Quote:
Originally Posted by JimmytheT
I would highly recommend against doing this.
If you are delibrately lying about or withholding information about your loans, or financial hardship, when you are applying for any kind of credit is FRAUD!
If you are caught doing so, it is treated as such. For example, if you wish to purchase a revenue property and are applying for a mortgage at a bank to purchase this property, and you tell them that your mortgage payment on your existing property (which I am assuming is at another institution) is $1000, when in reality its $1500, that is a type of mortgage fraud.
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Where is the fraud here? When they look at your debt-service ratio and things like this they are looking what you have to pay, not what you are paying. If you have a huge credit card bill they look at the minimum payments, even if you pay the whole tab every month. Plus, the $420 that he is paying now is optional; if he needed to he could drop this to the normal payment without any hassle at all.