My ex boyfriend and I purchased a home 8 years ago. We are both listed as borrowers on legal loan papers. We had worked hard on fixing it and increased its value considerably. The quality of our relationship, however, did not improve or increased and we separated. I moved out of the property a year and a half ago but remained legally responsible for the loan and he still lives in it. Although we are no longer together, we remain good friends. I am looking into purchasing a vehicle within the next four months and I am already sure that I won’t be able to qualify for an auto loan due to the financial responsibility I still share with my ex boyfriend. We have discussed refinancing the home and making him the sole responsible party for the loan and therefore, removing my name from the mortgage and its financial commitment.. Currently, he can not buy my part of the loan out and refinancing will be just to remove me from the papers without taking money from the equity to at least maintain similar monthly payments and hopefully get a better interest rate. We have agreed to sell the home later (still work to be done, not in optimal selling condition) and divide the profits once the sale goes through. If we refinance this loan to his name, how will the IRS deal with my share of the the profits? Since I will not listed as the borrower, I am afraid the IRS will read my gain as a gift and I will be taxed for it. Should I make the refinancing transaction with my ex through the courts to have a legal binding document to fall back to during tax time and for good practices sake? How should I go about this? HELP!
Posts Tagged ‘auto loans’
How does the IRS deal with profits after a separation when a house sales?
Friday, July 9th, 2010Are there tax implications when parents take a 2nd mortgage and repay a (non-dependent) child's student loan?
Monday, June 28th, 2010My parents are refinancing their house and offered to pay off my student debt (~k) with money from a 2nd mortgage on the house. The interest rate would be lower than the student loan. I would then pay my parents back and our family will save on interest paid. I am married and not a dependent anymore. Are there any tax implications for myself or my parents if they do this? Is there anything else I should consider?
Thank you for taking the time to look at my question!
I want to get a Heloc or Home Equity loan..through a Broker?
Sunday, May 23rd, 2010So I recently applied for a heloc or equity which ever I could qualify for, but neither did.
I applied with WElls FArgo, who are extremely strict!
Thing is I am just on the deed of the house, I think thats why It got denied. So this is my parents house, and they said I could borrow 70k from equity, but they have to apply with me right?
I currently make 3,000/mnth, FIco of 715, with only car payment, and credit card that are being paid off. I really want to get this loan to invest in a property paid in cash! My mom thinks they wont qualify because my mom only makes about 1,200/month, same for my dad.
Will we qualify perhaps through a broker??
Balance on house is 200k. Value is 350k.
Wells fargo is farthest the strictest. I have seen other people with incomes of 500 a month and still got a heloc. Im sure some where I can get it.
should I pay off the balance of my car with my low interest HELOC?
Tuesday, April 13th, 2010I try to save $$$ in the long run whenever I can, my car owes approximately K at a 5.95% interest rate for 6 years (going on the 4th year of that now), my current HELOC rate is 3.25%, I got an offer to refinance my car for 3.99% which got me to thinking…what if I just PAY OFF the higher auto loan rate using my HELOC & make the SAME EXACT payment (of approx 5 a month) toward my HELOC instead? Would that save me $$$ in the long run? Shorten my payment? Is it wise?
Serious answers please as I would like to take action soon..thanks.
what is home equity and refinance?
Saturday, March 20th, 2010are they types of loans?
what makes them different from other loans?
i’m sorry guys, i hav a project in economics on banking so i dont know what half of you are even talking about.. i just want maybe an economics for dummies type answer haha
should i buy a 2nd car then give my current car back to lender due to negative equity?
Wednesday, March 3rd, 2010i went to a dealership to trade my vehicle. due to the negative equity the dealer said it would be a good idea to buy a new car today and give my current vehicle back to my current lender. i have never heard of anything such as this before, and wondered if anyone else had either.
What do you know about Option Arms and Altay loans, this is what's next to fail?
Thursday, February 11th, 2010First wave of sub-prime mortgage defaults over.
Second wave of mortgage defaults coming now to higher quality credit risks. These are people who have bought homes in the last five years and who have taken out home equity loans. Mortgages now going under water owe more than house is worth. This wave of defaults will take upwards of 10 to 12 months to clear.
Third wave of mortgage defaults due to begin this year and continue through 2011 are Option Arms and Altay; as payments are automatically resetting to higher rates. We saw some fail last month because of a 3% rate hike, next month is the beginning of the end as rates start to climb even higher.
Estimated – 8 million defaults in next four years.
As if this is not enough we have the next huge failure to come in the commercial real estate market, that will make the sub-prime fiasco look like kids play!
Then comes credit cards and auto loans in the end.
I am in major trouble with my credit cards.?
Wednesday, February 10th, 2010I am three months behind on making a payment and I do not have the money to pay them. What should I do and should I consider calling a Credit counselor and if so can anyone suggest one.
I have a home equity loan, car loan, three credit cards and my bank account is over drawn. All of my house bills come stright out of my bank account so now my account is being charged 35.00 everytime this happens. For this month I owe approx. 2500.00 and have no way of coming up with that money. Someone please help me I am desperate.
Calculation question, what is better to pay off overall with consideration to tax deductions…?
Sunday, November 15th, 2009I am trying to decide what is best to start using my extra money to pay off…a student loan at 5.4%, an auto loan at 4.99% or a heloc at 7.75% I know student loans and heloc interest is tax deductible, but assuming these deductions don’t affect a change in bracket (tax rate) what is the calculated difference in interest saved (assuming 15% bracket) on whether to pay which of these three….(I guess I’ve always been told pay non-deductible first, but with these numbers I just don’t see how that adds up…and most importantly how do I actually calculate the real interest I’m paying on tax deductible interest so I can compare it to nondeductible rates…) thanks in advance for any help!
Late payment of home loan?
Wednesday, October 14th, 2009I have been late due to a death of a spouse. Each time I call or talk to a representative I am NEVER given the same answer. I was even told "don’t call until you are 120 days late and then we will repossess. They refuse to work with you and offer no help except..can’t wait to get your house. Well, I can’t wait to get rid of this bank. Unfortunately bad credit but I do have alot of equity in the house. What am I to do?
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