Post by Terrence on Apr 5, 2016 17:54:41 GMT
Bill,
To answer your question on the voluntary surrender of a vehicle: (for FHA)
This is different than a voluntary surrender of a home. In most cases there will be actions after the fact when voluntarily surrendering the car.
Charge-Off: in the event the voluntary surrender is reporting as a charge-off we do not need to count any payment in the DTI
Collection: We will have to count 5% of the outstanding balance toward to DTI
Deficiency Judgement: Client must be on a payment plan and made 3 payments.
To answer your question on the voluntary surrender of a vehicle: (for FHA)
This is different than a voluntary surrender of a home. In most cases there will be actions after the fact when voluntarily surrendering the car.
Charge-Off: in the event the voluntary surrender is reporting as a charge-off we do not need to count any payment in the DTI
Collection: We will have to count 5% of the outstanding balance toward to DTI
Deficiency Judgement: Client must be on a payment plan and made 3 payments.
