<p>I have searched the archives, but can't seem to find this answer. My son will be entering college in the Fall. We will be filling out FAFSA this weekend. I was remarried last year, and I know my husband's financial information must be included on the forms. I own my home and it is our primary residence. It has an outstanding mortgage of $115,000 and has a value of $200,000. His name is not on the deed. He came into the marriage with a summer home, valued at $200,000 with an outstanding mortgage of $60,000. My name is not on that deed. How is all of this reported on the forms?</p>
<p>Your primary residence does not have to be reported at all on FAFSA. The summer home has to be reported at about $140K, which is the net value, though you might want to check and see what a quick sale net value would be on it. The value is one that you can expect to net if you sell the home quickly, not what you think you can get for it if you list it for a year or so, and it’s the net proceeds. </p>
<p>Cpt is right. It doesn’t matter that your name isn’t on that deed. And do you rent that summer home out? If so, that income also would count.</p>