I live with my mother, but would like to contribute to the mortgage but also get the tax benefits. I would prefer not to be on the title of the house. Can this be done.
2007-10-18 05:17:13 · 5 answers · asked by mchlle03 1 in Business & Finance ➔ Renting & Real Estate
Nooooooooooooo. Cazn u reap where u have not sown?
2007-10-18 05:24:27 · answer #1 · answered by Ayo A 5 · 0⤊ 1⤋
You can't finance something you don't own.
Why don't you want to be on the title? Why would you owe money secured by a property that you don't own?
I hope you don't think that you can get more tax benefits than you pay in, it doesn't work like that.
It sounds like you are wanting to engage in something "shady"....just keep in mind that mortgage fraud is a felony.
2007-10-18 06:13:30 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
Trust me. You can!!
There is a home equity loan that you can take out and have your mother pledge the collateral (in this case the house).
The loan will be under your name so you can receive the tax benefit. Not alot of banks do this loan.
In my area, Wachovia Bank does this loan.
2007-10-18 06:33:23 · answer #3 · answered by solee1201 1 · 0⤊ 0⤋
Why would you want to claim financial responsibility for the mortgage but yet have no true equity if you are not on the deed?
Something is fishy...
2007-10-18 06:05:23 · answer #4 · answered by Anonymous · 1⤊ 0⤋
No. You must be on the deed to encumber the property. You don't own the property and therefore cannot mortgage it. Any attempt to do otherwise constitutes bank fraud, a serious offense!
2007-10-18 05:22:19 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 0⤋