Posted on: 23rd Jun, 2010 10:33 pm
i live in california. currently the mortgage and title of my mother's house are in both my name and my mother's name. my mother wants to refinance; however i won't be able to qualify with her since i'm on my own home mortgage now. our debt:income ratio would be too high if we both tried to refinance. my mother has qualified on her own for the loan. i have two questions. first, will the property taxes be reassessed now that the owner of the house has changed (only my mom is on the title now)? secondly, the new lender will not allow me to be on the title until after the refinance is complete. if we do a quit claim deed to add me back to the title after the refinance, will this trigger any tax consequences (reassessment of property taxes)? basically if there is any potential for our property to be reassessed we won't refinance. thank you.
Hi stacylynnb,
After there is a change in the property ownership, the county generally reassess the property taxes. If your mother has qualified for the refinance alone, it would be better if she could remain on the property title alone and refinance the home loan. Thus, you won't be liable for the property or the mortgage.
Thanks,
Jerry
After there is a change in the property ownership, the county generally reassess the property taxes. If your mother has qualified for the refinance alone, it would be better if she could remain on the property title alone and refinance the home loan. Thus, you won't be liable for the property or the mortgage.
Thanks,
Jerry
I ive in subsidied apartment. I still work and pay market rent.
I helped my son to buy house. Now I am on deed list. I will be taken off the
list in December w/refinancing House. Will I keep the subsidy apartment?
I helped my son to buy house. Now I am on deed list. I will be taken off the
list in December w/refinancing House. Will I keep the subsidy apartment?
Hi Guest,
Once you buy a property of your own, there is no need to keep the subsidized apartment. You can surrender that property and stay in the property that you've purchased for yourself.
Once you buy a property of your own, there is no need to keep the subsidized apartment. You can surrender that property and stay in the property that you've purchased for yourself.