<p>If I own a second home (vacation) with my ex husband do I only have to claim half of the current market value on the FAFSA as a second home?</p>
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<p>Yes, if YOU own a portion of real estate (a vacation or second home) with anyone, you are required to list your share of the current market value minus any outstanding mortgage on the FAFSA.</p>
<p>The FAFSA doesn’t care WHO you own real estate with…doesn’t matter that it’s your ex-husband. All that matters is that you still own part of it.</p>
<p>This would be true for the Profile too. YOU would list your half on the Profile and your ex husband would list his half on the non-custodial parent form.</p>
<p>thanks…the property is in florida and worth less than the market value on the federal sites. do you think it would be wise to get a property appraisal done incase it is ever questioned?</p>
<p>How is other real estate verified? Do you use the assessed value?</p>
<p>When I had to list property value on the Profile, I asked my friend the real estate agent for comps on homes similar to mine in my area. She was more than happy to provide this info. On the Profile, I believe there are two separate fields, one for the value of the home (no home has a negative VALUE…they are all worth something…in other words, you could sell them for SOME amount), and another field for outstanding mortgage or mortgage payments. </p>
<p>I don’t own a second home but on the FAFSA, I believe it’s only one field…so you take the current value of your home and subtract the outstanding mortgage. Yes, this can be a negative number and apparently you can enter it as a negative number (something I didn’t know) but for calculation purposes for EFC, the home value cannot be less than $0…so if it’s negative, the calculation for EFC will use $0.</p>
<p>Does that make sense? I’m sure someone here will correct me if I’m wrong.</p>