Posted on: 22nd Mar, 2007 07:11 am
I would like to know how can my husband be put on a house his mother just got for us since my husband just got of chapter 13 nine months the loan officer said it was better if his mother did it. Or how soon can we make where it show that we are the one's paying the mortgage. And how can we claim the house for tax purposes at the end of the year.
As your husband has a bankruptcy on his credit report, lenders would have charged higher rates and his credit score also must have dropped. This is the reason the LO suggested that the loan be in his mother's name.
"Or how soon can we make where it show that we are the one's paying the mortgage. And how can we claim the house for tax purposes at the end of the year."
You can talk to lender after a few months when your husband's credit score improves on whether he will approve the mortgage to be refinanced in your husband's name.
As far as claiming tax deductions are concerned that will be possible after the loan and the house are in your husband's name.
You can talk to lender after a few months when your husband's credit score improves on whether he will approve the mortgage to be refinanced in your husband's name.
As far as claiming tax deductions are concerned that will be possible after the loan and the house are in your husband's name.
Calliem
Many experts would say that after a chapter 13 you need to wait for 2 years but I would say it really depends on your lender and how he looks at it.
If your husband has made good improvements to regain financial stability then he can approach the lender about the chances of refinancing the loan in his name without being charged rates higher than normal because of the bankruptcy. And you will not be able to claim tax deduction until your name is on title of the house, it is used as your primary residence and loan is in your name.
Many experts would say that after a chapter 13 you need to wait for 2 years but I would say it really depends on your lender and how he looks at it.
If your husband has made good improvements to regain financial stability then he can approach the lender about the chances of refinancing the loan in his name without being charged rates higher than normal because of the bankruptcy. And you will not be able to claim tax deduction until your name is on title of the house, it is used as your primary residence and loan is in your name.