Technically you are breaking your mortgage if you are selling your home unless you are porting this mortgage to another property. You will have to pay the penalties involved in breaking the mortgage unless specified by the lender on your mortgage documents. Banks in most cases do not waive penalties.

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Want to dump property and save fed taxes if possible

A 1031 exchange might work for you. You might want to look into real estate roth IRAs for future financing of property investing. Regards...

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I sold my home to my niece in 2009. my niece was denied any home mortage or write-off tax-break from irs because we are related. i don't know what our relationship has to do with the sale of home? my niece was denied first time buyer credit. she purchased home in june 2009

You posted your question under Canada, but since you say IRS I assume you're really in the US. What she was denied was the homebuyer's credit, not the deduction for interest and property taxes, due to your relationship - that was one of the requirements for the homebuyers credit. If her total itemized deductions including the mortgage interest and property taxes are more than her standard deduction, she'll still be able to deduct them. If she bought the house in 2009, unless it was very early in the year, it's very likely that her interest and taxes didn't give her enough to itemize. If that's the case, then she wouldn't have gotten the deduction in any case even if she had never seen you before - your relationship had nothing to do with it.

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I dated this guy sense i was 14 and we ended up buying a house together when we were both 19. we broke up recently and i was wondering if there's a way to get my name off the loan. he is still living in the house and i am still paying half the mortage for now. he is suppose to be taking care of selling it, but thats not happening. is there any other way to go about this? i don't want to ruin my credit if its possible to keep it in good standing. we only purchased the house 7 months ago. thanks.

The only way to remove your name is for either him to refinance in his name only or to sell the home to someone else.

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I got divorced and am having a hard time trying to sell my house, in the meantime the mortgage payments are breaking my back and i can forsee that in a short while i will not be able to afford it. if i make arrangements with my mortage broker to take back my home, will that do irrepairable damage to my credit in the future?

I work for a mortgage firm in the Loss Mitiagtion department. I talk to people evryday about foreclosure alternatives. Have you tried to work out a forebearance pan with the mortgage firm? Simply put, try to come up with some down payment & a feasible repayment plan. This will bring you back current in time. You can also look at a "short sale" option if you have an offer les than full mortgage payoff. Lastly, depending on where in the foreclosure process you are try deeding it back to the lender.Good Luck

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I will try and sum this up as best as i can. i've rented the house i live in for 3 years now. no lease or contract of any kind was established (i moved in with the landlords' daughter who is my friend and within a couple of months backed out and moved back home to her parents' house). one day an investor knocked on my door inquiring about buying the house. he informed me that he'd seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. what!?! that weekend (on saturday) i look it up online and sure enough...2nd time in a row and it was scheduled to go to auction on that following tuesday! i call my dad and since it was pretty much going up for auction for 5-10k of what was owed on the note still (less than half of the worth of the house), he was interested in buying. i told him i'd speak to landlord and see what was going on. well, sure enough landlord calls me to collect rent for that month and i tell her my findings. she made excuses, and i told her abuot my dad's interest in purchasing and she agreed immediately. she didn't want it to go bad on her credit and said we could just pay it off and that was fine with her. she was to lose the house in 2 days! so, come monday, chaos. we're trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. the landlord didn't have the $ to pay so she calls me and then i talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. we succeeded at reinstatement and she signed a promissory note, which i notarized (i'm a notary). the promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our "deposit" on the house. states that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she'd be obligated to pay the entire amount back to my dad. the note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for. my dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. so far so good...until it was time to sign away the house-they stalled. this is as of last week. turns out her husbands didn't know anything. by that i mean, he didn't know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. she didn't tell him either! we found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. then she lied saying her mortage was $300 more than what i was paying in rent so she couldn't afford it....turns out her mortgage is like $8 less than what i was giving her..sure she wasn't making any profit, but she had the mortgage payment every month. anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn't willing to sign. i asked her to tell her husband to contact my dad so that they could discuss that. she said she would have him call...but she didn't...she ended up calling my dad herself telling him the same thing she told me. greed! how dare she! now, my question (yes, i'm getting to it)...isn't she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? if her husband is the one who refused to sign, why didn't she who the day and time she told the title company she would? i mean, if he doesn't sign and the deal doesn't follow through, then she loses out on the $ she thinks she's getting, will lose the house b/c apparently they can't keep up with the payments and still owe my dad $7500! if my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn't she breaking her initial agreement legally binding her to do as she said? wouldn't my dad then have the grounds to turn around and say, you owe me back the money that i put up front since you didn't keep your agreement to me??? feedback please! sorry so long! i knew i forgot something-i'm in texas. yes, i know that it was a very risky thing to do this and that we are not realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that i state we had 8 hours in which to work with or they would've lost the house if we'd taken any longer. actually, we didn't get the money wired until literally, the last minute (might've been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them).

