Need Advice on How to Handle OTHER INCOME on Loan Application

[Bruce Harding]

I am applying for commercial credit.   I have 2 scenarios that I don't know how to handle on the application.

1) I am applying for the loan and not including my spouse on the application.   She pays a certain amount of our residential mortgage payment every month.

    So do I list her as additional income somehow on the application or since I pay about 2/3rds of our mortgage do I list that amount (2/3's) as my personal mortgage obligation every month ?

2) I own a townhome - second property that is categorized as a personal residence.

    My wife's son lives there an he pays the mortgage every month.   I split association expenses with him every month.

    We have no formal lease agreement and I don't raise rent as this is kind of a hybrid situation.  He simply covers the mortgage for the property.

    Do I list this as additional income on the mortgage application ?  If I don't it will show I have a second mortgage with no income coming in against it.