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    swabby232's Avatar
    swabby232 Posts: 2, Reputation: 1
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    #1

    Sep 17, 2007, 01:27 PM
    Holding a mortgage
    What are the procedures for holding a mortgage?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Sep 28, 2007, 04:39 PM
    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.

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