2nd Mortgage Information

Mike Said:

I left my emotionally abusive husband a month ago. He has all of our mortgage tax information - how do I file?

We Answered:

If you file a separate return, you can claim mortgage interest you personally paid. This is shown on the table on page 5 of the following IRS Publication:

http://www.irs.gov/pub/irs-pdf/p504.pdf

If the IRS challenges your deduction, you would have to show that you personally paid the mortgage.

Since you owned and lived in the house, you could still take the business use of home, but you couldn't take a portion of the mortgage interest or real estate taxes since your spouse would claim all of those expenses, assuming he paid them. You could still take the operating expenses, plus depreciation.

Kathy Said:

Property Information Website?

We Answered:

I'd talk to the actual Recorder. If he doesn't have a breakoout of that info, I don't think it's going to be easilly available.

Jon Said:

1st mortgage current and 2nd mortgage is foreclosing, can payoff both?

We Answered:

If your second mortgage is in foreclosure then there would be a lis pendens filed against your property, which prohibits the sale until the mortgage is either brought current or the property is foreclosed upon. You will have to call the company that you have your second with to find out for sure.

Kathryn Said:

What about a 2nd career as a mortgage originator. Where can I get on-line training and what about the pay?

We Answered:

i agree working under a qualified senior broker can help you tremandously. there are many brokers now looking for work and many companies laying off thousands. get your training thru your states department of finance. and look for a good company that will take you in look for a company that provides leads to you and support.

good luck

Donna Said:

does being on a deed for a home open it up for seizure during bankruptcy?

We Answered:

All of these are questions best asked of a bankruptcy attorney. Misinformation could cost both you and your spouse.

Please, do yourself a favor, don't use an open forum for this, talk to an attorney. Most give a free, initial consultation. I would suggest using it if you are serious about bankruptcy and getting the right answers from the start.

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