Posted on: 14th Mar, 2009 08:47 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 Confused,
I don't think signing the deed of trust will make you a legal owner of the house. As the property was quitclaimed to your brother, he is still the owner of it, unless he added you to the title when you pulled a loan together. If he added you to the title to the property, you may not be considered as a first time home owner. But you can still be considered so, if you can prove this isn't your primary residence. However, if you were not added to the title, you can qualify as a first titme home buyer.
I don't think signing the deed of trust will make you a legal owner of the house. As the property was quitclaimed to your brother, he is still the owner of it, unless he added you to the title when you pulled a loan together. If he added you to the title to the property, you may not be considered as a first time home owner. But you can still be considered so, if you can prove this isn't your primary residence. However, if you were not added to the title, you can qualify as a first titme home buyer.