I was divorced and signed over the deed of our house to my ex wife September 2005. I rented until February 2009 and closed on a 8,000 home. We agreed in the divorce that I would be responsible for a home equity loan I took out to start a business. Since I was renting and paid child support , it took me 4 years to pay that loan off. I did NOT, however, own a home during that entire period. And, as stated, the deed was signed over. I did however claim an interest deduction from the 1098 forms I received every year during the time it took me to pay off the home equity loan. My question is do I qualify for the 00 First time buyers credit. I, like many others, am being reviewed this year. I did claim the credit and I know I qualify for the 3 years without buying clause. I’m just wondering what the IRS is going to think when they see Home Mortgage deductions from the 1098 I received until the loan was paid. Help, please
To: I love Idol.
Thank you for the very thought out response. All those people screaming tax fraud. Give me a break. I received 1068forms. I THOUGHT I was supposed to itemize the interest. In fact H & R block did my taxes that year and added it to my deduction.
To answer your question, the mortgage company took me off the mortgage legally 4 years ago. But I still felt responsible for the home equity loan so I agreed to pay that as well. I just didn’t know you couldn’t claim an interest deduction if you were not on the mortgage. That seemed to be the general concensus. I’m calling my new CPA tomorrow. Any other ideas? If you have something productive to say, this goes out to everyone.
Posts Tagged ‘divorce’
Lost My house in a divorce. Was responsible for home equity loan used to start my business. Home Buyers Credit?
Tuesday, May 4th, 2010I'm protecting what is left,is that wrong?
Sunday, February 14th, 2010Need a good answer. I need a divorce,but isn’t it hard to live in the same house without changing back your mind just because you have a few good days in a row but the verbal fighting starts again in front of the children. I have no place to live in the meantime if we proceed with a divorce and I feel bad also,guilty. But my wife spends money like crazy on nothing and is taking us down,even took out a home equity loan for 30 years it’s that much.She will not stop arguing in front of the kids no matter what. We love each other but cannot get along. I gave up on the family because she ruined our financial future and it has carried over into a sexless marriage,I am not happy,and she let it out in an argument what she thinks about a certain body part and you cannot say that outloud to a man and expect to be forgotten. It hurt,but it’s just one of many hurtful things we say to each other. We have separate beds,and a few minutes my wife started on me out of nowhere in front of the kids and I
Marriage, Harassment, Stroke and No Contact Order?
Tuesday, February 9th, 2010A friend suffered a stroke 3 yrs ago right before his divorce was final. During the proceedings the wife harassed him nonstop. Multiple phone calls, threatening to show up at his work, called claiming 13 yr old son was missing twice, he ran all over looking for him – he was at a friends house both times, tons of games were played…. he taped every conversation for a total of 17 tapes from 2006. Wife didn’t want the divorce, on tape she said if he divorced her she’d make his life hell. The tapes reveal the pain and emotions he went through during those months and he also talked about the shooting pains in his head and other symptoms he was having, but on tape he says, "I don’t have time for drs right now, I need to available for my kids". Within 3 months of this nonstop drama he suffered a bad stroke, had to learn to talk, write and walk again. When he was ready to be released from the hospital months later the wife told him she’d take care of him if he came home. Her way of "taking care" was to have him co-sign a 50K home equity loan, his name removed from the deed on the house and quit claimed, acknowledge paternity of his 17 yr old son he found out years before was not even his, and then she dumped him when her boyfriend needed a place to stay.
Fast forward to Fall 2008, he’s still trying to recover, wife files for divorce, kicks him out, boyfriend moves in, but she continues to harass him until he has to get the police involved. She’s charged and pleads guilty to two counts of telephone harassment and destroying his pain medication after crushing them on his patio in front of the security cameras. This guy suffers from Central Pain Syndrome 24/7 due to the Stroke and stress is the #1 trigger for pain.
Divorce is final Jan. 2009 with 50/50 custody, every other week visitation, no child support ordered because she knew she’s probably have to pay maintenance. His stroke was NOT EVEN mentioned in the divorce.
