Posted on: 23rd Jan, 2011 07:48 pm
My sister and I had to purchase a home a few years ago do to family situations, she was in a better place then I was at that time to purchase on her own, But I live in the house pay the mortage etc, two years later she purchased her own home and to do that she needed to add my house as a rentle for her approval on that. She got married and for my protection i wanted to make sure my name was on the deed so a few months ago we did this. She always claimed the house at tax time, I am now being told I can claim the house since I'm on the deed? Wondering if this true and if so what to do?? Thanks
Thank you, I know I have waiting to to do a refi untill the market fixes we are now upside down we think have not been appraised or anything yet do you think its a good idea to just do that? kind of dont know what to do form here. We bought in 2006 and since then as we know houses went down.?
Hi dcooney!
Welcome to forums!
Unless the property has equity in it, you won't be able to get a mortgage refinance. Unless there is 20% equity in the property, lenders won't be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless the property has equity in it, you won't be able to get a mortgage refinance. Unless there is 20% equity in the property, lenders won't be ready to give you a mortgage.
Feel free to ask if you've further queries.
Sussane
You are on the deed. If you pay the taxes, you can probably deduct the property taxes paid by you on your tax return.
You can not deduct interest paid on a mortgage if you are not responsible to pay for the mortgage.
You added yourself to the deed. That is not really a good, allowable thing to do. If the lender of the mortgage in your sister's name finds out you did that, they could call the loan due in full as changing the deed triggers the due on sale clause. If the mortgage is always paid on time, the lender may never find out.
Either refinance and add your name to the mortgage or maybe buy from your sister with a gift of equity with an FHA mortgage if sister no longer wants any part of a property that does not have much equity.
FHA loans have limits by county. We have no idea where the property is located and no idea of the size of the mortgage balance and no idea what you estimate current value of property to be.
You can not deduct interest paid on a mortgage if you are not responsible to pay for the mortgage.
You added yourself to the deed. That is not really a good, allowable thing to do. If the lender of the mortgage in your sister's name finds out you did that, they could call the loan due in full as changing the deed triggers the due on sale clause. If the mortgage is always paid on time, the lender may never find out.
Either refinance and add your name to the mortgage or maybe buy from your sister with a gift of equity with an FHA mortgage if sister no longer wants any part of a property that does not have much equity.
FHA loans have limits by county. We have no idea where the property is located and no idea of the size of the mortgage balance and no idea what you estimate current value of property to be.
