IRS Only Allows Deductions For Those Who Actually Pay

We often have borrowers who are just co-signing or going on title, but they have no intention of making payments. These same borrowers also often want to “take the tax deduction for interest and property taxes.” The IRS, however, usually does not allow borrowers to take the deduction for interest and property taxes unless the […]Read More

What To Do If Seller Closing Costs Are Too High

We recently received a purchase contract with a $600,000 price, and $26,000 in seller-credits. The issue? The $26,000 seller credit exceeds our $19,000 estimate of closing costs (closing costs are “high” b/c they include impounds and Oakland transfer taxes). The credit is $7,000 too large. Note: Seller Credits can be used towards any closing costs […]Read More