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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Is this proposed transaction legal? Posted by haywood on September 19, 2003 at 0:44 AM In Reply to: Re: Is this proposed transaction legal? posted by Lughead on September 18, 2003 at 9:30 PM : haywood : a few thoughts... : 1) taking out the loan as he proposes will leave you responsible for the loan ... if the new owners default then this will affect your credit ... : 2) was this your primary residence or a rental?? : if primary then you would have some exemtions : if a rental seems the IRS would wonder what happened to a property you were depreciating in years past : at least this loan guy is thinking outsided 'the box' - just do some homework and be sure you are getting what you are bargaining for : good luck Thanks for your insight Lughead. It is a rental property so yes you are right about the depreciation schedule would be questioned when it all of a sudden stopped appearing on my return. Is there anyway this refi can happen without me being liable for default? Is it possible to have them are the only borrowers on the loan after I quit claim my interest? To me it sounds like a conspiracy to defraud the lender. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : haywood : : a few thoughts... : : 1) taking out the loan as he proposes will leave you responsible for the loan ... if the new owners default then this will affect your credit ... : : 2) was this your primary residence or a rental?? : : if primary then you would have some exemtions : : if a rental seems the IRS would wonder what happened to a property you were depreciating in years past : : at least this loan guy is thinking outsided 'the box' - just do some homework and be sure you are getting what you are bargaining for : : good luck : Thanks for your insight Lughead. It is a rental property so yes you are right about the depreciation schedule would be questioned when it all of a sudden stopped appearing on my return. Is there anyway this refi can happen without me being liable for default? Is it possible to have them are the only borrowers on the loan after I quit claim my interest? To me it sounds like a conspiracy to defraud the lender. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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