Legal Question in Real Estate Law in Florida
Quick deed & IRS
A year ago I was kicked out of the house by my daughter�s boyfriend who started making the monthly payments. On February my daughter asked me to add his name on the deed. I signed the paper they handed to me. After she reassured me (I trusted her very much) that the house would still be on my name. She made me to promise that I would pass the house on their name only when they would refinance the house and after they would pay me $10.000 dollars for my investment. Recently, I found out that my name was removed from the deed. Now the house in on their names, with not obligation to pay me anything but the loan still on my name. They are not in default of the payments, but seems that refinancing the house on his name would cost more than they want it for. My concern is how the loan will affect my taxes since I have not income and they are making the monthly payments and I do not have any property on my name.
Is there some kind of law that would return the house on my name, obligate them to refinance the house and pay me the $10.000 dollars of my investment?
1 Answer from Attorneys
Re: Quick deed & IRS
It appears your daughter had you sign a deed, conveying your interest in the property to her boyfriend. Unless you could show a lack of consideration, it is unlikely you can attack a deed you signed. One problem for you is that most mortgages have a due on sale clause. Your deed would give the mortgage holder the right to accelerate the mortgage you signed.
If they are paying the mortgage, but are not obligated to pay, they may not be able to deduct the interest. As to IRS you need to consult an accountant or CPA.
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