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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