I am trying to fill out a 1003 on myself since I'm new to loans but will be doing a personal deal in Q1-2008.

Questions:

1. On the Assets and Liabilities section of the form, do I have to list liabilities that I still owe technically (because I never paid) even though the statute of limitations has expired on those debts? They will appear on my credit however because they are only 4 years old.

2. Do I have to list some student loans that are in deferment? I owe the money but currently have nothing due monthly.


Duane

Yes and Yes. You will need to provide and LOE for the, I assume, collections and also on the transmittal summary you are going to need to let the underwriter know that your student loans are in deferment. Depending on the amount of the collections you may still need to pay them down (5k or more aggregate total.) And also depending on how long you have left on your deferment the underwriter may need to take the payments into acct.