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I took a mortgage out to buy my son's foreclosed home. How can I get his name on the documents.

I know his credit is not great and he does not have the money at this time to take out a mortgage on his own. He and his family have been paying the mortgage and taxes on the home since I took the mortgage out. Is there a way to legally have him on this mortgage without having him have to pay anything? If the home is appraised at 280,000 and I owe 180,000 on the home can I gift him the equity without having to pay a ton of taxes on the gift? How does a gift of equity work? by tari.schauer642 from Chicago, Illinois. Jun 8th 2021 Reply

Barclay Butler (Barclay)
#83 ranked lender in Illinois - 76 contributions

Yes you can do a gift of equity. We go down to a 500 credit score. Please call me at 224-420-9990. Or you can fill out a complete full secure application at Barclay Butler.

Jun 8th 2021
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,396 contributions

You didn't mention how long ago the property was foreclosed on, that could have a bearing on what options are available for your son. Under current rules, gifting of equity is not likely to have any tax ramification on you today, but could impact you negatively in the future, depending on the size of your estate. If the property Is located in Illinois, I can personally help you. Just give me a call.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000.

Jun 10th 2021
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