Your Questions About Mortgage

Maria asks…

2nd mortgage Foreclosure: How long is the delay to put it on your credit?

We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

admin answers:

Well, you were late, so the info is accurate.

It is probably just a coincidence… Sometimes it takes time to get stuff posted onto a credit report.

Mary asks…

Can landlords deduct mortgage payments or just the mortgage interest?

I have a rental unit on my property that is included with my mortgage. Can I claim that percentage of the mortgage as a deduction (based on square footage) or just the mortgage interest? (FYI: Yes I do have a tax professional but she is unavailable for a few days and I would just like to know for planning purposes). Thanks!!!

admin answers:

Only the interest is deductible. Principal paid is never a deduction.

However…..

You depreciate the property and get a tax deduction for the original cost (plus improvements) over time. The net effect is similar to deducting principal.

Carol asks…

The Canada Mortgage and Housing Corporation wants to examine how much homeowners plan to spend on renovations?

The Canada Mortgage and Housing Corporation wants to examine how much homeowners plan to spend on renovations in the next year. A simple random sample of 125 shoppers produces a mean of $750 with a standard deviation of $135. Based on the survey result, use alpha=.05 to provide a population mean estimate.
Demonstrate how increasing alpha to .1 or decreasing alpha to .01 changes the estimate while holding the sample size constant. Explain the difference in the outcomes.

admin answers:

The difference in the outcomes is pretty large…

Good luck!

Joseph asks…

Can a Mortgage Company hold your insurance check for the repair of your building?

My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can’t finish the repairs needed. My mortgage payments are up to date.
The repairs are done, the Mortgage company inspected the repairs and they are holding the depreciation check. Would anyone know why?

admin answers:

Ask the mortgage company if they’ll release the funds directly to your contractor.

OTOH, MOST contractors will do the work, and THEN let you pay . . .

But yes, they can do that.

Ken asks…

How do I look up mortgage information in the public records office?

I would like to go to the public records office and find specific mortgage information. For example, what type of mortgage someone has.

admin answers:

Go to the local Registrar of Deeds (or whatever your local public records office is called) and tell the person there that you would like to look up the information on such-and-such property. He/she will show you how to use the card file or the computer to do the search. You need to know either the owner’s name or the Legal Description of the property. If you don’t know, the local Tax Collecting Department can give you that information.

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