However, my debt to income ratio is high because I purchased a car for my daughter 2 years ago. My daughter makes the payments timely each month by depositing money into my account. I am trying to write a letter to the underwriter explaining my situation. I will also submit my bank statement each month for the past two years showing the deposits made.
Answers (1)
Jeffrey Daniel Larkin
This attorney is licensed in California.
Posted 6 months ago.
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I think you are doing exactly what you should be doing. If you can show that for the last 2 years your daughter has been paying on the account, the underwriter should either 1) back out the car payment and not factor it in to the overall analysis or 2) consider as income the regular payment your daughter is giving you which should then be a wash with the car payment you are making on her behalf.
LEGAL DISCLAIMER Mr. Larkin is licensed to practice law in CA. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case. |
