Posted: Thu Aug 17, 2006 7:01 am Post subject: forecloser
Our property was foreclosed on and we have a year to sell or refinance. The mortgage company quick claimed it so now they are listed as the owners and the property tax Id number has been changed.
Posted: Fri Aug 18, 2006 3:42 pm Post subject: Quit claim
My friend owns a home which we share together. She is wanting to do a quit claim to me. (my name isn't on anything title or mortgage). She may have some IRS issue coming down the pike in a few years. Would deeding her interest in the home to me keep the IRS from taking it from me? Also, what sort of tax implications would this have on me? Would I be required to pay some sort of gift tax or something? She has owned the home about 1 year.
MY MOTHER-IN-LAW WANTS TO QUICK CLAIM MY HUSBAND AND I ONTO HER HOUSE, WHICH IS PAID FOR, AND THEN WE WERE GOING TO RE-FINANCE THE PROPERTY IN MINE AND MY HUSBANDS NAME TO PAY HER OFF. IS THIS POSSIBLE? WILL WE BE ABLE TO KEEP THE SAME TAXES?
Instead of quit claim you may opt for a warranty deed as it will formally transfer the title of the property from your mother-in-law to you and your husbands name.
Posted: Thu Aug 31, 2006 6:50 am Post subject: quit claim
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?
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.
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.