Posted on: 13th Jul, 2010 03:13 pm
My husband signed over deed to his ex-wife in a divorce in 2000. His name is still on the mortgage. We purchased a home in 2009, will we be denied the first time homebuyer tax credit due to his name being on the mortgage of a home he has not resided in for over 10 years?
Hi Foodsample,
If your husband and you did not own a property in your name for the last 3 years, then both of you would be considered as the first time home buyers. Thus, you would be able to take advantage of the tax credit. However, as your husband's name is mentioned on the mortgage docs, it would be difficult for him to qualify for a loan in order to buy a new home.
Thanks
If your husband and you did not own a property in your name for the last 3 years, then both of you would be considered as the first time home buyers. Thus, you would be able to take advantage of the tax credit. However, as your husband's name is mentioned on the mortgage docs, it would be difficult for him to qualify for a loan in order to buy a new home.
Thanks