Posted on: 13th Apr, 2009 01:56 pm
My mom's concerned, because taxes paid in comes in his name and she's afraid she want be able to take the deduction. The title to the house is in both of their names. She's thinking she needs to redo the loan.
you can always go directly to the irs with questions of this sort (online, on the phone, or even a local office, etc.).
please tell your mom not to worry unduly. she is an owner of the home, and she'll be able to benefit from all tax deductible sums she pays out - interest, taxes, etc.
there's no need to refinance the loan that already exists, unless it's worth refinancing it for other reasons.
please tell your mom not to worry unduly. she is an owner of the home, and she'll be able to benefit from all tax deductible sums she pays out - interest, taxes, etc.
there's no need to refinance the loan that already exists, unless it's worth refinancing it for other reasons.
So, she doesn't have to worry that the payment and loan application is all in his name. That's wonderful. She's been afraid to talk to the mortgage company, she thinks they can take her house or come tax time, she won't be able to take the interest paid in off, because that too only comes in his name. Thanks for all your help!
Hi
If you're making the payments on time, the lender would not mind whose name is on the mortgage and who makes the payment. Thus, as long as you're current on the loan, I don't think there's anything to worry about.
If you're making the payments on time, the lender would not mind whose name is on the mortgage and who makes the payment. Thus, as long as you're current on the loan, I don't think there's anything to worry about.
let the lender stay in the dark. they like to lurk anyway, so darkness befits them.