Adding names to mortgage/title

Anyone can be added to title. Your tax questions are best served for your CPA though in general the one the loan receives the W9 regarding interest paid as well typically pays the property taxes. How you set up title will determine your protection. You may also consider a family trust.

If there is a mortgage currently and you are not on the title, then you would need to be first added to title. After 6-12 months, you would be able to refinance the property into the parties who are now on title together. Or you would have to purchase the property from in law. In case of divorce, you would need to contact a divorce attorney to protect your assets, and items you purchase during marraige. Also, loan professionals or real estate agents, should never give tax advice. It varies from state to state, case by case. If you cannot assume the mortgage from in law, or purchase the property, contact a title company to add your new parties to title. Then you can make tax payments, mortgage payments, and use checks. Then when you go to refi, you have ownership in the property and you can prove that you have a vested interest in the property by paying the bills on the property

hi:Once you are on title, there is no seasoning to refinance with Freddie and Fannie unless it was a purchased transaction. Refinancing a lower rate there is no seasoning if a special purpose refi cash out to buy the in-laws there is seasoning. Mike (703 505 5300)

You would best consult with an attorney and an accountant about the impact of taxes in the case of divorce.While you and your wife can be added to the deed at any time with the consent of others that are on the deed, being added to the mortgage would require a refinance. The questions then would include will you be living in the home? How is your credit and income? If your in-laws do not want to be on a mortgage with you then you could grant them a life estate in the property or some other consideration.