Your Questions About Check My Mortgage

Chris asks…

If a roommate contributes toward my mortgage in my primary residence, is this taxable income for me?

I’m buying a house that will be completely in my name, but both myself and my fiance will live in it. I bought the house with the intention of my then girlfriend (now fiance) helping pay part of the monthly living expenses (mortage, utilities, etc.). The house will be the primary (only) residence for both of us. Since I’m the owner, I’ll be writing the checks to the bank for the mortgage and she’ll be giving me a check every month. Is her payment to me considered taxable income for me? Is there a special tax-free provison for shared living expenses? I know it won’t matter after we get married, but that won’t be until early 2008. Do I have to report every penny that she pays me for the mortgage in 2007?

admin answers:

It may be to your advantage to consider her your tenant for 2007. You would record her payment to you as rental income, and then you could deduct half of the mortgage interest, half real estate taxes, half of the utilities, half the repairs and maintenance etc. On Schedule E. Plus, you can depreciate 1/2 of the house for the year 2007.

You would likely generate a loss that would reduce your taxes.

You would be able to get some deductions on Schedule E that you cannot get otherwise (such as 1/2 of the utilities, which cannot be deducted for your personal residence).

You would be able to get deductions on Schedule E even if you do not have enough personal deductions to itemize on Schedule A.

Carol asks…

Applying for mortgage with joint checking?

I am the only one on the mortgage and my girlfriend makes car payments on a car that my dad bought. The loan is strictly in his name. But the payments come out of our checking. Is underwriting going to need proof that it is her paying for the car not me? I don’t want it to affect my debt to income ratio. What will they need if anything.

admin answers:

Technically, the loan on the car is not your debt. It is your Dad’s debt since the loan is in his name. As long as it’s not your loan, they don’t need to know anything.

His loan has no effect on your debt/income ratio. If she is putting money into your joint account, then it will be assumed that some of the expenditures are hers. If they ask, it’s easily explained.

This is a good example of why people who are not married should not have joint accounts, joint loans, joint leases, etc.

Lizzie asks…

Does looking up your credit history on line effect your chances of getting a mortgage?

I am currently in the process of trying to get a mortgage but am worried about previous credit history, would it affect my mortgage process if i checked it online????

admin answers:

No, it won’t hurt it. Realize that your lender will pull a more extensive report than you can get online. They should give you a copy if you ask. Their report will give you more insight to your scores.

David asks…

Is there danger in turning over a large sum of money to a mortgage company that maybe on the verge of failing?

My house was damaged in a recent fire. The insurance comany has sent me a check to forward to my bank/mortgage company that will cover the cost of repair. Will this money be protected from the time the mortgage company receives it, or is there a senerio that could result in me loosing the money or having the money become unavailable for an extended period if the bank/mortgage company liquidates before the repairs are completed?

admin answers:

The reason you have to send it to them is they must pay the contractor on the repairs as they are the loss payee It is held in escrow and sent out in 1/3rd as the work is done

Paul asks…

my mortgage was charged off even though my payments were current including chapter 13 payments, Why?

I filed chapter 13 in Ohio to save my home. Three years in, Charter One sent me a letter stating they charged off my mortgage and elected not to foreclose. When I contacted them, they gave me the run around for twenty five minutes. Finally someone told me that they didn’t understand why they did it because my chapter 13 payments and mortgage was current. I checked my deed and title and no liens are on either. It show a satisfaction of mortgage. What is going on?

admin answers:

You got a bluebird. If there is no lien recorded and the lender wrote-off the mortgage, then it means you don’t owe anything anymore. Sounds too good to be true, though. Ask the attorney who handled your chapter 13 for advice.

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