|
|
Post by rebeccakruppa on Apr 1, 2016 20:45:22 GMT
Can someone tell me how I treat a mortgage showing up in derogatory credit as a VOL SUR? Client claims they turned the property over to the bank and it was sold years ago. Do we have to have a payment calculated, and what documentation does the client need to obtain?
|
|
|
|
Post by Terrence on Apr 4, 2016 11:41:34 GMT
We are going to view this the same as a foreclosure. We will need to find out the date the ownership of the home was transferred. There will be a 3 year wait since them.
|
|
|
|
Post by rebeccakruppa on Apr 5, 2016 17:39:51 GMT
Do I then need to add the payment listed for it on the credit report?
|
|
fred
New Member
Posts: 1 
|
Post by fred on Apr 5, 2016 17:42:28 GMT
No, there should be no money due.
|
|
|
|
Post by Terrence on Apr 5, 2016 17:42:43 GMT
Since the ownership was transferred to the bank the client is no longer responsible for the payment. We do not have to include anything into the DTI for that debt.
|
|
|
|
Post by wonderbill on Apr 5, 2016 17:44:40 GMT
Would the same thing be true for a vehicle voluntary surrender?
|
|
