How can unmarried people report home mortgage interest paid jointly?
I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?
You can split the total paid between your returns. You are supposed to split it by the proportion each of you actually paid.
The bank will report it all under the ss# of the primary person on the loan. If you are splitting it, you should include an explanation with your returns.
How to deal with a 2nd mortgage that has been sent to collections?
I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?
Yeah, they are working on seizing assets, not freezing them (LOL).
What they can and can not do depends on your state. And yes, they will need a judgement, but that will be a piece of cake, you are either repaying the debt or not.
What is the easiest mortgage company to get a loan modification through?
What is the easiest mortgage company to get a loan modification through? Easiest mortgage company? I would like to know!
None at present
When refinancing a home mortgage, is it usually best to go through a lender’s national center or locally?
I am interested in refinancing my home mortgage. My mortgage lender has a number of local mortgage offices as well as a national call center through which I could proceed with the refinancing.
Is it likely that there would be a significant difference in fees, rates, etc., when using their national call center versus their local offices? Would it be wise for me to get a good faith estimate from both and then make a decision?
I would simply call the national number. If they have a program for some sort of streamline refinance that would be the best way to go. (also the first time I did this I got a person that was no help and said I could not refinance- I hung up and called back five hours later and got a different person and got the loan).
How does refinancing a mortgage work?
I’ve seen that you can put down as low as 3% for a down payment on a home but I know it’ll cost more for monthly mortgage payments this way. How does refinancing a mortgage work? Would someone be able to put down 3% and then later on refinance to a better interest rate?
With interest rate as low as it is now. No point of getting refinance later. Now it’s almost 5%. Unless interest rate drop to about 3.5%, dont even bother to consider refinance. Refinancing is when you borrow a new loan to terminate your current loan. Fee to consider when refinancing, pre-payment penalty fee(from you current loan for not carrying out the full term of the loan), new loan application fee(usally 1-2% of the new loan amount), and of course some closing fees (small fee for lawyer and documentation).
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