When the borrower has a charge-off, which exceeds $1,000, say $3,000, does this really need to be satisfied if its obvious that it will not affect his ability to pay his mortgage payment?
Every case is different. The risk associated with the loan should be considered. Factors such as LTV, credit history, reserves, the age of the charge-off, etc. should be considered. Obtain an explanation from the borrower. The explanation should make sense and any disputes fully documented. It is recommended that prior approval be obtained from CFN Mortgage Capital before proceeding (contact your sales representative).
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