Rentals in 95051>Question Details

nenifur, Home Owner in Santa Clara, CA

Joint ownership in a home but need to move out

Asked by nenifur, Santa Clara, CA Tue Jul 10, 2012

I am currently in a joint ownership of a home with a sibling but it's time to move out. I have excellent credit and would like to rent a house. There will be sufficient coverage for the mortgage once I move out. Do I need to disclose to the owner/agent of the property that I am a co-borrower a mortgage?

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On a rental you only need to disclose what they ask, if they ask and you do not disclose and sign it leaving things out, you may be perjuring yourself. It is better to be honest when asked. You then can also include that the payment is made by your sibling in full. You may want that in writing to be able to forward to a landlord if asked.
0 votes Thank Flag Link Fri Jul 13, 2012
On a rental you only need to disclose what they ask, if they ask and you do not disclose and sign it leaving things out, you may be perjuring yourself. It is better to be honest when asked. You then can also include that the payment is made by your sibling in full. You may want that in writing to be able to forward to a landlord if asked.
0 votes Thank Flag Link Fri Jul 13, 2012
Hi Nenifur

You are on Title, and any lien for a mortgage, shows up on your Credit Report
with monthly amounts.

Should you not disclose it, they will find out when they run your report and check
what your Monthly Earnings and Liabilities are.

Better to be honest.

Goodluck

Ruth
0 votes Thank Flag Link Fri Jul 13, 2012
Answer the questions on the rental/lease application truthfully. Doing otherwise would be unwise. If you fill out an application untruthfully, you might have a very unhappy landlord when the truth comes out.
0 votes Thank Flag Link Tue Jul 10, 2012
If the rental landlord or property management company runs your credit report, your mortgage on the home you own will show up.
0 votes Thank Flag Link Tue Jul 10, 2012
It will depend on the process that owner/agent put in place. The loans may not be on the rental application itself but most landlords will require a credit check. Credit check will show your liabilities. In any case, if you are not paying for the loan and your sibling is qualified on their own, get yourself off the loan. You don't want this additional obligation lingering around and affect your future ability to buy homes/cars/etc.
0 votes Thank Flag Link Tue Jul 10, 2012
You're to be lauded for your ethical concerns. I don't personally see any particular reason this would need to be disclosed as long as you qualify to pay the rent. If the property owners lease application requires you to list your financial obligations (student loan,s credit cards, car payments etc, then you could list it, but that strikes me as a fairly invasive lease application.
0 votes Thank Flag Link Tue Jul 10, 2012
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