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Refinance or New Loan

Posted on: 25th Sep, 2006 09:44 am
my husband and i are both on the title of our home. we have been seperated for over 10 yrs. my husband is the only one on the loan. the house need repair. he agreed to quit claim it to me and get the home out of his name. i just received a mortgage to cover repairs in my name only. the papers say it is a 1st trust deed. since i have lived in the house and paying the mortgage and taxes i have used these deduction on my income tax even thou mortgage was in his name only. i paid total closing cost on the mortgage in my name. is my transaction consider a refinance loan or like buying the house from a seller(which would be my husband) i am interested in how to show this transaction on my income for 2006. thank you

If the document says : "1st trust Deed" – it implies that you have taken a mortgage loan against the property and this loan will create a primary lien on the property. This means that you have to pay off this loan first and remove the lien. Then you can pay off other loans against the same property to get rid of the subordinate liens.

But you already had one loan on the property. If this loan has been repaid using the proceeds of the new loan, then only the new loan can have greater priority over any other debt against the house. I guess the 1st Trust Deed that you mention is actually a refinance loan by which you have paid down the loan having your husband's name on it.

It's not a selling; your husband has just transferred her interest in the property to you through quit claim.

Posted on: 05th Oct, 2006 11:36 pm
Theres alot of factors to take into account try
This information site should answer any question you may have
Posted on: 15th Dec, 2006 09:57 pm
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