Posted on: 10th May, 2009 09:28 am
hi,
my boyfriend divorced over a year ago. while they were married they bought a house together. i am trying to find out exactly where he stands with the mortgage currently.
during the divorce they decided that he would take the house. she was removed from the deed but they left the mortgage as it was. in other words, both names are on the mortgage loan with hers as the primary. he found this out when he filed his income taxes for 2009 he was not eligable for the deduction for the interest on the house because her name was considered primary.
he now lives in north carolina and wants to rent the house (in florida) out because to sell it in florida would result in a loss of approximately $35k. he dosen't know what to do. should he refinance and get her name off the loan or leave it as it until the market turns around?
any information will be appreciated. thanks!
my boyfriend divorced over a year ago. while they were married they bought a house together. i am trying to find out exactly where he stands with the mortgage currently.
during the divorce they decided that he would take the house. she was removed from the deed but they left the mortgage as it was. in other words, both names are on the mortgage loan with hers as the primary. he found this out when he filed his income taxes for 2009 he was not eligable for the deduction for the interest on the house because her name was considered primary.
he now lives in north carolina and wants to rent the house (in florida) out because to sell it in florida would result in a loss of approximately $35k. he dosen't know what to do. should he refinance and get her name off the loan or leave it as it until the market turns around?
any information will be appreciated. thanks!
Hi sunny!
Welcome to forums!
Yes, he should definitely refinance the mortgage and remove her name from it. He should have done it just after their divorce which would had helped him in taking the advantage of the tax deductions. The interest rates are quite low these days. So it will be a good idea to refinance the home and then rent it or sell it off.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, he should definitely refinance the mortgage and remove her name from it. He should have done it just after their divorce which would had helped him in taking the advantage of the tax deductions. The interest rates are quite low these days. So it will be a good idea to refinance the home and then rent it or sell it off.
Feel free to ask if you have further queries.
Sussane