Your Questions About Check My Mortgage

Steven asks…

mortgage/can escrow overage be applied toward the principal?

i receive an escrow overage check every year.my x-wife name is on the check.the mortgage company will not remove her name even though i have a devorce degree saying that the escrow account is mine

admin answers:

First of all, what does your mortgage papers say about the mortgage — can you go talk to the mortgage holder and see what they can do about the escrow refund? In some cases, they MAY be willing to redirect the escrow refund to additional principal pay-down … But you WILL have to initiate the conversation.

YOU need to refinance the mortgage to eliminate this problem — and you should do that soon. That is the only way you are going to get the ex’s name off the escrow refund check.

Next … Have you taken your ex-spouse’s name off the DEED too? That is another problem that you need to look at shortly — because (and god forbid this happening — it was my own worry after divorce) — if the home is fully designated your property after the divorce — then you need to NOT only Refinance the Mortgage, but to also first get the Home’s Deed also redone to ONLY be in your name …

After all, do you want your ex to PROFIT more AFTER the Divorce IF something should happen and you die?

Thomas asks…

what will mortgage company do if I spent the insurance check for the house?

what will mortgage company do if i spent insurance check without repairing my home

admin answers:

It depends on their contract with you. They may reclaim the house and sue you for the decreased value.

David asks…

How do i fax check stubs? Do i copy them first?

I have to fax my check stubs to my mortgage company,how do i do this please? ty.

admin answers:

Yes, copy them first. The fax machine won’t be able to take the small pieces of paper, and trying to tape the stubs onto a piece of paper is just asking for a paper jam.

George asks…

If I were to pay off my step-daughter’s mortgage does that have Gift Tax consequences?

… if I send the check directly to the mortgage holder, rather than her? If it is a gift tax event, is the giver or receiver responsible?

admin answers:

If it’s over $12,000 that you pay in one year, yes you must file a gift tax return. Any gift tax is the responsibility of the giver, not the receiver. And whether you sent the check to her or to the mortgage holder doesn’t matter, it’s still a gift to her.

You could pay $12,000 this year and $12,000 next year, and not have to file a return. Or if you are still married to her mom, you could give $24K each year and split it, $12K from her mom and $12K from you each year.

Having to file a gift tax return does not necessarily mean you have to pay a gift tax. You have a $1 million dollar lifetime exclusion that you don’t have to pay tax on, so unless you have given large gifts before exceeding the annual limit, you won’t owe any tax.

Lizzie asks…

Can I cash my Tax Assessor Check?

I bought my house in June 2008 on a short sale. It was assessed by the tax assessor much higher than it is now. I have an impound account. I just received a check in the mail from the county tax assessor because the house has been re-assessed at a lower value. Do you think that I need to send that check to the mortgage company or can I cash it and use it for my own?

admin answers:

It’s your money. Enjoy!

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Your Questions About Mortgage

Nancy asks…

How can I get mortgage company to endorse insurance check before work is done?

I have a check from my insurance company for hurricane damage. My mortgage company will not endorse the check until the work is done. I need the money to get the work done. How can I get the mortgage company to endorse the check ?

admin answers:

You can’t. But you could have your adjuster reissue the check directly to the contractor.

Any contractor should be willing to work with you on this – you’ll likely have to pay them your deductible, directly, but most REAL contractors that don’t scam you, should be willing to take payments as the job completes.

Mary asks…

What happens to the mortgage on a house that is left to me in a will?

A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.

admin answers:

It goes with the property. If you(or the executor) don’t pay the mortgage the lender will foreclose. If you wish to sell, by all means do so but make the mortgage payments while you are the owner.
And, by the way, you are not required to take the property–you can decline the inheritance if there is no equity or not enough equity to make it worth your while.

Ken asks…

Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?

If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?

admin answers:

If the 2nd mortgage holder agrees to subordinate it can be done. Heres the situation when u refi, the 2nd mortgage automatically becomes the first, therefore ur new mortgage would be in 2nd lein position, which would be at a higher rate than you are figuring on as no one is going to be in 2nd place without a higher rate, therefore, you must approach the current 2nd holder tell them what u r planning and get them to provide in writing the fact that they will subordinate to the new first mortgage. They can say no, depending on how much equity u r planning on taking out. Understand if u default the first mortgage holder get paid first, and the second gets whatever is left, if there isnt enough the 2nd holder takes a risk of not getting all his money back. Therefore he may allow you to refi the balance, but not take anymore equity out to say consolidate, use for vacation, or just mad cash, however it doesnt hurt to ask, i have done dozens of loans where the 2nd did subordinate, and only a few have refused to cooperate. Gl

William asks…

How does a fixed mortgage work with property taxes increasing?

