Posted on: 21st Oct, 2010 08:43 pm
our son owns a home that has a mortgage at higher than current interest rates. he is not in a position to refinance and we would like to help him lower his payment. could we add our names to the deed and then refinance? he occupies the house but we do not, so would the bank consider it owner-occupied? who would receive the tax deduction for interest ?
Welcome katherinemenard,
You can ask your son to sign a quitclaim deed and add your names to the property deed. Once he does so, you'll be able to refinance the mortgage and help him. If you do not stay in the property, then the lender will not consider it as owner occupied. If the mortgage is in your name and if you're paying the dues, then you'll be able to receive the tax deductions.
You can ask your son to sign a quitclaim deed and add your names to the property deed. Once he does so, you'll be able to refinance the mortgage and help him. If you do not stay in the property, then the lender will not consider it as owner occupied. If the mortgage is in your name and if you're paying the dues, then you'll be able to receive the tax deductions.