Posted on: 02nd Jan, 2009 05:19 am
hi, there
i have heard that, if i donate my house to a non- profit organization, i will be not receive 1099 from a lender. is this true?
note: i have 1st and 2nd mortgage on this house.
i appreciate your answer
i have heard that, if i donate my house to a non- profit organization, i will be not receive 1099 from a lender. is this true?
note: i have 1st and 2nd mortgage on this house.
i appreciate your answer
Hi Guest,
As far as I know, as you have mortgage on the property, you will not be able to donate the property to anyone. This is because, you do not own the property outright. The property is owned by the lender. So you will have to take the lender's permission before transferring it to the non-profit organization. Moreover I don't think the non-profit organization will accept a property which has a mortgage on it.
Thanks
As far as I know, as you have mortgage on the property, you will not be able to donate the property to anyone. This is because, you do not own the property outright. The property is owned by the lender. So you will have to take the lender's permission before transferring it to the non-profit organization. Moreover I don't think the non-profit organization will accept a property which has a mortgage on it.
Thanks