Posted on: 13th Jan, 2011 02:59 pm
I Co-signed a mortgage for my mother and her husband. They live in the house together and are making the payments. I own my own home.
I have been told the deed was set up as an Undivided Interest, and therefore I am getting Property Tax bills for 1/3 of the home value.
This also results in their not being able to take full advantage of Homestead and Over 65 benefits on their tax rates.
I don't mind being responsible for the mortgage if they can't pay it, but I want to get off the property tax, so they can take their full benefits.
How would I do this? Is it dangerous for me to transfer my ownership while retaining responsibility for the Mortgage?
I have been told the deed was set up as an Undivided Interest, and therefore I am getting Property Tax bills for 1/3 of the home value.
This also results in their not being able to take full advantage of Homestead and Over 65 benefits on their tax rates.
I don't mind being responsible for the mortgage if they can't pay it, but I want to get off the property tax, so they can take their full benefits.
How would I do this? Is it dangerous for me to transfer my ownership while retaining responsibility for the Mortgage?
hi dhanner,
you can transfer your property ownership to your mother and her husband and ask them to refinance the mortgage in their names. this will make them solely responsible for the property and you will be able to claim homestead benefits for your property.
you can transfer your property ownership to your mother and her husband and ask them to refinance the mortgage in their names. this will make them solely responsible for the property and you will be able to claim homestead benefits for your property.