| Author |
Message |
Niicss
Joined: 03 Oct 2005
Posts: 4087
Location: New Jersey
396.82 Dollars($)
|
Post subject: |
|
|
Hi builder
As far as I know, if the seller has the mortgage in his name and the payments are done in the seller's name, then the mortgage will be calculated in the seller's debt to income. This mortgage debt will be counted when the seller will try to qualify for a new loan.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
Holly
Guest
|
|
Post subject: Who should claim intrest |
|
|
| Who should claim the intrested payed on the mortgage loan if the morgage was assumed and the deed was transfered into the person assumings name? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 6654
Location: ALASKA
539.43 Dollars($)
|
|
Post subject: |
|
|
Hey Holly,
As far as I know, the person who pays the mortgage dues can claim the interest. In your case, I guess, the person who has assumed the mortgage will be paying the mortgage dues. So he/she will be able to claim the interest.
_________________
Procrastination is the enemy of your financial success |
|
|
Maria Herndon
Guest
|
|
Post subject: Putting sons on a home loan. |
|
|
Hello.
If I complete a simple assumption to put my sons on my 2 homes, does that
insure they get the properties when I die? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4087
Location: New Jersey
396.82 Dollars($)
|
|
Post subject: |
|
|
Hi Maria Herndon
Putting your sons name on the mortgage will not ensure that they get the property. Your sons should have their name on the property deed as well. Moreover, you can leave them a will which states who will get the property after your death.
Thanks. |
|
|
AdamJ
Guest
|
|
Post subject: Buying a home right after selling an assumable. |
|
|
My uncle sold me a town home over a year ago. Since that time, we have found out that our family is growing and we need more room. We found a home for an excpetional price and are trying to jump on it. We don't think we have time to list our home or the extra money to pay realtor fees.
The home we are looking at is a private sale and the man selling it is selling it for way under market value. We need to get what we paid for home (or close to it) to ensure we have enough to pay the 5% difference in our portable mortgage.
My uncle says he will buy the place back from us but, since he is currently building his dream home, he would have to assume the mortgage, paying us the money we put into it of course.
If our lender approves his assumption of the mortgage are we then able to get another mortgage (we qualify) or are we responsible for the assumable for a one year period. If we are responsible, can we still get a new mortgage or do we have to wait for the entire year?
If we do have to wait then our plan is no good to us anyway. |
|
|
Guest
|
|
Post subject: |
|
|
| If you already have a loan in your name, then there are chances that the lender may not give you another loan. However, if your credit is good and if you can show that you have consistently paid the mortgage then the lender may be ready to give you a loan. In order to show that you have consistently paid the mortgage dues, you will have to pay the mortgage for at least a year. So I guess you will have to wait. |
|
|
Joseph
Guest
|
|
Post subject: Loan assumption cost |
|
|
I paid 908 dollars to assume a home loan from my previous wife.
Is the assumption cost tax deductible? If so, wher do you enter it? |
|
|
Guest
|
|
Post subject: |
|
|
| I don't think that the assumption costs are tax deductible. You can contact a tax adviser and get his opinion on this issue. |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
|
|
Post subject: |
|
|
joseph, you didn't state to whom you paid this $908; but in all likelihood, you'll not be able to claim a deduction for that amount. as the guest above noted, you'll want to get the advice of a tax advisor.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
|
|
|
Trisha
Guest
|
|
Post subject: simple assumption or quit claim |
|
|
| What I am trying to do is to put my sister in law's name on my mother in law's house so that if my mother in law dies my sister in law will be able to keep the house since my mother in law has no will or trust. So my question is, what is the simplest way to do this? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
|
|
Post subject: |
|
|
trisha, you'd want to use a quit claim deed. however, why doesn't your mother in law have a will? it would be a wonderful idea to ensure that she draws up a will. i'm sure you can find a competent attorney for a fair price to do that. i'm not discounting the idea of adding your sister in law to the title of the home, but simply pointing out the value of having a will.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
|
|
|
Trisha
Guest
|
|
Post subject: |
|
|
| If I use a quit claim, does this take my mother in law's name off the property and just leave my sister in law as owner and does she assume the mortgage? If she draws up a will, does my sister in law assume the mortgage at the time of my mother in laws death? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
|
|
Post subject: |
|
|
with a quit claim, mom would be able to set up ownership in one of two ways: joint ownership with her and her daughter; or individual ownership with the daughter only. now, i suspect that's not in her best interests, so i'd think the former (joint ownership) is the way to go. upon death, if the mortgage still exists, in my opinion the daughter would simply need to continue payments until such time as the loan is paid off. assuming the mortgage is time-consuming and not necessarily needed. of course, that depends on who the lender is and how much they will find out about your mother in law's passing - if that should happen prior to the mortgage being paid off.
a will would take care of all that she has (presumably); i.e. personal property, cash, etc.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
|
|
|
Trisha
Guest
|
|
Post subject: |
|
|
George,
Thank you so much for your help. You have been very informative. I appreciate it.
Have a good day,
Trisha |
|
|
Previous 1 2 3 4 5 6 7 8 9 Next 
