Should contract holder provide statement?

[Kari_246_]

What is the name of your state? Washington
My sister purchased a mobile home on a contract a couple of years ago and the contract holder refuses to give her a monthly statement or any kind of statement. He says his accountant will charge him $100 to create a statement. He told her how much she's paid to date but she doesn't know how much of that is interest and what the balance is.
Is he required to provide that information?
Thank you.

[HomeGuru]

Originally Posted by Kari_246_

What is the name of your state? Washington
My sister purchased a mobile home on a contract a couple of years ago and the contract holder refuses to give her a monthly statement or any kind of statement. He says his accountant will charge him $100 to create a statement. He told her how much she's paid to date but she doesn't know how much of that is interest and what the balance is.
Is he required to provide that information?
Thank you.

**A: yes he is so tell your sister to have him pay the accountant the $100.
Or he will be talking to the IRS. The Seller needs to provide a 1099 at year end.

[PghREA]

Originally Posted by HomeGuru

**A: yes he is so tell your sister to have him pay the accountant the $100.
Or he will be talking to the IRS. The Seller needs to provide a 1099 at year end.

Actually, it is a 1098.

[url]http://www.irs.gov/instructions/i1098/ar02.html#d0e111[/url]


She should also ask for an amortization schedule for her loan. This will show the breakdown between principal and interest each month. (Also, the Seller will get more work from his accountant for his $100.)

[Kari_246_]

thank you for the info. can she withhold her next house payment until she gets the information from him? should she call the irs? he will not do anything based only what she says, she'll need to have something to back her up. any suggestions?

[PghREA]

Never, ever withhold a house payment. If you do, he has grounds to foreclose. The IRS will catch him sooner or later.