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What else can I help you with?
Can one person claim head of household and the other claim mortgage interest?
yes
How can I deduct mortgage interest and property tax on my taxes?
You can deduct mortgage interest and property tax on your taxes by itemizing your deductions on Schedule A of your tax return. You will need to have a mortgage interest statement from your lender and records of your property tax payments to claim these deductions.
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
If you dont pay your property tax will that affect you in filing bankruptcy?
Well they just don't go away if you ignore them if that's what you mean. The taxes will be a claim, a secured claim, in your BK. It will affect what is availabel to pay others and may well affect your chances to save the property they are on.
Can a quit claim deeded house be repo'd if the old owner files bankruptcy?
This is a common question, especially when done as a form of asset protection. The ability for the bankruptcy courts to bring the real estate asset into the proceedings will depend on a few factors. A few of those being if the asset was transferred less then 12 months prior to the bankruptcy, do the "old owners" still live in the property, and/or if there is a mortgage or other debt for which the property is subject to. Lastly, there are some people that attempt to quit claim property as an attempt to hide or shelter assets, both in bankruptcy and divorce matters, and if the courts suspect such they can create a hold new legal problem for both the "old owners" and the new deed holder.
Grantor verses the grantee in quit claim deed?
The grantor is the person who transfers their interest in the property by deed. The grantee is the person who receives that interest: the new owner.
Does a quit claim deed remove the person for life?
Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.Yes. If a person signs a quitclaim deed they transfer their interest in the property to the grantee and no longer own the property.
Once a person signs a quit claim deed can they obtain interest in the property listed in any other way such as purchase etc?
A person acquires an interest in real property by a deed, court order or inheritance.
What is a title on a home?
A clear title indicates that no other person or other entity has any claim on the property or interest in the property and you are the absolute owner.
Can you quitclaim deed property to another person if their is more then one person on the original deed?
You can execute a 'quit claim' deed. It means that the person on the quit claim deed is giving all their rights to the property to the other person. It does not affect the rights of the other people on the deed.
If a person fails to get a deed to a property that they claim adverse possession on what happens?
If a person fails to obtain a deed to a property they claim under adverse possession, they do not gain legal ownership of the property. Their claim may lead to disputes with the true owner, who can assert their rights and reclaim possession. The claimant's investment or improvements made to the property may not be compensated, and they may have to vacate the property if the rightful owner enforces their rights. Ultimately, without a successful legal claim, the person retains no legal interest in the property.
Can someone quit claim a property they already had quit claim deeded to their wife?
Generally, no. When a person executes a quitclaim deed to another person, the first person no longer owns the property. The new owner is the grantee on the quitclaim deed. The former owner has no interest to transfer to someone else.In this case, the wife would be the new owner of the property.
What is a written claim to some peace of property?
A written claim to a piece of property is a legal document that asserts ownership or interest in the property. This document typically includes specific details about the property, the nature of the claimant's interest, and may be used to establish legal rights to the property.
What is a Motion for Abandonment?
It is in regards to property that the trustee has decided has a minimal value or would be less than the cost of liquidation. Any scheduled property that the trustee does not administer is deemed abandoned when the bankruptcy is closed.
If a Cosigner pays all of the the Home Equity Loan monthly payments does the Primary Signatory then get to claim the tax deduction on the interest paid or does the Cosignatory get such tax deduction?
You cannot claim a deduction for something you did not pay. If the primary signatory did not pay the interest, then this person does not get to deduct it. In order to claim a non-business/non-investment deduction for interest, the person claiming the deduction must (among other things) be the legal or equitable owner of the property. Usually, the cosignor is not the legal or equitable owner of the property, hence the cosignor cannot claim an interest deduction.
What does a affidavit of equitable interest entitle you to?
An affidavit of equitable interest is a legal document that asserts a person's claim to an interest in a property, despite not being the legal owner. It typically entitles the affiant to rights such as the ability to enforce contractual agreements related to the property, potentially receive profits or proceeds from its sale, and protect their interest in the event of disputes or foreclosure. This affidavit serves to notify third parties of the affiant's claim and can help safeguard their investment in the property.
What is withdraw of objection to claim?
A Proof of Claim in bankruptcy is a court-filed document that registers a claim against the assets of an estate filing for bankruptcy. Any party in interest can object to a claim for reasons like lack of sufficient documentation or an incorrect claim amount. A withdrawal of this objection can be performed by said party to terminate the objection.
