If I assume a home loan and deed is given me but loan is still in their name, will I get the credit benefits?

Question

If I'm paying the mortgage will I get tax credit for it? How will this affect my credit score...will I get those benefits?

Answer 1

If by assuming the loan you mean that you're applying for the credit and it is granted to you, with the original signers as the guarantors, then yes. This is because the loan will be in your name. However, if you're just taking over payments without being placed on the loan, then no.

Answer 2

Assuming an mortgage from another will not affect your credit or credit score at all. There is no official record of you having a mortgage.

As for as the tax credit is concerned, you should keep all your can celled checks with the loan number on the checks to prove that you are making the payments as well as the agreement you signed with the person or persons you purchased the property from.

It will come in handy when and if you are called to task by the IRS to prove that you are making the monthly mortgage payment.

You should check with your tax consultant, but normally as long as no one else is taking the tax credit for the interest it should not matter.

I hope this has been of some use to you, good luck.

"FIGHT ON"