Posted on: 25th Jun, 2009 06:03 pm
My father transferred ownership of a property to me before he died. He had taken out a line of credit on this property. I don't think that with the economy the way it is and my credit history I can qualify for a loan to pay off the loan. Also the current terms of the loan are very good. Will the bank care who the house belongs to as long as the loan is being paid every month? And for taxes can I claim the payments of the loan that is not in my name?
Banks will not mind as long as they are getting the payments.But again you need to fid it out that whether you will be having any ownership right on the house if the loan gets paid fully.
Try to see the will of your father if at all it is there. Do you have any siblings?? Will they be getting any property /equity in the house?
With all these considerations you can decide whether you will be getting any benefit even if you continue to pay the debt!!
keep us updated.....
Try to see the will of your father if at all it is there. Do you have any siblings?? Will they be getting any property /equity in the house?
With all these considerations you can decide whether you will be getting any benefit even if you continue to pay the debt!!
keep us updated.....
Hi metty,
It hardly matters to the lender who holds the title to the property and who is making the mortgage payments, provided they are being paid on time. They are pretty much contented if the payments are being made every month before the due date. Thus, as long as you keep making the payments, the mortgage company will not create any problem for you. As your father has already transferred the property to you before his death, you are the sole owner of the property. Once the mortgage gets paid, you will own the property free and clear.
It hardly matters to the lender who holds the title to the property and who is making the mortgage payments, provided they are being paid on time. They are pretty much contented if the payments are being made every month before the due date. Thus, as long as you keep making the payments, the mortgage company will not create any problem for you. As your father has already transferred the property to you before his death, you are the sole owner of the property. Once the mortgage gets paid, you will own the property free and clear.
The matchless phrase, very much is pleasant to me :)
it's nice that you've been given pleasure lera.
to m1558etty: as jenkin said, just keep paying the mortgage - the lender only wants its money back and once the loan is paid in full, you're done, as he also noted.
to m1558etty: as jenkin said, just keep paying the mortgage - the lender only wants its money back and once the loan is paid in full, you're done, as he also noted.
Yes, George.
I was told I'll have to pay taxes on the difference of the property value(from the time my dad bought the house to the time he gave it to me.) Is this true? I haven't recorded the notarized documents with the county. Should I scrap them. My mother is still alive she also signed the house over to me. Is there a better way to transfer the property?
Hi me m!
Welcome to forums!
You will have to pay the taxes if you've inherited the property. I don't think you can now avoid paying taxes in any way as the property has already been transferred to you.
Sussane
Welcome to forums!
You will have to pay the taxes if you've inherited the property. I don't think you can now avoid paying taxes in any way as the property has already been transferred to you.
Sussane