2007-07-24 12:23:57 · 5 answers · asked by candywhurl 1 in Business & Finance ➔ Renting & Real Estate
The major reason a mortgage company needs your social security number is really not to run credit, it's so they can issue you a Form 1098 for your mortgage interest and report it properly to the IRS...that is a legal reason.
The law also allows for credit bureaus to maintain a database of social security numbers for the purpose of keeping credit reports on individual citizens. So the lender will be asking for it to pull credit as well.
Also, if you are paying more than $10,000 in cash on the transaction, the mortgage company is required to report it to the IRS, and thus, needs your social security number as well.
2007-07-24 12:31:29 · answer #1 · answered by Expert8675309 7 · 2⤊ 0⤋
Yes, since it's rather difficult for them to give you statements of interests paid without affixing said SS number. If audited, this is your only way of proving that you are the person who paid the interest you are attempting to deduct.
2007-07-24 19:28:12 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Yes; That is how they run your credit report to see in you have been paying your bills.
2007-07-24 19:29:13 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes, if you give it to them. If they have rec'd it from someone other than you, ask how they got it.
2007-07-24 19:27:59 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
Only if you want a house. :-)
2007-07-24 19:27:31 · answer #5 · answered by Mirch 3 · 0⤊ 0⤋