This is a really good example of why you should not try to buy a house with a pending foreclosure without a lawyer. There are ways to protect yourself in this situation, but you haven't used any of them. Your dad needs to get a lawyer right now, before taking the next step and making your situation worse. It's apparent that neither one of you knows what you are doing. edit: OK, I accept that you were pressed for time, but there is an old and very true saying in the real estate business. You can afford to pass up a good deal, but you can't afford to make a bad one.

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In 2004 i leased my home to my brother for $2000 a month which included utilities and he signed a lease. after 7 months of not paying his rent i asked him to move so that i could sell the home. he asked me if he could buy the home, i said yes. in the lease agreement the purchase price was $200k. he was living with me initially because he was goind through a divorce and was broke from the divorce. he had also lost his previous home due to the divorce. we contacted a mortage broker, forged my signature on a contract for deed, the mortage broker make up false bank statements, false divorce documents and false rental payments. he was approved for the loan as a result of the false documents i did not find out that he forged my signature on a contract for deed ahd stated in the cfd that he had paid me $20,000 as a down payment and more than $24k in rent. i only saw some of the documents at the close and when my check was more than $50k short i contacted my attorney and contact the tital company explaing that these were not my signatures and i never signed a contact for deed. the title company told me it was between me and the mortage company. my attorney told me that if i pursued it my brother would go to jail. when i confronted my brother the threaten me and told me if i did'nt close on the house and take the check he would hurt me. i was at my wits end, he had rented my home with all my furnuture and had everything i owned and now my home. he claims that he did not know what the mortage broker was doing and just signed what she told him tooo. it's been 4 years now and i don't know what to do. he still owes me $26,000 in back rent plus $50,000 for the diffference on the house. do i sue the mortage broker or do i sue my brother or do i sue both. where should i start.

Sue every one involved, if it is not your signature the contract is voided. The title company would be where I would start first, they are regulated by the Federal government check out www.sec.gov . then I would contact the local sheriff. If your brother could not pay rent he surely can not pay the mortgage payments

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Here's the background: my girlfriend ended up with a house with a mortage double her net income. she bought it years before i knew her. no one wants to rent anymore as the house is in the middle of nowhere. selling is a dead end in this market. her car just broke down, and the repairs exceed it's value, so she bought a new car. that is another debt. the utilities on this 5000+ sq ft house are beyond belief. we can't even run the ac as it is too expensive. she relies on my rent and another's rent money for mortage. he is leaving, so she is out that money. i get treated really bad, and everyone has said to break off the relationship. its only been a few months we have lived together. i have to leave. i can't take the abuse. i have sacrificed to be with her. she managed to make it before i was around. if i leave, she might lose the house, car, and everything else. i am afraid to leave as i don't want to ruin her life, but mine is going down the tubes. my heart is in pain. what do i do?

If you genuinely love her, it would be a basis for a good relationship. Ask questions i.e is she your charity project OR your love, the want you want to be with, uninfluenced by other factors?

