About Doug Walker Expertise Fair and honest lending is my passion. I've been in full time in the mortgage business for 20 years as a loan officer, manager, owner, underwriter - and can probably handle most any question. I can help you save money on your next mortgage loan by explaining closing costs and identifying fair fees and "junk fees".
Experience I have owned my own company as a broker and a banker, managed large production teams and have been a top producer in personal loan production. My experience includes all types of real estate lending: Conventional, FHA, VA, contruction and development loans. I currently work for one of the largest mortgage lenders in the nation and specialize in jumbo loans for private banking clients.
Education/Credentials I have obtained mortgage and real estate licenses and have taken numerous continuing education courses. My certifications include underwriting authority for loans up to $1,000,000 and instructor for first time home buyer education courses.
Awards and Honors President's Circle, Market Builder of the Year
Question QUESTION: The house that I live in was built in 2006, I own the home but it is in my mother's name. I asked the lender to combine my taxes with the mortgage and now the note went from 699.22 to 1332.97 and it is stressful. I tried buying the house from my mom and everything was going well until the appraisal. I owe 98,000.00 on the house and it was appraised for 88,000.00. Therefore, the bank would not lend me the money for more than the house was worth. My mother read up on loan modification but because she does not live in the house, I do, that is out of the question. I would like to take advantage of the Obama housing plans but I do not know my next move. Can you help?
ANSWER: Let's start with your taxes. Property taxes of $633 per month seem quite high. That is $7,500 per year. Taxes on a house like that, even in the more expensive states, should be less than half that much- I wonder if you have been short on in the past and are making up for underpayment on the taxes and after you get caught up your house payment will go back down to a more manageable level??
Because the owed amount is more than the value, there is not a loan program that I am aware of that would work to drop your payment.
Find out what the property tax situation is then let me know and we can see if there is something else we can look at.
Thanks,
Doug
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QUESTION: You are right, I am paying taxes for 2008 and the 2009 taxes. So, what you are saying is that I have to let the old taxes of 3143.64 pay off and then it will become less?
Is there anything that I can do to get my name on the deed so that I can take advantage of the interest and insurance on my federal taxes?
Thank you for such quick response and you have a Blessed Day.
Cynthia Hugle
Answer Yes - once the back taxes are paid off, the mortgage company will begin collecting just the current year's taxes so that will save about $250 per month when they make that adjustment.
To get your name on the deed you can have your mother sign a "Quit Claim Deed". At least that is what they are called in my state. This will add your name to title and give you interest or ownership in the property.
As for the interest and tax deduction...check with a CPA, but if you are making the payments and not "renting" the home from your mother, you should be eligible to take the deductions for tax purposes.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
