---

title implications

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
britaway Joined: 18 Feb 2011 Posts: 1 1.35 Dollars($)	Posted: Fri Feb 18, 2011 4:44 am    Post subject: title implications Like 0 Dislike 0 I am financing a second house, although my boyfriend is actually paying the 20% down and will pay at least 50% of the home. He was made redundant so the mortgage is going to be just in my name. What about title etc. Should he be on there. Are there any tax implications for putting him on etc? What does this mean legally down the line. Thanks
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Feb 18, 2011 9:54 am    Post subject: Title Like 0 Dislike 0 If your boyfriend is on title, he is an owner. If he is not on the mortgage, he is an owner who is not responsible for paying the mortgage If I was your boyfriend, I would want to be on title to protect my interests/invetsment since I am putting money for down payment and because I would be paying monthly, even though not required to do so. If not on title, you could sell the house without his permission and not be required to give him any of the proceeds of the sale. If he is not on title, you can sell the house or refinance without his permission. If he is on title, you need his ok and signature to refinance or sell. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
claire Guest	Posted: Fri Feb 18, 2011 10:37 am    Post subject: what about tax implications Like 0 Dislike 0 If he is on it though, will it affect his taxes at the end of the year? What happens if worst case something catastrophic happens and I go into foreclosure etc how will that affect him if he is on the title? Thanks so much.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Feb 18, 2011 10:58 am    Post subject: Title Like 0 Dislike 0 He is on title. He is an owner. If he pays the taxes on the property, he could deduct the taxes on his tax return because he is an owner. He is not on the mortgage. If he makes part or all of mortgage payments, he can not deduct the interest paid on the mortgage because he is not responsible to pay the mortgage. In event of foreclosure, he loses the house. He is not responsible for any of the mortgage payments and not responsible for any part of the mortgage balance. Some of above requires an accountant to confirm or correct what I am saying. I am not an accountant. Just stating what I believe to be correct., _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Feb 18, 2011 11:42 am    Post subject: Like 0 Dislike 0 John, I'll concur with what you've written here. I agree that there's a need for a tax advisor to get involved as well, but I don't think you missed anything in your analysis. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0