During the first 2 months she still harassed him by hanging up, driving by, sitting outside his apt., and sending nasty emails. She’s a UPS driver and her route was somehow changed to his side of town. He fought his pain everday and tried working as many hours as his body would allow but the stress was too much, he lost the job he had for 16 years, his health has spiraled downward again, he suffers from depression and I am really worried.
8 months ago he talked to his son about moving. Son has witnessed his mothers behavior and the toll it’s taken, he agreed his dad needed to go away. They talked about how tough it would be on both of them and planned how they would communicate with each other. My friend moved back home to his parents who have helped him with disability, bankruptcy, and medical care.
Now the ex wife (divorce final last Jan 2009) has filed to modify because he moved out of state, she wants 2 child support, and wants him to have his son every long weekend, every vacation, and every summer knowing he has absolutely nothing to his name. he lost his car, his house (her foreclosure/he signed for home equity loan and his name was not on the deed of the house she had it removed after the stroke)
What can he do? Legal aid will not help him because divorce is out of the other state and other state will not help because he is not a residence there anymore.
Sorry so long, but this is hard to shorten and I’ve only given the high points of this case, more ugly details were omitted.
Thank you.
BTW…when he got the copy of the decree visitation was incorrectly written and an affidavit of income was submitted by exwife to say he made same wages as her – hence no child support…when he brought this to his lawyers attention lawyer said, "Just be happy you’re divorced"
Home Equity Loans FAQ
Monday, December 14th, 2009Can home equity loan travel to foreclosure?
When my house was worth something a few years ago I paid of an existing mortgage beside a 30year fixed home equity loan. I also took out a small home equity loan for improvements. I had a ton of equity but now i don’t. House have been on market for 3 years since getting…
Can i achieve a home equity loan from a property located contained by PR, realm of US, while living surrounded by US?
I moved from PR to FL, and would like to consolidate debts. unless you owe nothing on the house within PR, the answer is likely “no”. you probably can re-finance it, paying off the existing loan. Be…
Can I achieve a home equity loan on in somebody`s company owned property?
My wife and I are separated, she is living in the house. Does she have to agree and co-sign for the loan? No you can not. She would enjoy to agree and co-sign on the loan and she would be entitled to 1/2 the loan equity. If your…
Can I achieve a home equity loan?
I own my fathers home outright, no mortgage, just the property tariff bill, I need about 20,000 for renevations and to win caught up on a few other bills. The house was closing assessed to be worth $275,000. I would like to use bank of america but I hold on to reading…
Can i achieve home equity loan minus human being on mortgage? but I’m on work
going through divorce and she killed me with debt.she make more than me has the house and the kids and i have the debt. she is jerk me around setleing with me. if the divorce is not final then within most states no way unless…
Can I acquire a home equity loan or do I hold to re-do my mortgage?
I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I’d close to to redo my loan, and add…
Can I apply for home equity loan while house is tabled for Dutch auction?
In MD area, is it possible to apply for home equity loan while house is listed for Dutch auction? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have be pretty tight recently. If my…
Can I appropriate out a home equity loan right after the purchase if I bought a 170000 house for 145000?
wondering about taking out a home equity loan on the remaining value of the house to consolidate the rest of my bills. Is this clever? Yes but you will need to have terrifically good credit, and be able to debt…
Can I borrow $50000? Have some home equity and a business but unqualified to take traditional loan. Looking for?
money for business expansion. Contact me a buylife_1(a)yahoo.com if serious. This could be as an investment-would pay a decent return-can provide info. www.lendingtree.com if you enjoy equity in your home, you can get 125% of homes expediency. They were running an ad…
Can i bring a home equity loan even though i dont own my home?
im still financing my home. mortgage. but i want to get an equity loan even though i dont own it yet. is this possible? if so, do i capture the loan amount value of my home or is there a sunhat limit. say…100,000? If you have…
Can i bring a home equity loan on a home i purely bought that i be able equity contained by it?
we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at duplicate time as we get our home loan or do we have to dally and how…
Can I bring a Home Equity Loan on a Rental Property?
You can have it done but the fees will be huge. You will probably pay between 3 and 4 points which is a significant amount. It is harder, regulations are more difficult but it can be done. Source(s): Certified Real Estate Appraiser What? Not if your…
Can i buy a tentative home on home equity loan?
my existing house valued three hundred and fifty dollars and i still need to pay 80,000 towards my mortgage immediately i am thinking to to take two hundred and fifty thousand dollars equity on my house and paid stale mortgage and i have a wish to buy a home…
Can I capture a home equity loan near Bad Credit. i OWN My home and its fully remunerated for?
