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Do you mean he owned the home subject to the outstanding mortgage?
Do you mean that you have inherited your brother's home subject to a mortgage of approximately 50% of the current value of the home?
Inherited real property (from a relative) doesn't qualify for the first time homebuyer credit.
no he did not own the property, the motgage is 106,000 on witch he still owed . I will be having the loan payed off, but will be transfering the title and deed into my name. so Im actually buying it from the mortgage co.and not my brother who did not own this home yet.
If he owed 106,000 on the mortgage note, he owned the property subject to the mortgage. He couldn't have been obligated on the mortgage note if he didn't own the property. He didn't own it outright, but he had to have owned it subject to the mortgage.