Profile picture for roxana1360

Do I have to disclose bank account under my name that I am holding for my parents who live abroard?

I am starting a loan modification request with WF since I am no longer employed; I have two bank accounts under my name but the funds belong to my parents who live abroad. Do I have to disclose them? Should I disclose but tell them that I do not truly own the money?

Also, will the stocks I have under my previous company's ESPP count against me in loan modification?

  • February 06 2011 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (1)

I would have to encourage you to disclose everything that has your name on it. Provide a detailed explanation about the ownership, and any pertaining paper trail that will paint the picture correctly for them.  It's better to have it all out in the open than to look like you're hiding something.  If they ask to review your taxes, then it would be apparent there, so disclosure is the best policy.

As for the ESPP, I would say it would depend from one bank to another about it counting as an asset. And you never know it may not be an obstacle at all.  Again, just be upfront with everything, you'll save lots of headaches in the end.

  • February 07 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.