I went to the bank today and tried to procure a home equity loan but they turned me down because I had bad credit. I own a stable job that I worked at for over 5 years, I own my…
Can I catch a home equity loan next to a first mortgage?
I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to develop the house. I was approved for $40,000 more than purchase price and only want $20K max. …
Can I claim the home equity loan interest on my taxes if the form have my husbands SSN number?
NO-why aren’t you filing jointly? You claim the amount you compensated on your return. Check the schedule A instructions for any additonal notations. (Be advised, if you itemize, your husband must also itemize.)
Can I compensate past its sell-by date a home equity loan near my credit card ( lower interest rates!)+ how do I do it?
I have an offer from a credit card co near a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on $12,000….
Can i construct the payments on my dad’s home equity loan?
My father took out a home equity loan a few years ago to help me out financially. I make the payments on his home equity loan directly to my father’s sandbank. Is this legal, or does my father need to be the one signing the checks? they don’t really vigilance…
Can i database collapse on my home equity loan, but not my mortgage loan?
I doubt it. Husband owns a mortgage co. If you report bankruptcy on a home equity, they could take your house. Don’t do it. Good luck. Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage….
Can I discount interest on more than $100,000 on a home equity loan?
the money was used to build another house (occupied by my elderly parents) located next to my primary residence on indistinguishable 10 acres of land. Can this qualify as a “home or land improvement” and allow me to write stale the full interest amount? To deduct interest…
Can I draw from a home equity loan 2 years after liquidation?
I had a business failure that cause a personal chapter 7 bankruptcy which was discharged within April of 2007. I currently have a tax lien on the home due to some IRS penalty, interest and taxes owed from the business. I’d like to get a home equity loan to…
Can i filch out a home equity loan against my home near a co-signer?
i want to take out 30,000 home equity loan but i am in chapter 13 collapse, can i get someone that has pretty well brought-up credit to co-sign for me If you weren’t contained by bankruptcy, I would say yes unsurprisingly. It depends upon each individual bank…
Can I gain a home equity loan next to no seasoning requirements beside bleak credit?
We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we’ve solitary been in the house for two months. I’m man told that most companies require 6 months to 12 months seasoning to get…
Can I get hold of a debt consolidation loan as a home loan but next to no equity?
I am trying to consolidate my credit card debt because the payments are too high each month. If I could catch a home loan this would be perfect. I am having difficulty making adjectives the payments and I don’t want to…
Can I get hold of a Home Equity Loan lacking a W2 and single paystubs?
It depends on your mound. Some banks require a home appraisal too. Look… not matter what anyone says you’ll never particular until you try. Talk to a mortgage broker. They have many sources of funds. Not going to happen right…
Can I get hold of a home equity loan on a property I own surrounded by Canada, if I’m an American citizen?
I own, (thru an inheritance) a cottage/home in Ontario,Canada. Where can I go to procure a home equity loan on it? I own the property out right and only pay twelve-monthly taxes on it. Althought the property is in…
Can I get hold of a Home Equity Loan to purchase a rental property?
So, that way I could use some money to rehab around the property rather than getting a mortgage loan. The rental properties are usually range $30K to $50K. Thanks! done all the time I am a mortgage banker within TN & KY . …
Can I go and get a home equity loan if I already enjoy a second mortgage?
Get valuable tips on mortgage from http://moneymentor.cashmatter.info . It’s a exceptionally useful website. Generally not short paying off the second. No one wants to own the third lien position on the house, especially if there isn’t a ton of equity. Most likely you…
Can I go and get a home equity loan?
Can I get a home equity loan if I have fruitless credit. Please help. I need to know what trusted companies I can contact for this type of loan. Thanks. i am loan officer. tell me more about your situation and i’ll agree to you know if this is the…
Can I grasp a home equity loan near a credit rack up of 560?
probably not…right now the sub market is discouraging…..right now a credit score of 600 is needed for most home loans…… no and you should not try because you will not be able to afford the rate that they will charge!! work on getting you…
More Home Equity Loans questions please visit : RefinanceFreeFAQ.com
legal advice: helping friend w/2 year loan for real estate purchase until she can finance it herself.?
