Posted on: 16th Jul, 2009 08:49 pm
hello all!
so, my parents bought a home years ago, we live in it and pay the mortgage and taxes. my parents no longer want to be on the deed and want to transfer title (my father mentioned quitclaim deed), neither party wants to refinance. we want to keep the mortgage loan and everything the same, we'll keep making the payments... after we quitclaim will my husband and i be able to claim for filing taxes the interest paid and taxes paid on the property.
thank you for your time.
so, my parents bought a home years ago, we live in it and pay the mortgage and taxes. my parents no longer want to be on the deed and want to transfer title (my father mentioned quitclaim deed), neither party wants to refinance. we want to keep the mortgage loan and everything the same, we'll keep making the payments... after we quitclaim will my husband and i be able to claim for filing taxes the interest paid and taxes paid on the property.
thank you for your time.
if you want to make payment & get tax benefit, better get property transferred into your name using quit claim deed. then go for refinance. otherwise, you will not enjoy taxbenefit.