Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Mortgages (https://www.askmehelpdesk.com/forumdisplay.php?f=212)
-   -   Holding a mortgage (https://www.askmehelpdesk.com/showthread.php?t=130593)

  • Sep 17, 2007, 01:27 PM
    swabby232
    Holding a mortgage
    What are the procedures for holding a mortgage?
  • Sep 28, 2007, 04:39 PM
    ScottGem
    You get a promissory note signned by the borrower. You keep an accurate record of all payments and the P&I breakdown. You will need to report the interest paid yearly on a taxform (1099 I think) with copies to the borrower and the IRS.

    • All times are GMT -7. The time now is 08:36 AM.