What are the tax consequences if a family member refinances your mortgage?
bankrate.com ... this article explains what you probably need to know. There seems to be a federal minimum rate (which varies by the amount and term of the loan), which must be charged before it's considered a gift. There may be a way around it, however.
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You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, t…his means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want to see you pay the plan to it's end and then refinance.
Answer . No, you can't borrow any more $$$$ while you are in bankruptcy. Even on an existing loan. It is against the law.
Refinancing a mortgage can usually be a very simple process as long as you have the correct information and you are working with a mortgage company that communicates with you …effectively and has all the information you need. Generally, the process starts with filing an application with a mortgage company to refinance, known as the per-approval process. On the application, you will include information such as employment and income, assets, and credit history. After filing the application, the mortgage company will verify and check through all the information you provided to determine whether or not you will be eligible to receive the loans to refinance. Once approved and finalized, the loan documents will be made and delivered to you at the place of settlement. It is important to note that it is essential that you keep your financial history clean and unaltered during this process as any red flags can cost you any eligibility to receive the loans you need for refinancing. Other than that, you simply need to work with your mortgage company and communicate with them with regards to any questions or concerns you may have. A good mortgage company will usually provide you with a wealth of information on this topic on their site.
Do you have a lien on your home? If a lien is placed on your home, you will not be able to refinance to pay back taxes.
Answer . Generally, inheritance taxes are paid by the estate. However, under present federal tax laws estates under $2M are not taxed. There may be state inheritance tax con…sequences but those limits are also high and if taxes are due they are paid by the estate.
You may certainly help family members prepare their taxes. But they must sign their own tax returns unless you have a formal power of attorney (Form 2848) on file with the I…RS. Federal regulations grant the right to sign a tax return for some one else only in limited circumstances even with a power of attorney on file. Check with your state tax agency for their requirements.
Yes, usually through the lender that originally financed you. They want their money, right? So, if you cannot make the balloon payment when due, it is in their best interest t…o refinance you into an affordable fixed rate loan. This way, you can make monthly payments, and they get their money = everyone happy.
Of course they can. Anyone that you permit may live in your house.
There is a program that can help you and the others. I think the company is Freedom USA Investing and they help people with underwater mortgages. They are able to put equity b…ack in the property. The program is able help 99.9% of the people who are underwater and can put the equity back into their property. Nothing like the government programs which have you jump through a bunch of hoops only to tell you, you don't qualify. Use the link below for the website.
Yes this is possible BUT Only if all of the rules are met by you and the family member for you to qualify to be able to claim the qualifying dependency exemption on your 1040 …income tax return for this purpose. For all of the rules go to the IRS gov website and use the search box for PUBLICATION 17 go to chapter 3. Personal Exemptions and Dependents Each test is explained in chapter 3 of the publication 17 and you will also find the worksheet that you can use to determine if the support test is met.
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Only if they pay off the outstanding debt owed on the mortgage Only if they pay off the outstanding debt owed on the mortgage Only if they pay off the outstanding debt owed …on the mortgage Only if they pay off the outstanding debt owed on the mortgage
You can refinance with PNC mortage. Although doing so is not easy & you need alot of paperwork do go thru this process and it will take youa long time & effort.
To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involve…d, but if you need to, you can.
You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.
There are many different refinancing opportunities for you at this time. A few of the available rates are a 30 year fixed rate from 4.250%, a 5/1 Arm rate from 2.5% and a 15 y…ear fixed rate from 3.25%.
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It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.