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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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I HAVE OWNED MY HOME SINCE 1972 AND AM COVERED BY PROP 13.

Resolved Question:

I HAVE OWNED MY HOME SINCE 1972 AND AM COVERED BY PROP 13. I AM 64 YEARS OLD AND RETIRED AND WANT REFINANCE MY HOME. I WAS TOLD MY INCOME WAS TOO LOW TO QUALIFY, UNLESS I HAVE A CO-SIGNOR. MY HUSBAND DIED 2 YEARS AGO AND HIS BROTHER HAS LIVED WITH US SINCE HE WAS 15. HE IS 53 AND WANTS TO CO=SIGN FOR MY LOAN OF APPROX. $60,000. MY QUESTION IS: IF MY BROTHER IN LAW CO-SIGNS WILL I LOSE THE PROP 13 TAX EXEMPTION? WILL HE BE PUT ON THE TITLE AND WILL THE PROPERTY TAX GO UP LIKE WITH A NEW OWNER? I WOULD APPRECIATE ANY HELP OR ADVICE.
Submitted: 4 years ago.
Category: Tax
Expert:  socrateaser replied 4 years ago.

Neither adding your brother to the loan, nor adding him as a joint tenant on the deed, will cause a "change in ownership," which is the requirement for a reassessment of your property taxes.

 

However, once you put him on as a joint tenant, if he survives you, he will own the property outright after your death. So, if your goal is to leave the property to someone else, then you cannot add your brother to the deed.

 

There is no legal requirement that your brother be named on title for him to cosign on the loan. So, if the lender requires this in order for you to obtain the loan, then maybe you want to try a different lender.

 

Hope this helps.

 

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Customer: replied 4 years ago.

 

I ALREADY HAVING A LIVING WILL AND MY BROTHER IN LAW IS THE BENEFICIARY OF MY ESTATE, INCLUDING THE HOUSE. IF I DIE WILL HE BE RESPONSIBLE FOR PAYING THE REMAINDER OF THE MORTGAGE?

Expert:  socrateaser replied 4 years ago.

Yes, because, he will take the property subject to the existing loan -- so, if he doesn't pay, then the property will be foreclosed.

socrateaser, Lawyer
Category: Tax
Satisfied Customers: 34817
Experience: Retired (mostly)
socrateaser and 3 other Tax Specialists are ready to help you
Customer: replied 4 years ago.

 

 

THANK YOU SOCRATEASER....YOU HAVE HELPED ME VERY MUCH. YOU ARE VERY KIND

Expert:  socrateaser replied 4 years ago.

You're welcome and good luck.

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