Posted on: 20th Jun, 2006 03:13 pm
My parents have a mortgage at a very high rate. My father passed away a couple of years ago and since I am helping my mom with the payments she wants ownership to be passed to me. I've investigaged refianancing and in order to qualify for a refi, both our names will be on the loan. my question is since my mom receives a senior discount on property taxes wil she still be eligible for that since my names will be on the loan as well. And, will I be able to claim the interest since she doesn't file income taxes anymore because of her income and age. I've been advised of a quit claim but I thought that only gives you a percentage. How about a title tranfer...how does this work?
Please advise, I really appreciate your input.
Please advise, I really appreciate your input.
hi rose,
welcome to mortgagefit forums.
you can refinance the loan solely in your name too if you can qualify on your own.
regarding tax in case you and your mother are joint borrowers, you can get the tax deduction on the interest paid. get in touch with a tax advisor for more appropriate information.
title transfer of property can be achieved through different forms of deed of which quit claim deed is a type. depending on your situation a real estate attorney can advise you the most suitable type of deed required although a quit claim deed will serve the purpose.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
you can refinance the loan solely in your name too if you can qualify on your own.
regarding tax in case you and your mother are joint borrowers, you can get the tax deduction on the interest paid. get in touch with a tax advisor for more appropriate information.
title transfer of property can be achieved through different forms of deed of which quit claim deed is a type. depending on your situation a real estate attorney can advise you the most suitable type of deed required although a quit claim deed will serve the purpose.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
Rosie,
If both of you are the co-owners and co-borrowers on the loan then both of you are eligible to get the tax benefits.
For getting the tax benefits alone you must talk to a tax advisor and check for the process.
Steve
If both of you are the co-owners and co-borrowers on the loan then both of you are eligible to get the tax benefits.
For getting the tax benefits alone you must talk to a tax advisor and check for the process.
Steve
my mom's in a nursing home, 4 yrs ago i got a mortgage to pay off her mortgage, both names are on the deed, only 1 on the loan (mine), now the house is need of major repairs, mom can't go to closing she's unable to see, walk, speak, no strength in hands to hold or sign anything and sleeps constantly, i have a general power of attorney that includes real estate transactions no one will accept this to refinance. can i get a home equity loan for repairs without my mom signing any papers or having to go somewhere to get this done. i would like to keep her name on the deed, because it keeps the property taxes low. this is very very frustrating. i need some help/advice. thanks
Hi Devera,
I do understand your situation but don't be frustrated. It seems that your mom is suffering a lot, but let's hope that all will be well very soon.
Regarding your query, I shall suggest that you need to talk to the lender as to whether he will provide you the loan on the basis of a power of attorney. From what you have said, if you want your mom's name on the loan then she needs to sign; otherwise her signature is not required as she already has the deed on her name.
Thanks,
Caron.
I do understand your situation but don't be frustrated. It seems that your mom is suffering a lot, but let's hope that all will be well very soon.
Regarding your query, I shall suggest that you need to talk to the lender as to whether he will provide you the loan on the basis of a power of attorney. From what you have said, if you want your mom's name on the loan then she needs to sign; otherwise her signature is not required as she already has the deed on her name.
Thanks,
Caron.
Since your mother is a co-owner in the property so her signature is required during the sale or refinance of the property.
But as she is ill and not in a position to sign you need a court appointed conservator to represent her interests.
James
But as she is ill and not in a position to sign you need a court appointed conservator to represent her interests.
James
Devera,
I feel sorry for your mother's health and wish she recovers soon. In the meantime you need not get worried about refinancing to make home repairs.
It's true that whenever there is a co-owner in the property and you want to sell or refinance the property, the co-owner has to sign too.
If one of the co-owner is incapacitated you will need to request the court to appoint somebody who will act on behalf of the co-owner i.e. your mother.
One thing you must be aware that once the court gets involved, normally it will stay involved to protect the co-owner's interest.
I shall advise to consult an attorney first and take his help in the process. You can approach the court yourself but do consult the attorney about the consequences before you approach so that you are prepared for everything.
Don't get frustrated. :) Everything will come out fine. Just you need to initiate the process.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha
I feel sorry for your mother's health and wish she recovers soon. In the meantime you need not get worried about refinancing to make home repairs.
It's true that whenever there is a co-owner in the property and you want to sell or refinance the property, the co-owner has to sign too.
If one of the co-owner is incapacitated you will need to request the court to appoint somebody who will act on behalf of the co-owner i.e. your mother.
One thing you must be aware that once the court gets involved, normally it will stay involved to protect the co-owner's interest.
I shall advise to consult an attorney first and take his help in the process. You can approach the court yourself but do consult the attorney about the consequences before you approach so that you are prepared for everything.
Don't get frustrated. :) Everything will come out fine. Just you need to initiate the process.
Feel free to ask if you have any more queries.
God bless you.
For MortgageFit,
Samantha