Legal Question in Real Estate Law in Ohio
Removing My Name From Deed
My mother & I purchased a condo together. She is the primary borrower. In June my $300 stimulus check was seized by the IRS; and sent to the dept of ed. (On a defaulted student loan from 18 yrs. ago.) I'm disabled and receive soc. sec. The coll. agency said all fed. tax returns will be seized. We were just going to file for interest on home loan, property taxes and P.M.I. (itemized) since we don't file tax returns due to the amt. of our soc. sec. income. Can I take my name off the deed; since I'm a secondary borrower ? So my mom can get the benefits of the tax return. Thank You..
1 Answer from Attorneys
Re: Removing My Name From Deed
You need to talk to a tax professional if you are not paying any taxes due to the level of your social security income then you may not be able to qualify for an itemized deduction. Additionally if your mother is making the payments she may be able to take all of the interest and real estate taxes on her return.
To be released from the mortgage you will need to talk to the mortgage company. Whether they will release you will depend on whether your mother's income is sufficient for the loan.
This answer is general legal information and is not intended as legal advise not does it create an attorney-client relationship. You should consult with an attorney for legal advise particualar to your situation.
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