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quit claim implications

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kathyh Guest	Posted: Thu Apr 14, 2011 8:46 am    Post subject: quit claim implications Like 0 Dislike 0 my question is about quit claim deeds and mortgage interest. the house was quit claimed to me last year during divorce. our mortgage bank knows this but they will not change the order of borrowers on the loan so i am still listed as coborrower. they told me this year that they sent the mortgage interest amount to the irs under my exhusbands ssn. since it was quitclaimed to me last february and i make all payments on house and repairs shouldnt i be able to claim the mortgage interest? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Apr 14, 2011 8:00 pm    Post subject: Like 0 Dislike 0 Hi kathyh! Welcome to forums! If your name is mentioned on the mortgage docs and if you're paying the mortgage dues, then you'll be able to claim it in your taxes. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Apr 15, 2011 7:49 am    Post subject: Like 0 Dislike 0 I suggest you speak with a tax advisor, and you'd be wise to also check in with your former spouse to ensure that you're not both taking the deduction. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Apr 16, 2011 1:00 am    Post subject: Like 0 Dislike 0 Hi kathyh, In my opinion you should immediately ask your mortgage company to refinance the loan on your name only.(provided you qualify for that) Once you do so,every problem related to this will be solved automatically.. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Apr 18, 2011 7:00 pm    Post subject: Like 0 Dislike 0 I don't disagree with that, Dipa. We don't know, though, if Kathy is in a position to refinance. If she is, then you're quite right - it'll solve the whole passel of problems. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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