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- Clients who own their home, purchased condo, then rented to son 5 yrs, now transferred loan to son (no gain). They have no paperwork ??? What should I be looking for?
Clients who own their home, purchased condo, then rented to son 5 yrs, now transferred loan to son (no gain). They have no paperwork ??? What should I be looking for?
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gelicabg
Level 1
03-27-2022
01:36 PM
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4 Comments 4
abctax55
Level 15
03-27-2022
01:43 PM
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How does one go about "transferring" a loan?
I'd like to get rid of the mortgage on my office 🙂
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BobKamman
Level 15
03-27-2022
01:43 PM
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Half the story? I doubt they could "transfer" the loan without deeding the property to him. And that might be considered a sale if the loan was more than their basis (for example, they refinanced and pulled money out before helping the kid avoid standing on his own two feet).
qbteachmt
Level 15
03-27-2022
02:54 PM
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"They have no paperwork"
Nonsense. Deed/Title, loan documents, their original purchase info and the transfer info. It's all somewhere, if not still in their files. Bank, County records, etc.
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