I am 22-years-old, self-employed looking to apply for a mortgage loan in Maricopa County in Arizona; but am having trouble verifying my true income with my tax returns. My parents can't co-sign because they don't have the best credit score but my father owns a second home in Boca Raton, Florida that he is willing to allow me to put up for collateral on my first mortgage. I don't want the mortgage company thinking I am the one paying the mortgage on the home (because I'm not, my father is) but I want to put it up for collateral. My father agrees to let me do it because he knows I won't default on my mortgage. So, how do we go about doing this?
You do not do it. If a lender would even except it. You do not have a crystal ball, so you don't know if you will lose your source of income and that could cost both you and your father your homes through foreclosure. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced AZ mortgage foreclosure defense attorney. Use AVVO's Find a Lawyer tool to select a qualified attorney. Good luck. THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney.
If you found this Answer helpful, please mark it as "Best Answer" Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Mortgage Companies usually want only the house you are purchasing as a collateral. You already have your house which they will take a mortgage on. Why would you want to put up your dad's too? Improve your credit score and get the mortgage when you can afford it. I have seen a business associate put up five buildings as a collateral on one loan and now, he wishes he had never done that.
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