mortgage and personal loan

Wednesday, May 26, 2010

Can I let fiance claim mortgage tax credit?

My fiance pays my mortgage payment but the loan and house are in my name only. Can he claim the loan interest tax credit? If so how do I allow it? What forms do I need?

Can I let fiance claim mortgage tax credit?

He lives in your house and pays the mortgage. Does he pay it directly or give you the money? If he gives you the money, and then you pay it, you can deduct the mortgage interest and property tax. He cannot deduct anything on the house since he does not own the property.

Do the amounts he pays cover his share of the housing expenses, including mortgage, taxes, utilities, repairs, food eaten at home? If so, then he is not gifting you any money, just sharing expenses. If he pays so much that he provides you with over half of your support, you may be his tax dependent.

To be practical, an engaged couple sharing expenses like this is not a taxable event in my opinion. Others may believe that rental income or a gift has been given to you, but I don't believe the IRS would consider that you are using your house for business purposes by letting your fiance live there and pay some of his and your expenses.

Can I let fiance claim mortgage tax credit?

No, if he's not legally responsible for the payments, he can't claim it. It's a deduction, by the way, not a credit.

And if you aren't paying it, you can't legally claim it either.

Can I let fiance claim mortgage tax credit?

Give the circumstances that you describe he is making a gift to you each month and that is not deductible.

Can I let fiance claim mortgage tax credit?

From what you say, neither of you can claim the mortgage interest deduction. (It's not a credit, but a deduction.)

To claim the deduction, two conditions must be met. You must be legally obligated for the loan payments, and you must actually make the payments.

Your fiance isn't legally obligated for the payments, so he can't take the deduction. You didn't make the payments, so you can't take it either.

Can I let fiance claim mortgage tax credit?

In addition to the correct answers given by Judy (answer 1) and bostonianinmo (answer 3), your fiancee making payments on your house could be interpreted as a gift to you. If these gifts total more than $12,000 per year, his may be required to complete a gift tax return.

Business or Personal loan?

If I were to apply for a mortgage to buy a multi-family dwelling for the purpose of renting/leasing to tenants would this be considered a personal mortgage or a business loan? Detailed info for this question would be greatly appreciated!

Business or Personal loan?

Hello,

This loan would be considered a personal mortgage! Do you have a primary residence already? If not you can stay in the property and rent out the others. But the lender would want to see rent rolls(or possible rents and what it would be over a years basis, minus maintenance and etc.). If you do have a home already, this loan would be considered an investment property where you would have to put money down to secure the property and the rate would not be as favorable because it is a non owner occupied property and will be used just for investment purposes.

Please consider the rents involved in all units to make sure that you are able to cover the note as well as maintenance and be able to walk away with some property. If you will be staying in the property rent free, make sure that the other units generate enough income to pay the mortgage note/maintenance and other unexpected expenses. I hope that i was helpful in answering you question.

Business or Personal loan?

Neither, it would be a real estate loan.

Mortgage co. hasnt released lien yet, is this on credit report?

Sold my home on May 1st. The mortgage co. received a loan payoff, but said the lien hasnt been released yet %26quot;takes up to 30 days%26quot;. Does this have anything do with my credit report if I am now looking to buy a car in the next few days? When EXACTLY in the month are reports updated? Since I have also paid off a lot of card debt to help my score.

Mortgage co. hasnt released lien yet, is this on credit report?

The day escrow closes and the deed is recorded the house is no longer yours. You need to get a copy of the Final HUD1 showing the sale. Also a copy of the recorded deed.

It might take a while before the Mortgage company sends you a copy of the reconvence, in the meantime use these documents to prove the house is sold. Good Luck.

Mortgage co. hasnt released lien yet, is this on credit report?

Many creditors send all of their data to the CR companies once a month. This could be the cause of your dely. You could bring your payoff statement to the car lot to show that it is indeed paid off.

Mortgage company going bankrupt?

My parents have been paying on their house since 1993. They tried refinancing a while back and was ripped off by the fake company in which ruined their credit. The mortgage company their home loan is under is now going bankrupt and they are told they have to foreclose on my parents home unless they are able to refinance. Well, my parents aren't able to refinance based on credit so they are planning to move out this Saturday. Do they have any options They owe $300000 + on the home they paid $100 for California Please help

Mortgage company going bankrupt?

No, no, no!

Sounds like your parents are being victimized again. The Lender going bankrupt has absolutely no bearing on your parents mortgage. Another investor will buy the %26quot;paper%26quot; from the current Lender and the payments will be made to the %26quot;new%26quot; holder of the paper. This will be a hassle but will NOT change the terms of the current mortgage.