Tuesday, October 27th, 2009Ex girlfriend is now a friend. She recently got a good job with a large firm and wants to buy a small house instead of renting. She was laid off for nine months, so qualifying is tough. Can we purchase as tenants in common and still draw up a legal contract that protects my principal interest in a K loan from my home equity account to her savings account without future "divorce type" proceedings/ramifications over the next 24 months?
Debt & Divorce?
Thursday, September 17th, 2009I’ve been married for just over a year and have had a very rocky marriage that will likely end in divorce over the next 6 months. I had a baby and gave up my business to be a stay at home mom. I had a salon with clients, which I gave up to get married (and would take years to start over) When I left, I still had 30k left in credit card debt (from college, I couldn’t get the student loans to pay for everything and had no job), and just 4k left in student loans. We didn’t accrue any debt together when we were married. I know I’ll get child support, but I’ll still have to work to cover the rest of rent and car payment, etc. The interest rates are horrible and anytime I ask to have them lowered they never do (because I pay the minimum on time). I can’t afford to pay much more than the minimums now, so it will never get payed off. What is the best way to pay down my debt? Should I get a house on my own and refi in a year or 2 and use the equity to pay it all off? CCC?
Well he already has 3 kids from his last marriage and has done really good paying child support and pays extra for lessons or whatever, so I don’t think that will be a problem.
He went through a bad divorce with his ex wife and he doesn’t want to tear eachother apart by going through counseling. He doesn’t expect things to work out so he doesn’t want to go to counseling because he thinks it will only add to problems, and stress – which is bad for his health.
At this point I think I’ll be happier on my own, its just an issue of how to support myself and my baby without having to send her to daycare. Right now I can work from home and not have to pay other bills, because until we split he still pays stuff. So its a prime time for me to pay stuff off – does anyone have any suggestions for stuff to do from home? I used to be an excellent sales and office admin and learn very quickly. If I can have 2/3rds paid off when we split up, the remainder won’t be so bad.
Home equity, re-fi or neither?
Saturday, September 12th, 2009My husband and I bought our first home in January of this year (2009). The home was appraised at that time for 336k and we paid 300,777 for it because the old owners were going through a divorce and just wanted out. Right now we make ends meet every month but with little to spare. What would be our best course of action here? Should we take out a home equity loan for the equity we have and dump it back into the house, should we re-fi for a lower monthly mortgage pmt or will neither work? Our rate is 5% which is great but the monthly pmts are 00…..HELP!!!!!!
I apologize if you think my question makes no sense. I am unsure and that is why I asked it. That’s what this is for, right? As I said, we are FIRST time home buyers so we are unsure of a few things. We make it by, we just wanted to see if we could get more wiggle room. The first answer was a big help…appreciate it!!
UPDATE A. How to file an appeal? Judge ordered me to pay child support based on a 2 year old loan application?
Friday, September 11th, 2009Judge orderd me to pay 0/week in child support. I only make 0 right now. He based his decision on a 2 year old loan application which my earnings were misrepresented by the loan proccessor. He said If that was inaccurate I shouldnt have signed it. Do I have a case for appeal?
My wife had previously filed for divorce about 3 years ago, but we had made up and she withdrew her motion at the time.
Is this new case part of that old case or is it considered to be different?
UPDATE!
I DID NOT recognize the loan document I was presented with in court! and told them so!
My copy of the loan application does not have false information on it!
I did not sign or provide false information on that home equity loan.
UPDATE A
I had no lawyer. My wife had a high priced attorny.
Divorce question?
Saturday, August 29th, 2009My husband wants to settle our divorce. He wants to keep our family home, that I do not live in. he only wants to pay me off for the equity which is like 00.00. the house has been appraised @ 5,000. and there was a refinancing of 5,000.00 that I did not recieve any cash for. but signed for on the loan.
Should I be asking for more than the equity?
I do have an attorney but he is out of town….My hesitation is should I be asking for half of the value of the home or is the equity all I have comming to me? I am not signing anything. I was just wondering about other opinions?
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