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Can anyone please tell me what the difference is between the loan modification help being offered and the refinace offers being offered by the new programs our president has asked lenders to participate in...where do these programs help people who have lost incomes due to job cuts, wage reductions and lay offs....here is where i am a bit confused...the programs seem to offer a possible reduction of the interest rate of your previous home loan and maybe extending the length of that loan...most people i know who have been hit by this crisis (including myself) were not the ones who went out and bought a home that we could not afford... we purchased a home we knew we could afford five years ago based on our income....back then our jobs were secure and our futures looked bright...we made improvements on our homes and in our lives... based on what we worked hard for and planned for....now we have lost that security and we are facing the possibility of losing everything including our homes...a 1 or 2 percent decrease in a interest rate on a modest home is really not much when your home loan is not the only bill you have to consider when paying monthly expenses....and extending your loan to the previous 30 year length (or possibly 40 year) really doesent make a difference for those of us who have already paid 5 years of interest on those homes....so how is saving 100.00 a month on a refi or a loan modification helping anyone who has lost much more than that in their monthly/yearly incomes.....it once again seems that the lenders are the ones who are profitiing from offering these options and not the home owners who have played by the rules........i have read every article i can find on these offers and i have noticed little things like *modification can only be done once...**interest rate can go up after a period of time..*if the modified loan was assumable prior to modification, a home affordable modification cancels this feature....*the home must be an owner occupied...(so if i find my self down the road losing more income, i cant even rent the damn thing out to cover the mortage loan...or sell it...with out being penalized)....dont get me wrong, i as sure these offers of refis (if you can even qualify) or these loan modifications being thrown at us will help some people in the short run...but what about tommorow, next week or next month..... who is it really helping ??? yes, i have been offered a mod offer and we are not even behind in our morgtage payments yet .....but we will be soon.. my home is still on the market for sale after three months even with a price reduction (we only want to break even )and will be moving in with our elderly parents to help them out including ourselves....we do not owe more more than what its worth..the morgtage company only now wants to work with us because they are profitting from it if they do...so their low ball offer has been given to us to sign.....and no, i refuse to give in that easy...i need more info and more explanations in details about what i will lose by agreeing to such terms.......i will hang in there for as long as i can.....and if we do lose it all, it will be a decision based on all the facts and not the quick fixes being offered.... thank you for the replies to my question....after much more research i did find this "great" conference call about the modifications being offered.....and i for one will not be signing mine....gotcha ! http://www.truthinforeclosure.com/c alls

There are "compaies" out there offering Loan Modification and Refis but the thing YOU need to know is that these are FOR PROFIT COMPANIES who ONLY are in business to make a PROFIT. They are NOT required to keep YOUR best interests in mind but THIER bottomline. The ONLY person who will look out for YOUR best interest is YOU period. To keep it simple a "Loan Modification" is a change in the CURENT loan terms and conditions while REfinance is just that; the old loan is paid off and replaced with a entirely NEW loan with NEW terms and conditions. Finding a company you CAN trust to either modify or refi your loan is going to be hard because the rules are being rewritten almost daily. And state laws also impact what can and can not be done. The best advice I can give you is to start calling LOCAL Morgage Brokers and do a sit down interview and find somebody you THINK you can work with. I have a good guy here in Las Vegas but he can not help you if you live outside the state.

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My ex-fiance and i recently purchased a condo but now have broken up. neither of us can afford it on our own and would be too expensive for a roommate (1/2 the mortage is too much to ask for a bedroom and and bath). what other options do we have? renting would only get us 75% of our mortgage. we can't sell because of the horrible market and don't have the extra money to put if we were able to sell it for less.

I hate to tell you but real estate is an investment and sometimes investments lose money. I would suggest that if you can't take the hit on selling the place you should rent it out and split the 25% loss with your ex fiance. Having the property foreclosed is not a viable option.

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A sensible person would look at these events with an open mind right? the financial system failed because groups like acorn forced banks to advance loans to people who couldn't afford to repay them? the majority of these loans was made by state controlled mortage companies, who then sold them to investment banks (governed by the sec, not the fdic or otc). the investment banks then bundled these loans and sold them in pieces, named derivatives. insurance companies like aig insured these derivatives. unemployment whose to blame? rules and regulations? sure why worry about paying a fair wage, and giving decent working conditions when you can send the work to some third world country and boost profits. unions demanding more than the company can afford, then threatening to strike? unions ony want workers to recieve fair compenstion for their work. almost all union contracts have a no strike clause today. corporate taxes - through abatements and other tax breaks most pay no taxes. i guess when people are working 20 hours a day for minimum wage they will be happy. at least your 401k will be doing good. problem is most won't have any money left to put into the 401k. at the rate we are going in 10 years a college graduate will be lucky to make enough to cover their student loans, and a college degree will be required to work at mcdonalds. obtaining a better job will require a masters, mba, or doctorate.

According to the only two people (out of millions) who correctly predicted the crash, Ron Paul and Peter Schiff have both stated Fannie Mae and Freddie Mac caused the increase in home prices, caused intereference in the free market, and allowed people to remortgage their homes to consume other goods. To keep it short: We're a consumer based economy. The Housing bubble by Fannie and Freddie allowed us to consume way more then we would have. We had the crash. And the solution is to become a production based economy through the free market. Unemployment has risen and has not recovered because their is no recovery. Gold will continue rising due to excessive government spending. And we wont have a recovery until we quit spending more then we earn through production. AKA. Its only going to get worse. Your correct, but less government spending and interference through the free market is the only way out. Not more. And therefore, your wrong.