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dc2lr · Joined: 20 Oct 2008 Posts: 1 1.40 Dollars($)

Is a complete refinance the only way that I can add my significant other to my mortgage?..Currently, my home mortgage and deed are in my name only. My significant other has just moved in with me and would like to split the housing costs and (most importantly) be able to deduct from his taxes his portion of the mortgage interest. I read on the IRS website that one cannot claim a mortgage interest deduction unless the taxpayer has a legal obligation to the mortgage holder. I realize that I can do a quitclaim deed to add someone to my deed, but that doesn't take care of the obligation to the mortgage company. Is there an easier way to do this, other than a complete refinance?

brian1 · Posted: Mon Oct 20, 2008 12:06 pm Post subject:

You can contact the lender and see what steps they require most will want you to refi to add someone

Good luck
Brian

smithsussane · Posted: Mon Oct 20, 2008 8:38 pm Post subject:

Hi dc2lr!

Welcome to forums!

Lenders generally prefer refinancing but there is also a process called novation. You can speak to the lender about this. But it is solely the discretion of the lender whether they will accept it or not.

Feel free to ask if you have further queries.

Sussane

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Yes you would have to refinance but I really don't think it is worth it to add him to the mortgage. Just in case you do split up later, it can be a nightmare to take the other person off and then would have to refinance again to do so. I would suggest that it just isn't worth it to deduct interest. It might be easier for you to take the deduction and give him or her the portion they would recieve had they had the write off.

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