I bought a house in Sept 2012. I received my 1098 form and it's missing interest that I paid. What should I do? The calculation does not make sense.

Asked by kimnguyen21, San Jose, CA Thu Mar 7, 2013

The calculation is missing mortgage interest that I paid on the 1098. My loan is now sold to Wells Fargo. Am I suppose to contact the original lender to ask them to fix the 1098?

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Juliana Lee MBA LLB’s answer
Juliana Lee…, Agent, Palo Alto, CA
Mon Apr 1, 2013
The IRS computers will generally match your numbers to the forms they received from others. It can take a couple years but you may hear from them if the numbers do not match. Be sure to include as much documentation with your tax return as possible and to save a copy.

Contact both the original lender and Wells Fargo. Ask for payment records and to get a revised 1098. Don't forget to look at the closing statement you received at the end of escrow for any payments which can be itemized.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty

Over 30 years experience
Over 1,000 homes sold in Santa Clara and San Mateo counties
Web Reference:  http://julianalee.com
0 votes
, ,
Sun Mar 10, 2013
Wells Fargo will have that information for you.
The new servicer obtains all the information from the previous servicer.
1 vote
Terri Vellios, Agent, Campbell, CA
Thu Mar 7, 2013
Usually your monthly mortgage statement has a year to date paid on it, including the interest rate.

If it doesn't make sense, then yes, contact your lender(s).
Web Reference:  http://www.terrivellios.com
1 vote
Yes for Wells Fargo it shows year to date paid which is correct. THe issue that I have is that....PRMG before they sold it to wells fargo, took my initial payment and the interest they reported for that 1st month's payment is incorrect. I guess I'll have to contact them. They have been giving me soo many issues with all these errors.
Flag Thu Mar 7, 2013
Ruth and Per…, Agent, Los Gatos, CA
Thu Mar 7, 2013
Hi Kim

Thanks for your question, and regret to hear of the issue mentioned.
It is common.

Yes for sure, you paid the first lender hence you have to call them and not
Wells. If you call Wells you will get a huge run around.

The challenge will be when the first lender goes under or goes bankrupt,
then you have to get an accountant, and a Tax attorney to come up with a 1098
and then work with the IRS.

It is common practice, but of course you have to pay the fees.

File an extension, if you cannot get the first lender to execute, but do not be late.

Best regards and goodluck.

Web Reference:  http://www.ruthandperry.com
0 votes
charles butt…, Agent, san jose, CA
Thu Mar 7, 2013
I recommend that you start with your original lender. Contact the loan officer that you were working with.

It would also be a good idea to contact Wells Fargo at the contact number that they should have given you.

If you still are not having any success, then I recommend that you contact an Attorney. The Attorney that I recommend is Ron Rossi. You can reach Mr. Rossi at: (408)261-4252.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
0 votes
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