seller carry contract on a propertiy with a contract and 12 months+ proof buyer...

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I have a borrower that has a seller carry contract on a propertiy with a contract and 12 months+ proof buyer has been making the payment on the MTG.He does not report this on his taxes. Conventional. Can I excluded the MTG from DR?


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Is the contract for deed recorded? If so, think you have a pretty ironclad case to exclude the debt. If not, perhaps not so clear cut. Really best to ask your underwriter if possible, if it’s a judgment call, their opinion is the one that really counts.

Answered 6 months ago
Ted Rood
1312 6

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