Does your monthly mortgage rate stay the same over the years while taxes keep increasing? Or does it still increase your monthly mortgage payment and end up being risky with how high it can become?

Thanks!

admin answers:

Your interest % stays the same for the length of the mortgage. If property taxes go up though, the escrow portion of your payment goes up.

Susan asks…

How does mortgage interest work when dealing with tax returns?

How does a mortgage work when dealing with tax returns?Do we get back all the interest that we pay off or a certain percentage? Please provide backup in your answer.

admin answers:

Http://www.irs.gov/formspubs/article/0,,id=242605,00.html

Fully deductible interest. In most cases, you can deduct all of your home mortgage interest. How much you can deduct depends on the date of the mortgage, the amount of the mortgage, and how you use the mortgage proceeds.

If all of your mortgages fit into one or more of the following three categories at all times during the year, you can deduct all of the interest on those mortgages. (If any one mortgage fits into more than one category, add the debt that fits in each category to your other debt in the same category.) If one or more of your mortgages does not fit into any of these categories, use Part II of this publication to figure the amount of interest you can deduct.

The three categories are as follows.
Mortgages you took out on or before October 13, 1987 (called grandfathered debt).

Mortgages you took out after October 13, 1987, to buy, build, or improve your home (called home acquisition debt), but only if throughout 2010 these mortgages plus any grandfathered debt totaled $1 million or less ($500,000 or less if married filing separately).

Mortgages you took out after October 13, 1987, other than to buy, build, or improve your home (called home equity debt), but only if throughout 2010 these mortgages totaled $100,000 or less ($50,000 or less if married filing separately) and totaled no more than the fair market value of your home reduced by (1) and (2).

The dollar limits for the second and third categories apply to the combined mortgages on your main home and second home

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How does reworking a mortgage affect my credit score?

I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?

How Does A Mortgage Holder Get Out Of Pmi Payments On Their Mortgage Loan?

Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.

Mortgage Payment Protection Insurance

A mortgage is often the single biggest financial commitment that many people make during their lifetime, yet fewer than half of all residential mortgage holders choose to take on protection of their mortgage repayment ability with mortgage protection insurance.

Mortgage protection insurance, or mortgage payment protection insurance, is a form of insurance that ensures mortgage repayments are met should the mortgage holder become unemployed, fall critically ill or be unable to earn income due to an accident. This type of protection insurance product is quite cheap to maintain, and allows mortgage holders to set an insurance amount for monthly protection pay-out that covers mortgage costs and additional expenses up to a set percentage above mortgage outgoings.

Most mortgage payment protection insurance policies are strict on protection insurance claims. For instance, should the mortgage holder become unemployed through their own free will, then they would not be covered by the mortgage payment protection insurance policy. However, redundancy does qualify for payment through the protection insurance policy, providing that the mortgage holder actively seeks new employment. Additionally, mortgage protection insurance may not pay out if the claimant takes on voluntary or part-time work, although the protection insurance terms & conditions relating to this area will vary with each type of mortgage payment protection insurance product.

Typically, mortgage holders will have to endure a mortgage payment protection insurance qualifying period before receiving payment protection pay-outs. The qualifying period on mortgage payment protection insurance policies is normally 90 – 120 days. If the mortgage holder is still eligible for mortgage payment protection insurance after this period, then protection payments are commenced on a monthly basis.

Insurance companies often require holders of mortgage payment protection insurance to renew their mortgage protection insurance claim every month by completing a form. Sometimes the insurance companies will request evidence from the mortgage holder so they can evaluate the mortgage holder’s eligibility for the continuation of mortgage protection insurance payments. This could be a doctor’s note of illness or copies of job applications if claiming mortgage payment protection insurance pay-out because of redundancy. Mortgage payment protection insurance pay-outs are normally paid directly into the mortgage holder’s bank account one month in arrears.

Pay-outs on mortgage payment protection insurance are often limited to a set insurance period. Depending on the insurance company, monthly protection payments over six months or twelve months from the first mortgage protection pay-out is normal. As two out of every ten people who are made redundant take over a year to re-establish themselves in a new job, mortgage payment protection insurance could mean the difference between keeping your home or losing it.