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Form Instructions 8379 for Overland Park Kansas: What You Should Know
Amounts To Get Back If Your Reimbursement Was, or Is Expecting to Be, Applied Against a Past-Due Mortgage or Home Equity Loan The IRS has made some changes to the formulas for applying overpayments against your mortgage account. You should determine if you will be able to recover your overpayments if the amount of your overpayment has been, or is expected to be, applied against a past due mortgage or home equity loan. Reimbursement amounts are not automatically applied against your mortgage balance. You must apply them against the past due balance. Here is a summary of the new regulations. The instructions include the instructions to figure overpayments. A past due mortgage is one that has been over-due by more than 120 days. A past due home equity loan is any home equity loan that is past due by more than 120 days. A past due mortgage that is more than 120 days old and a home equity loan that is past due by more than 30 days will be automatically calculated as a past due mortgage and home equity loan. If you are considering closing on your home for any reason, it is generally a bad sign that you could be facing any one of these past due mortgages. If you plan to close on your home for any reason, you should evaluate the value of the home equity loan to determine the total amount of your future mortgage payments and the value of the new home. What is the formula to determine if my payment will be applied against the past-due mortgage and home equity loan? A past due mortgage is one that has been over-due by more than 120 days. A past due home equity loan is any home equity loan that is past due by more than 120 days. The following is the formula to determine if the payment will be applied against the past-due mortgage and home equity loan: Where:  M — Mortgage Balance  L — Home Equity In default  F — Payment Received or Overdue in the last twelve months The formula is as follows: M = (P — PIA) x (I + H — PPA) The formula tells you what value the home equity loan has now for its value when the mortgage is current.
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