Your Questions About Check My Mortgage Interest

George asks…

Capital gain tax for house selling?

I just sold my house and recieved $363000 check.
I am a single and paid $70000 down payment so my taxable amount is $43000. How much do I have to pay tax for this gain?

Is there any way to save on tax? I am self-employed and run a small cmopany so my salary is low. Can I use mortgage interest amount paid when I was paying my mortgage for my previous house?
I am a renter now and I won’t be buying any house for a while.

admin answers:

You are also allowed to deduct the cost of any major improvements to the house while you lived in it. If you paid to have it painted, replaced fences, fixed up a bathroom, hung drapes and shades that stayed with the house, etc. Just make sure that you have receipts. Mortgage interest for the year is deductible in that year so you can only deduct the interest you paid from January to July.

Talk to a tax accountant to get the proper advice.

Good luck & congratulations on you great profit.

Chris asks…

My home is in foreclosure, can I file for bankruptcy?

We are going through hell with attorneys from Wells Fargo Home Mortgage. In May we refinanced with another company and paid the payoff amount. Several weeks later Wells Fargo’ attys refused the check stating it wasn’t enough ($4,300). HUH?!!!!! Our closing atty went to court saying they can’t do that. Judge disagreed. (What the hell was he thinking) He ordered wells fargo to accept the check, stop interest from accruing, and work with us to form a payment plan. Attorneys Wouldn’t talk to us. Throughout this they are foreclosing on us. This check is still outstanding!!! I called Wells Fargo directly and they said well gee, you were only short $1,090.12. We offered to pay that to clear this up. He said that sounds reasonable to me and a supervisor. Check back on Monday to verify.

I’ve since been calling everyday (1.5 weeks) with no one returning our calls.

It will cost more to pay an atty than pay the debt. Meantime we are paying our new mortgage every month.


admin answers:

I’m sorry Love, but it sounds like your missing something!?! You refied. With another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you?
If you only owed 4 thousand something, on the home and refied. With another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?
If you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I’m a bit confused about what really happened!
You really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.
I know that you don’t want to spend the money on an attorney but beleive me when I tell you that if you don’t do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don’t wait and don’t delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn’t do!

Good Luck Little One!

Blessed Be

John asks…

Does the lenders run the credit check to get mortgage rates ?

I am in the process of buying a home and did like one of them who did take my offer. Now coming to the actual loan process.

I see several website who give me a online quote as how much my interest rate would be and other things..

1) Will they all stick to that rate what they have quoted online ?

2) Or do they have to actually run my credit history and then can give
me final rate ?

3) If I have to shop around, does everyone runs my credit history ?
Does it effect my FICO score ?
Will it drop my score if currently i am around 790

admin answers:

All are true. The score does have an effect if below 620 at this point in time and yes many credit pulls will drop scores
I am a mortgage banker in TN & KY

Jenny asks…

Credit, Mortgages and Interest Rates?

I have really bad credit (under 500 I think, cause I have about $1,700 on all my credit reports.) Can I still get a mortgage loan from just about anyone as long as I can pay 30% down? What about 20% down? What would my interest rate be?

I asked this somewhere else, but I didn’t get a straight answer. So, here is more details. The $1,700 on my credit report is not credit card debt. Things like medical bills, some bad checks, library and old cable and gas bills. So, it’s not like I can just get a credit card and start making payments. When I move, I am not moving from a house to an apartment and then back to another house. Just to wait for my credit score to get better. I’ll refinance later when my credit is better.

Based on the fact that I am going to do this no matter what I just want to know what my interest rate would be.

admin answers:

If you’ve always been on time with your current mortgage…and you can find a bank that does manual underwriting instead of pure FICO lending (Dave Ramsey always shills on this for Churchhill Mortgage – , and you can squeeze 30% on the new house from the old house…Then you might have a shot at a reasonable interest rate.

A manual underwriter may advise you to put 20% or 25% down and take the rest to clean up the $1700. They may also advise you to get a loan from a family member or against a car or something to clean that $1700 up before they’ll issue you the loan. But get the conversation started with a lender that you like.

Nancy asks…

Do Mortgage Brokers make their money in one lump sum, or do they get a cut of the interest payments each month?

So after I close on a loan, has my mortgage broker made all his money, or does he get a bit each month for the life of my loan?

A few months ago I refinanced with no closing costs. The biggest surprise was that there really were no closing costs. They didn’t rip me off on surprise fees etc. (I wrote a big fat check, but it was all partial month’s interest; funding my new escrow; and other things I was going to pay one way or another anyway.) Bottom line is I have a mortgage broker who doesn’t charge closing costs, for real, and I’d like to use him again since rates have dropped about 3/4 points since I refinanced.

Will my broker be happy to hear that I’m ready for another re-fi? Or would he want me to keep making payments on my present loan, in which case I’d expect him to be less helpful.

admin answers:

If you’ve just refinanced a few months ago, most lenders won’t let you refinance again right now. It’s not something you can just keep doing until you get an interest rate that makes you happy.

Mortgage brokers make their money in one lump sum after your mortgage clears or is approved (even refinancing). So there’s no reason why a broker would not help you unless it truly was a waste of time – it’s not because of the money (or lack there of) involved.

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