By Admin on Jul 31, 2008 in Renting & Real Estate
mary asked:
MY DAUGHTER WILL BE GETTING A MORTGAGE IN HER OWN NAME MY NAME WILL BE ON THE DEED WITH HER CAN I PAY THE MTG. I KNOW I WON’T GET TAX REFIEF BUT I DON’T WANT TO CREATE A PROBLEM FOR MY DAUGHTER
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MY DAUGHTER WILL BE GETTING A MORTGAGE IN HER OWN NAME MY NAME WILL BE ON THE DEED WITH HER CAN I PAY THE MTG. I KNOW I WON’T GET TAX REFIEF BUT I DON’T WANT TO CREATE A PROBLEM FOR MY DAUGHTER
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Why are you on the deed and not the mortgage? (Bad credit? Potentially not good for her that you are on the deed and not the mortgage.) But yes, anyone can pay your mortgage.
heyteach | Aug 2, 2008 | Reply
Yes, anyone can pay it. You won’t create any problems.
good luck!
Rush is a band | Aug 5, 2008 | Reply
If you making her payments, you are in effect gifting money to her. Might have tax implications for you.
newjerseyguy | Aug 7, 2008 | Reply
Anyone can pay anyone’s mortgage as long as the correct account number is on the check.
If you are going to be paying the mortgage, I understand why you are on the deed….b/c you need that security of ownership and probably still want to give your daughter the tax deduction.
You sound like a good mom to me.
Mary B | Aug 8, 2008 | Reply
The lender does not care who pays the mortgage as long as it is paid.
PIE R SQUARED | Aug 12, 2008 | Reply
Yes, you can pay for the mortgage, anyone who has the $ in their bank account can write a check for the amount of her mortgage put it in an envelope and send it to the bank and they will cash it and use it towards her account.
They don’t care how they get their money as long as they get it and it’s on time.
H mom of 3 | Aug 13, 2008 | Reply