Ride-through pmts on house IIB - do they affect Debt/Income? - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections

Tom_Mi

Senior Member

Bankruptcy Contributor

Joined: Jul 2008

Posts: 345

State: Michigan
#1

Ride-through pmts on house IIB - do they affect Debt/Income?

07-09-2009, 09:49 AM

I was told by my credit union that my debt/income ratio was too high (for a small car loan), and they were counting my house. But the house is IIB and I'm riding through.

Should the house debt and/or payment still affect my debt/income ratio for smaller purchases?
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BassBoy

Senior Member

Bankruptcy Mentor

Joined: Oct 2005

Posts: 2020

State: Ohio
#2

07-09-2009, 06:46 PM

It may not affect your debt to income ratio as far as your credit report is concerned, but if the lender your applying with knows you're still paying a mortgage, then the lender may be factoring that in.

Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007

A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.
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