Q.I still have not been successful at getting the banks to start sending information to my office for our "Subject to" deals. What is the best way to handle the mortgage interest deductions? The previous owners will be receiving the statements. Should I contact the sellers and notify them of
their portion of the interest? Should I even care - after all I am the one who paid (and can prove) that I paid the interest.
A. Continue working to get the mortgage info and other correspondence from the bank sent to your address. It will make you life easier.
Get the seller to help get the address changed. Use the Street Smart letters. Also try the mortgage company websites. If the seller has set up an account on the mortgage company site, get their passcode. If they have not set up an account on the site, you can set one up with their SSN and
account number. Most of those sites allow you to change addresses, check payment info and get tax info.
Of course you can take the deduction since you paid it, it would just be nice to have the documentation form the mortgage company.