Mortg App Question re NET WORTH?

[StartingOver10]

Yes, I know. That should be the 1003  application ( Uniform Residential Loan Application) which is the normal loan app used throughout the country.

It does NOT require you to own the vehicle free and clear. I am extremely familiar with this application both personally and professionally. It does not mean that you own the vehicle free it clear. It is the valuation of the vehicle (put in kbb or NADA value) and then you also put in the payment under the liability section. The specification is to differentiate between leased vehicles and owned vehicles.

[payingoffdebt001]

Thanks - its the first time for me to see such a form and now that you mention that - I believe I've seen on the Suze O Show that callers do list what they owe on a house and what its worth to help figure their net worth.  Darn it - wish I had put my new car's value down but I ended up turning in my form yesterday. 

[StartingOver10]

Call your LO and alert them to the error. It can be fixed

[payingoffdebt001]

Your RIGHT, let me do that right now.