Was it a financial mistake? I think maybe taxwise. My brother thinks for sure. They always buy jointly but not this time and they are being oddly vague about answering questions which is unusual.
2007-09-07 09:35:01 · 6 answers · asked by qwerty 1 in Business & Finance ➔ Renting & Real Estate
yes that was a mistake because if something happens to him your mother will not recieve the house and she is out on the street . and your dads taxes are going to be higher cause the tax office will think he is single . he had better get that changed . good luck .
2007-09-07 09:40:41 · answer #1 · answered by Kate T. 7 · 0⤊ 0⤋
They are fine. My wife and I did the same thing: the mortgage is only in her name. However after we closed the refi, I quit-claimed myself on title. This way I have claim on the house should (heaven forbid!) something happens to her.
That scenario is quite common if one person carries a lot more debt or has a much lower FICO than the other or isn't generating provable income. It's quite standard.
There is not tax problem either: if your Mom and Dad file jointly, there isn't a problem with only one of them on the mortgage. They still get to claim all the interest. The IRS won't assume that your parents are divorced because your Mom isn't on the mortgage. :)
If you have more questions, talk to a tax prep professional. They can answer anything else, but this really is quite a standard situation.
2007-09-07 10:00:26 · answer #2 · answered by Chris 6 · 0⤊ 0⤋
These two people are adults and do not have to answer your questions for any reason what so ever. They can make any decision they desire.
If it is a financial mistake it will be and is theirs and not yours.
When they are no longer here with us it might become a problem for you and your other siblings, but at this time they are not required to tell you of any of their dealings and how they conduct their business.
They might have purchased the property in this manner for many reasons of which is only a concern to them.
Why are you worried about their purchases and invading their privacy about why?
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-09-07 13:16:17 · answer #3 · answered by loanmasterone 7 · 0⤊ 0⤋
Maybe something is going on. Sorry.
I hope that he has the house in a family trust. If he dies, you don't want the house going into probate and you loose half its value. Or your mom will have to sell the house to pay the probate.... ARGGGGGg.
2007-09-10 19:18:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I did the same thing. maybe for different reasons, but I did not want my wifes bad credit to bleed over on me.
2007-09-07 09:41:25 · answer #5 · answered by cfb193 5 · 0⤊ 0⤋
Maybe they are getting a divorce and don't want to tell you guys yet.
2007-09-07 10:36:49 · answer #6 · answered by Me and me again 2 · 0⤊ 0⤋