Legal Question in Real Estate Law in Massachusetts
co signing a mortage
I have a mortage of my own and want to help a friend get a mortage for themselves. I have ten thousand dollar to help them out and am willing to co sign a loan.
So, do i get a tax break, what does my name to go on. Deeds etc
Thank you
1 Answer from Attorneys
Re: co signing a mortage
If you co-sign a mortgage you take on the obligation of paying the debt. You only can deduct the interest payments if you make them.
As to going on the deed that is an issue between the lender, your friend and you.
If by $10,000 you are saying you will loan him or her the money, you should have a note.
It is unclear if you and your friend are buying something new. If that is the case you could create a partnership or a tenancy in common and both own and be obligated to pay the note. In such a circumstance you could then create a situation where you got some kind of deduction or at least an equity value assuming the property increases in value.
If I can be of assistance please feel free to call me.
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