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Old 11-21-2014, 10:18 AM
 
Location: GA
399 posts, read 566,033 times
Reputation: 1163

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Quote:
Originally Posted by Jkgourmet View Post
Putting ANYONE on the deed but not on the mortgage note is just plain dumb.
Really? Because I consider my husband and I decently intelligent individuals but I am on the deed to our house, but not the mortgage. In fact, I know A LOT of couples who do the exact same thing.
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Old 11-21-2014, 10:28 AM
 
105,676 posts, read 107,645,851 times
Reputation: 79318
Quote:
Originally Posted by Jkgourmet View Post
Yep, JacinMichagan is correct and said it far more tactfully than I would. Putting ANYONE on the deed but not on the mortgage note is just plain dumb. Please don't consider doing this to your mother!
being on the deed but not the mortgage is brilliant if you can pull it off.

like a dummy i did the reverse. we were married 20 years and had an inherited house we refinanced. my name was never put on the deed , didn't feel it was important enough to do , but i was on the refiance.



well 5 years later we got divorced. luckily we sold the house but i could have been stuck with a mortgage and no ownership.

adding someone to a deed but not a mortgage is only good if you never have a falling out with that person'
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Old 11-21-2014, 10:35 AM
 
105,676 posts, read 107,645,851 times
Reputation: 79318
Quote:
Originally Posted by dmk31088 View Post
Really? Because I consider my husband and I decently intelligent individuals but I am on the deed to our house, but not the mortgage. In fact, I know A LOT of couples who do the exact same thing.
lets suppose you are in a horrible accident and are sued and the house is liened or even a divorce. the house is not inherited and can be fair game for a soon to be ex husband in a divorce suit . but the bigger issue is you can put your mothers at home at risk either by lawsuit or creditors.

divorece-illness or job loss can suddenly put you in debt and creditors filing judgements.

there are tax issues too.if ,your mom passes and if the house still is not your principal residence you lost the ability to shield at least 250k in gains. if you waited until you inherited the house it would be at current market if you wanted to sell it. instead you would owe capital gains taxes..

why put your moms house at risk of any law suit you are involved in and why throw away the ability to inherit it at a stepped up basis.

i would have to vote not the smartest move.

Last edited by mathjak107; 11-21-2014 at 10:45 AM..
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