Posted by Grace Morejon on February 28, 2007 at 08:21:12:
How do I go about refinancing a quit claim deed in my name–so I can
transfer the loan to my name? This home is in the process of foreclosure.
Grace
quit claim deed refinance - Posted by Bud
Posted by Bud on December 10, 2005 at 12:06:38:
If mother in-law does a Quit Claim Deed to us in Florida. How long do we have to wait to refinance her existing loan into a loan in our name? Is there a time limit or can it be done once the paperwork goes thru???
Re: quit claim deed refinance - Posted by Bill H
Posted by Bill H on December 10, 2005 at 16:16:27:
Best bet is like Dealmaker said…get a straight purchase and sale…a quit claim means only that she is giving up any claim she had…she is not warranting anything…raises red flags with the title company.
Good Luck,
Bill H
Re: quit claim deed refinance - Posted by dealmaker
Posted by dealmaker on December 10, 2005 at 14:28:40:
I’m not sure what you’re trying to accomplish here, and why you want to make it difficult. Why not just have her do a straigh sale, you get a purchase money loan?
dealmaker
Re: quit claim deed refinance - Posted by Bud
Posted by Bud on December 10, 2005 at 16:46:36:
She is wanting more for the house than she owes on it. We were going to give her a promissary note for the difference of what she owes and value of the house payable in 1 year 0% interest by doing so save on a huge tax increase if possible?
she owes 145k and value at 275k was hoping to be taxed on 145 instead of the 275 wanting to know if it could be done? or how?
you seem confused! - Posted by dealmaker
Posted by dealmaker on December 10, 2005 at 21:13:21:
Now you seem really confused. The fact that she OWES $145K has NOTHING to do with anyhing! If she’s trying to avoid TAX on her GAIN, it works as follows.
Her GAIN is what she realizes from a SALE, minus her ACQUISITION BASIS, in other words, WHAT SHE PAID. If it has been her RESIDENCE for TWO of the previous FIVE years, THEN THERE IS NO TAX up to $250K of gain ($500K if married filing jointly). What she owes the bank HAS NOTHING TO DO WITH IT.
How about some hard numbers and we can help.
dealmaker
Re: quit claim deed refinance - Posted by Bill H
Posted by Bill H on December 10, 2005 at 18:38:21:
IMHO you are playing with FIRE…to try and beat the tax man…Hell hath no fury compared to that of a tax man who is cheated and finds out about it!
Another thing…the IRS will LOOK very askance and hard at a ZERO interest loan and will impute interest and penalties…again playing with fire…
Why not sit down and talk with a CPA or Tax Person and do the deal right instead of 'Trying to beat the devil" at his game.
Good Luck,
Bill H
Re: Trying to beat the taxman… - Posted by Phil Pelletier
Posted by Phil Pelletier on December 28, 2005 at 13:27:47:
at his own game is like trying to teach a weasel to suck eggs. (there is no point)
Re: quit claim deed refinance - Posted by Bud
Posted by Bud on December 12, 2005 at 24:48:16:
I plan to hire a R.E. Attorney for this. I’m not worried about her gains from the sale of the property I mainly wanted to know if there was away to keep my taxes I will be paying each year from jumping way up. And like I thought that wont happen…
Appreciate everyones response. thanks
Re: quit claim deed refinance - Posted by dealmaker
Posted by dealmaker on December 12, 2005 at 07:05:28:
Hard as it may be to believe this, but local taxing authorities are not as stupid as most people think. PPTY usually is appraised at some variation of TRUE value, those acquired through other than “arm’s length” transactions, foreclosures, tax sales and inheritance are looked at with an idea of arriving at a TRUE value, not a transaction value.
good luck
dealmaker