ILLMAS Posted September 16, 2009 Report Share Posted September 16, 2009 Hello, I have a new client that needs a personal financial statement because he is SE, and the bank is requesting it for a loan he is applying. Here is my dilemma, first his name appears on title of a home he bought with wifes' sister and husband, but his name is not on the loan. They filed a quick claim deed just last year, TP has been making 1/2 of the mortgage payments for the last 15 years, he was not able to get on the loan 15yrs back because he was a non-resident and he had no SS#. Their bank cannot transfer the loan to him through a quick claim deed, the only way he can get his name on the loan is he the brother-in-law sells him the home, they agreed, so my client is buying the home for the balance of the remaining loan. My question is, should I include the home as part of his assets, even dough, his name does not appear on the loan??? TP asked if he qualified for the FTHBC, and I told him no because technically he has been an owner and been making mortgage payments for the last 15years. Your thoughts? Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted September 16, 2009 Report Share Posted September 16, 2009 I suggest that you do not prepare a personal financial statement for this new client unless you are qualified, insured and authorized by your state! There are huge liabilities and risk in preparing personal financial statements. You can assist the client in preparing it himself but the client is actually preparing the statement. Good luck Quote Link to comment Share on other sites More sharing options...
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