Is a mortgage escrow refund considered as income on my taxses?
I paid off my house mortgage in 2011 and was send a refund check for the balance in the escrow account. I received a tax form for the interest I paid on the loan and the taxes & homeowners insurance the bank paid. But, it did not mention the amount of the escrow refund.
Escrow funds are your money that has been taxed. Your lender is required to return this to you after being paid off within a certain period of time.
Apparently your former lender has done this.
For tax and legal matters you should consult with your tax consultant or attorney.
I hope this has been of some benefit to you, good luck.
(Refinance to low mortgage AND High Interest Education Loan) OR (High Mortgage Interest AND No Education Loan)?
We have a primary mortgage of 201,000 USD at 6.125% 5 year arm with 1.5 year left on the terms.
We have a secondary mortgage of 39,000 USD at 4.125% variable interest rate. The house value is estimated at 211,000 USD.
We have about 40,000 USD in our checking account and no savings.
I will be going to school for a Physical Therapy program. My tuition fee for 3 years will be 40,000 USD. I am getting a fedral direct unsubsized loan at 6.8% with upto 10,000 USD disbursed each time starting this fall.
My husband has a steady job and makes around 100,000 USD.
How should we best manage our finances???
1) Should we save the 40000 USD for my tuition and not take any of the 6.8% education loan? We will try to refinance to whatever best rate we can get under the Home Affordable Refinance program
2) Should we pay off the secondary mortgage with our checking account balance and refinance the primary mortgage 201,000 USD loan to a 30 year fixed 4.3%. This means we’ll have to take the 6.8% education loan atleast for the first 2 years (around 25000) and hopefully we’ll saved 15000 USD by the time its 3 year to pay off the remaing education tuition ?
What do you think?
First, start a savings account so your money can earn interest (however little) instead of sitting in a checking account. Do you have a budget and how much can you apply to savings or extra debt payments in the next year? If you don’t have a budget, start one immediately. Check out DaveRamsey.com, mint.com or spend a few bucks on Quicken (personal finance software).
Paying off the secondary mortgage will leave you with very little emergency savings. An emergency fund is extremely important in case of job loss, medical emergency, car accident or some other unforseen major expense. Option 2 is better IF you can replenish the emergency savings within a few months and there is very little risk of job loss or income reduction. If possible, I would save every penny you can for a few months to build up the savings before taking this major step. Aren’t there fees for refinancing the ARM to a fixed mortgage? Does tuition cover all the costs of school?
If I paid my mortgage twice in a month is it still possible for the mortgage co. to apply it for next month?
I mistakenly double paid my mortgage twice for December–I didn’t mean to do that. My purse was stollen together with my checks so I had to cancel the stolen checks. Yesterday I just got my new checking acct # and I thought the previous checking acct # wouldn’t work anymore so I immediately supplied (online) my mortgage company the new checking # so I wouldn’t be late for my payment but unfortunately the old checking acct # went thru plus my new acct # so when I check my balance–I was double billed for December. It says in the letter from my motrgage company that once paid–the money can not be returned. I am not gonna ask for a refund–but I hope they could at least apply it for my next months bill.
Your extra payment will be considered for January payment.If you want assurance check with your mortgage company.
how do I check my pension balance?
I need to check my pension balance because I’m trying to buy a home and the back has looked at my credit references and everything has been okay with that, but now they have to look at an account with like $1800 in it that has been untouched. I have a joint checking, checking and savings account but no money in those accounts is ever about that amount and untouched. But i’ve been working at a union grocery store with a pension plan for 9 years. The bank said if i could get a letter from my place of employment proving that i have an amount like that somewhere in a pension and then i could show the bank. On my w-2 it says i have a retirement plan but i have no clue if i have any money that has been pulled out of my checks towards that pension or if it doesn’t get pulled out until i work more years there. I think something should of been put in a fund after 9 years but i could be wrong. Would i contact my union rep. for this balance if one exists ? and I don’t think i have a 401k because i went to the fidelity website and entered my social and it said my balance was $0.00 for savings plan. So i need a pension balance and to get a letter stating the amount or something i could print from the net that gives me a specific number so i could show the mortgage banker. Thanks for your answers everyone
Contact your employer (human resources) to ask for documentation on your pension plan.
P.S. – If it is a “defined benefit” plan, you’re toast.
Can mortgage companies take out mortgage 2 days early?
My mortgage comes out on the 1st of each month. This month, I was £16 short, and planned to rectify this by the time the 1st came around. So this morning (Sat 29th) I went to a bank machine and deposited around £70 to cover me for Monday. When I checked my online balance, they had already taken out my mortgage earlier that morning and left me -£16 into an UNauthorised overdraft. On Monday, the £70 will show up and I will have more than enough..however, will the £70 count on Monday seeing as they seem to have taken the mortgage when i was not ready?
I worked for a mortgage company, and I assume the reasoning for the early withdrawl from your account was that the 1st falls on a Monday, and to make sure that you will be covered for your month, they took it out on the last business day of September. This really is not common, so I would def. Contact your mortgage company. I don’t think that you will get your money back, but to keep this from happening again, I would pay the balance of my mortgage alittle early, if possible, if the first of the month falls on a Monday. Hope this helps!
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