Maybe I'm misunderstanding what's going on here. If he's putting down my checking account as collateral, isn't there the risk of the bank coming along and taking my money if my dad can't keep up? I don't think that'll happen, but I'm not comfortable with it.
rh71
No Lifer
- Aug 28, 2001
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Yes that's correct... but why exactly are you afraid he won't be able to keep up ? There has to be a reason... or are you just paranoid ?
You know, when the day comes that I let my 17 year old kid out on the road by him/herself, I will feel insecure too... it works both ways.
He's a small business owner who's not doing so well against large industry. He ran for office in November, spending a lot but unfortuately not winning. Family financial situation isn't so great.
so your dad's house is worth less now thats why the mortgage company wanna see the assets? or he is trying to refi and take some money out? I don't get it, need more info.
How old are you?
While I agree that while you live at home, your parents have the right to call upon you to help with household finances to the extent you can, I would be wary of doing so if you are near to moving out. If the checking account gets listed as collateral, the bank will have that as security until the loan is paid off. You would definitely want to open a new account after you turn 18 AND move out of the house. (Imagine your folks defaulting on the loan 10 years from now after you're gone and married and saving for a house, then - BAM - all your funds are gone).
However, banks always want to know the financial status of the household, and most times this is just a matter of asset verification for bankrupcy purposes more than anything. If you're concerned about this, you're probably under 18, and one of your parents is probably on your banking account, anyways.
In the end - their house, their rules. Insist on financial independence, and they reserve the right to force it on you... (IMHO, of course, and many will probably agree)
While I agree that while you live at home, your parents have the right to call upon you to help with household finances to the extent you can, I would be wary of doing so if you are near to moving out. If the checking account gets listed as collateral, the bank will have that as security until the loan is paid off. You would definitely want to open a new account after you turn 18 AND move out of the house. (Imagine your folks defaulting on the loan 10 years from now after you're gone and married and saving for a house, then - BAM - all your funds are gone).
However, banks always want to know the financial status of the household, and most times this is just a matter of asset verification for bankrupcy purposes more than anything. If you're concerned about this, you're probably under 18, and one of your parents is probably on your banking account, anyways.
In the end - their house, their rules. Insist on financial independence, and they reserve the right to force it on you... (IMHO, of course, and many will probably agree)
Originally posted by: PhasmatisNox
My dad's asking me for my bank statements to fax to the mortgage company as assets.
That's Hot.
17. I was thinking the same thing from your first paragraph. It isn't a joint account, their names aren't on it.
ArmchairAthlete
Diamond Member
- Dec 3, 2002
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Apparently, the situation is this:
Refinancing
Mortgage company says they need to have 2 months payments in hand.
Parents don't, but are confident they will.
Want my checking account to stand in.
Refinancing
Mortgage company says they need to have 2 months payments in hand.
Parents don't, but are confident they will.
Want my checking account to stand in.
you actually pull in enough money to make that much of a difference on your parent's total assets?
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