The only way the Lender can Foreclose is if your parents have missed payments or not paid according to the refinance terms when the refi was last completed.

Something is wrong here and they need to contact the Department in the State of California that regulates mortgage companies and report exactly what they have experienced. If what you said is true, there is potential fraud going on.

Call them ASAP.

Now, they may want to consider refinancing if they are in a bad loan (meaning a higher rate than it should be or an ARM that is ready to adjust again). BUT, they should talk to an FHA Lender about a refi, after all of this has been resolved.

Best wishes!

Me2Me2Me3@yahoo.com

Mortgage company going bankrupt?

Tell your parents to call their servicing department directly. These loans should be getting purchased by a new company as thats generally how it works.

You might tell them to get a lawyer to make the call just so they don't get pushed around by some phone flunky.

Mark Marchand

Your Mortgage Consultant For Life

Mortgage company going bankrupt?

If the mortgage company is going BK, that will have no affect on any of the borrowers. If your parents are current on their payments they cannot be foreclosed upon just because the lender is going BK.

Once the company goes into receivership the loans will be sold off to other lenders or mortgage servicing companies as part of the BK proceedings. The borrowers will be notified of who the new holder of their note is and will start making payments to the new lender.

Selling of loans is very common in the mortgage banking industry even when the lender isn't going BK.

Assuming that your parents are current on their payments, they should NOT move out of the house! If they do and stop making their payments THEN they WILL wind up in foreclosure! Don't let them do that!

Mortgage company going bankrupt?

This doesn't make sense to me. The mortgage loan held by the mortgage company is still good even if the company goes into bankruptcy. I would expect the judge in the bankruptcy case to force the sale of the mortgage to another lender -- mortgages are transferred all the time, so this is not a big deal in and of itself. Foreclosure implies that your parents are in arrears (behind) on the mortgage. In that case, they have a very real problem.

Mortgage company going bankrupt?

Something isn't right here.

No mortgage company has the legal right to foreclose on you because the company is going bankrupt. Another bank will buy their loans and continue servicing them.

They need to get an attorney.

Mortgage company going bankrupt?

They cannot foreclose on a payment that is up to date. There must be proper filings done and several other paper work legal items before a foreclosure will take place.

If need more helpful mortgage information you should visit http://home-mortgage-report.com

If you need more foreclosure help try visiting http://foreclosure-help-now.com

Good Luck,

Tom

Why is it so hard to become a loan processor?

I hated being a loan officer so I took a loan processing course online %26amp; got my certificate. Now, I've been looking for work with no results. There are hardly any entry level positions because most of these companies want experience in this field. Also, it seems the mortgage jobs have slowed down since the summer started. Does anyone have any suggestions? Does anyone think mortgage jobs such as loan processing will pick up soon?

Why is it so hard to become a loan processor?

If you were a loan officer you should know of the housing slow down, they aren't going to hire in this market, if anything, they are letting people go. And no, don't think it will pick up soon with rates rising and people losing houses left and right. I just don't get it, with experience as a loan agent you shouldn't have trouble being a processor, in fact, I can't imagine why you took a course to become one. But, you are in for a struggle finding a job in this market.

Why is it so hard to become a loan processor?

no i dont think they will pick up... you probably want a new line of work... as you konw the housing market in many areas has signifigantly cooled as the fed has started raising interest rate to combat inflation... Not a good time to be a loan officer or any profession to do with loans

Why is it so hard to become a loan processor?

You must be getting a bad reference from your former employer. A mrgt originator stepping down to a processor should have no problems.

You should be more than qualified..to process loans and put files together.

Where is the best place to go for a Mortgage REFI?

OK, so I did the Lending Tree thing and they sent me to HFC they sucked and gave me a 11.64% rate

I then went to Bank of America on my own and they were gonna give me 6.5% with PMI first combining both my 1st and 2nd mortgages and a studend loan. Then they said there wasn't enough to pay out the student loan, then they couldn't include the second mortgage and now they can't give me 100% financing and want cash out of pocket.

My current mortage is an ARM and I'm screwed if I don't find a great REFI soon.

I'm sick of all this nonsense and BOA has screwed me around for the past 2 months. Back and forth with phone calls and paperwork that they need.

Who can help and who is the best to REFI with?

BANK?

BROKER?

any suggestions on WHO?

Thanks for your help in advance.

I need a great fixed rate (6.5 or lower) with no out of pocket expenses and a 100% loan.

And don't cotact me if you're a broker.... that's shady