Can I sell my second home to my daughter with me as a cosigner, even thought she has poor credit? I pay large property taxes in the current status.

Asked by Mjf31, Birmingham, AL Fri Feb 25, 2011

Bought foreclosure for daughter, son in law, and grandkids due to their bad financial crisis two years ago so they would have low rent. They have never been able to pay any rent They divorced a year later leaving my daughter and grandkids living in the house with little income. The property taxes are of course three times higher due to not being able to claim homestead exemption. Is it possible to sell my daughter the house, but cosign and still make payments till she gets on her feet, but mainly so she can claim homestead exemtion and pay less taxes?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Molly Mosley (Hay), CDPE,CNE, MIP, SFR’s answer
Molly Mosley…, Agent, Columbus, OH
Thu Jun 2, 2011
You should contact a lender to see if your daughter qualifies today for the mortgage. A lender can let you know if that will work. If the lender can get her approved with you as a co signer than you are good to go! After closing contact the county auditor and file for the homestead exemption! Have a accountant look at the numbers for you. Keep in mind you will be loosing the tax write off on the home. By having someone look at the numbers will tell you if the homestead exemption is a better return for you than the tax write off this home gives you! Good Luck
0 votes
Paul D. Dzie…, , Birmingham, AL
Fri Feb 25, 2011
Yes you can. Do you have a mortgage on the home now? If not, just do a quick claim deed. If you do, be very careful as it is never a good idea to co-sign for anyone, unless you are ready to take on the full financal burden yourself.
1 vote
Jean Thrasher, Agent, Trussville, AL
Thu Jun 2, 2011
First I would suggest that you check with your tax assessor's office. Not knowing the full circumstances, you may be able to claim homestead exemption. It IS legal and possible to claim homestead on two homes in the state of Alabama. Make sure they understand your circumstances and that you are NOT renting your homes.


Check with a good mortgage company that process their own loans.

Good luck to you.
Jean Thrasher
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Feb 25, 2011
Best to confer with mortgage broker who will review your loan app's

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
JeFreda Brown, Agent, Birmingham, AL
Fri Feb 25, 2011
Hello. I have relationships with several mortgage professionals that can help you. They can help you determine the best way to structure your situation and help your daughter and grandchildren. Please call me to discuss, and I'll put you with someone. I look forward to speaking with you and helping you. 205-514-5177
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more