HELP! |
Liabilities
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This section
of the application is for listing all of your liabilities. This
would include banks and mortgage companies you owe money to, credit card
companies, car payments, private notes, etc.. If you owe on a debt
that will be paid off in ten months or less, don't list the debt
on the application. See the instructions for each category below.
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Check
if this liability is for:
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If the property you are describing is held for income purposes, click the box next to the statemnent that says: "a rental property." If the property you are describing is the property you are purchasing or refinancing with this loan application, click the box next to the statement that says: "the subject property for this application." If neither statements apply to the property you are describing, leave both boxes unchecked. If both statements apply to this property, check both boxes.
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Liability
Type:
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Choose the type of liability you are describing in this section from the drop-down list. The choices are: Installment Loan (loans that will be paid off in regular installments), 30 Day Charge Account (a charge account that is paid off each month), Revolving Charge Account (i.e.: a credit card account with monthly payments based on how much money you have used), HELOC (home equity line of credit), Mortgage (a loan using your property as security for your loan), Liens (payments to government or other agencies that hold liens on your personal or real property), Lease (lease payments), Taxes (regular payments for taxes owed), and Other (anything that doesn't fit into any of the previous categories.
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Name,
Street,
City, State ZIP: |
Enter
the name of the company you owe money to, the street name and number,
state they reside in and the ZIP code. |
Monthly
Payment:
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Enter
Your minimum monthly payment for the account described.
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Unpaid
Balance:
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Enter the amount of the unpaid balance on this account (how much money you still owe to pay the debt off). |
Account
Number:
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It is
very important that you list the account number for the described liability.
You can find the account number on your monthly bill and on your credit
report. It is better to take the number off of your monthly bill
because credit reports sometimes don't list the complete number.
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Mos.
Left:
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In
this field you inform the lender how many months you have left to pay
on the debt before it will be paid off. If the debt will be paid
off in 10 months or less, don't list the liability at all on your application.
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Paid
Off:
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Check
this box if the debt will be paid off with this loan. On many refinances,
some of the money from the loan goes toward paying off credit card and
other debt listed on the application to lower the Borrower's debt ratio
and help them qualify for their loan. |
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