Do You Have to Include Timeshare When Buying a Home?
i bought timeshare in oct this year and i’m trying to buy a house real soon, but i didn’t tell them about my timeshare amount. The timeshare is not reported to the credit bureau because it is in-house financed. Do i need to tell my mortgage lender that i bought timeshare and to include that in my debt? If so, i hope this doesn’t hurt my chances of getting a home loan. Plus technically it is a new purchase. They say you shouldn’t make any new purchases…..but this doesn’t get reported. I don’t even think there’s a way for them to find out i have timeshare, is there?
oh wow i didn’t know it was a federal crime. well, looks like i’ll be telling them. thanks.
They will find out with they run your credit check
Yes, you do. It’s a debt.
Lying on mortgage applications is now a federal crime.
Besides the fact that it is fraud to withhold the information- most likely the inquiry will show up on your credit bureau. The mortgage company will ask for a letter from you stating that you haven’t opened any new accounts. Just list it as a debt. Good luck.