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How do I get my name off my parents mortgage interest statement from when the house was in my name years ago but changed?
Wiki User
∙ 14y ago
If you signed a mortgage, your name won't come off until the mortgage is paid off.
Wiki User
∙ 14y ago
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Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
If your parents took out a mortgage in their name how do you get a mortgage in your name for the same property?
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
You purchased a home with your parents you both live there you both pay a portion of the mortgage you both are on the title however you are the only one on the mortgage. Can parents deduct interest?
No, according to IRS Publication 936 only the person(s) legally liable to pay on the Note qualifies to claim the deduction. http://www.irs.gov/pub/irs-pdf/p936.pdf
A short poem about the parents and for the parents?
This is a statement . Not a question.
Are you required to notify the mortgage company when your parents die?
The estate is
Can siblings take over late parents mortgage?
It is not likely to be allowed. The mortgage was an agreement between the parents and the bank. The bank may consider redoing the load with the new owners on it, but they don't have to.
How can you live with your mother in Kansas when your dad has sole custody and you are living in California?
Convince your parents that it is in your best interest, so that they can get the court order changed. The court may not want to agree.
Can you deduct interest paid to your parents for a downpayment for a condominium?
Yes IF the loan is really a legal mortgage loan that meets the IRS rules for it to be a mortgage loan. This is possible when you and they meet the enclosed rules. Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest only if you meet all the following conditions. You must file Form 1040 and itemize deductions on Schedule A (Form 1040). *You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender. *The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.) For more information go to the IRS gov web site and use the search box for publication 936
Can a daughter claim an interest in her parents' property when her mother dies and her father is getting a reverse morage?
That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.
Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Does imputed interest apply to a 150000 home mortgage having a 0 percent interest rate when the parents are the mortgagee and their son and his wife are the mortgagor?
Yes, this is know as a gift/loan. The parents are deemed to make the loan at market interest rates. The parents should report the amount of forgiven interest on their tax return. There is a gift tax issue because of the forgiven interest, but no tax is likely, unless the parents are making other gifts as well. The dad may give their son and daughter in law each $13,000 ($26,000 total). Mom may also give them each $13,000. Between mom and dad giving to son and daughter in law, they may give $52,000 annually in actual gifts or forgiven interest. however, if the gift is over $26,000, they will want to file form 709 to show gift splitting.
