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Guest

Our older mobile home is financed in my mothers name only. She has since filed a quit claim listing her and my husband as owners. My mother is older and we would now like to refinance the house in my husbands name only how do we go about this?

Guest

Hi,

If you just want to transfer the loan obligation in your husband's name only without changing the terms of the loan then you can choose a method known as novation.

In novation the previous borrower is replaced by a new one but the obligations of the loan remain the same.

Guest

Hi,

If you are looking to refinance to get better rates then it is ok, it will help to change the liability to your husband's name, but if you are not doing the refinance to gain from any new lower rates then from my view point novation should be the option to opt for.

I hope my suggestion helps.

Thanks

blue · Posted: Thu Aug 31, 2006 3:25 pm Post subject:

Hi,

If the purpose of refinance is to remove your mother from the loan, then I think novation can be a better option instead of refinance.

Have a look at the details given on this page about novation which actually would serve your purpose quite nicely.

Thanks
Blue

Caron · Posted: Thu Aug 31, 2006 9:21 pm Post subject: RE: How to refinance

Hi Guest,

You should talk to the lender if you want to take a refinance loan from him. Or else, you may shop for a better deal with different lenders and then choose the right person for your loan.

To know how to refinance, visit our section on this topic.

Feel free to come up with further queries.

Thanks,

Caron.

Guest

I quitclaim deed a house to my brother in 2004 after I bought but the mtg was still on my name , now is actually buying it from me for more $$$. After the settlement will I be responsible for cap gain tax or he will
Please help

Guest

Hi,

Your question has been answered on this page, have a look :
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption

thanks
henry

Guest

I am in the middle of a pending divorce and it is my hope to keep the house. My husband tells me we can not sell now because we have only been in our home for 10 months and if I refinanced it would be considered a sale. I want to know if he quit claimed the house to me would all taxes apply at the time I would refinance or sell or would they be in effect at the time the quit claim deed was issued to me?

Guest

Hi,

There are two types of taxes involved, capital gain and gift taxes.

Capital gain taxes are calculated at the time of sale of the property and the gift taxes if any are calculated when the quit claim is done.

jameshogg · Posted: Fri Sep 08, 2006 5:58 pm Post subject:

Hi Byron,

At the time of quit claim you will be required to consider whether the gift taxes would be applicable for you or not. There is an exemption limit for gift taxes fixed per year per person (to whom the gift is donated). The limit is $12,000 for 2006.

And when the property is sold the capital gain taxes are to be calculated with an exemption limit of up to $250,000 ($500,000 for married couple) in profit from the sale for a single owner if he has used the house as a primary residence for at least two years of the preceeding five years before the house is sold.

Thanks
James

Guest

Hi,

You will find good information here, http://www.mortgagefit.com/discuss/quitclaim-taximplications.html . A few months earlier, I visited this site and found this information very useful

hope it also helps you

Guest

My uncle and father (brothers) bought a house together and each own 50 %. My father has a Family Trust and placed his 50% ownership into his trust. My uncle recenlty quit claimed his 50% into my father's family trust. Would my father (and mother who is name also is on the family trust) have a tax reassessment for the 50% quit claimed to him by my uncle. What tax implcation will my uncle incur. Father has not yet filed the quit claim deed with the county.

T.

Caron · Posted: Sun Sep 17, 2006 10:03 pm Post subject: RE: Filing for tax reassessment

Hi Timothy,

A quit claim deed is not taken to be valid if it is not filed with the county.

Your father cannot legally have a tax reassessment done on your property, as the quit claim deed isn't filed yet with the county.

It is better to file the deed as early as possible, so that your father can request for the reassessment.

Thanks,

Caron.

Guest

Caron,
would the 50% that was quit claimed to dad be reassessed at current market value? and would uncle need to file a 709 or 706 form on his federal income taxes?

What if uncle dies before the quit claim is filed?
Timothy

Guest

Hi Timothy,

If uncle dies before the quit claim is filed then it will not be considered as a valid legal document.

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Tax implications of Quit claim deed