Posted on: 14th Mar, 2009 09:11 am
Hi,
Been reading and havent found any case similar to mine yet so I taught I ask. Good information here btw.
My uncle transferred a house over to my brother about 5 years ago. (I belive by quitclaim) . Keep in mind the house at all time was being rented to someone else. So my brother never lived in that house, its what you would consider and investment property. The house is completly paid off.
2 years ago my brother decided to pull a loan on the house, I wanted to co sign to help my credit. At first they said this could not happend because I was not the owner of the house. Later they said it could be done, and never explained why. I recently found out we both signed a Deed of Trust when we pulled the loan.
My question is by having signed a Deed of Trust does it make me an equal owner of the house?
Secondly would I be considered a home owner?
Reason I ask is I am trying to purchase a home for the first time and would like to know if I will be considered a first time home owner, to receive that tax credits etc.
BTW this is in Texas.
Been reading and havent found any case similar to mine yet so I taught I ask. Good information here btw.
My uncle transferred a house over to my brother about 5 years ago. (I belive by quitclaim) . Keep in mind the house at all time was being rented to someone else. So my brother never lived in that house, its what you would consider and investment property. The house is completly paid off.
2 years ago my brother decided to pull a loan on the house, I wanted to co sign to help my credit. At first they said this could not happend because I was not the owner of the house. Later they said it could be done, and never explained why. I recently found out we both signed a Deed of Trust when we pulled the loan.
My question is by having signed a Deed of Trust does it make me an equal owner of the house?
Secondly would I be considered a home owner?
Reason I ask is I am trying to purchase a home for the first time and would like to know if I will be considered a first time home owner, to receive that tax credits etc.
BTW this is in Texas.
Hi junkcorreo,
No, you will not be considered as an equal owner to the property as your name is not on the property deed. I think you will be considered as a first time homebuyer and you will get the first time home buyers tax credit.
Thanks
No, you will not be considered as an equal owner to the property as your name is not on the property deed. I think you will be considered as a first time homebuyer and you will get the first time home buyers tax credit.
Thanks
Thank you for the quick reply I appreciate it. I certainly hope you are correct!
Hi could anyone else confirm this?
Hi junkcorreo,
I agree with James Hogg. As your name is not mentioned in the property deed, you will not be considered as one of the owners of the property. As your name is only on the mortgage docs, you will be liable to pay the mortgage. Yes, you may be considered as a first time home buyer as you do not own a property.
I agree with James Hogg. As your name is not mentioned in the property deed, you will not be considered as one of the owners of the property. As your name is only on the mortgage docs, you will be liable to pay the mortgage. Yes, you may be considered as a first time home buyer as you do not own a property.
I'd like to know my home at:11036 La Paz Rd.,Whittier,CA 90603 is
still under my ownership and was not change to new invalidated
owner yet?
Sincerely yours,
Edward B Hai,MD
11036 La Paz Rd
Whittier,CA 90603
still under my ownership and was not change to new invalidated
owner yet?
Sincerely yours,
Edward B Hai,MD
11036 La Paz Rd
Whittier,CA 90603
You will have to contact the county recorder's office in order to get information in this regard.
If your name is on the Deed of Trust only and not on the loan then you are considered an owner but not liable for the loan. You will also be required to sign if the property ever sells.