Question Refinance Help?
I have a serious problem my Mother recently past after having a stroke. My mother owned 3 homes which she bought for her 3 children but the children are responsible for paying their own mortgages. Unfortunately my Mother left no will and we never got around to creating a quit claim deed to all the houses. Each child agrees on who gets what. We need to know how to transfer each property to each child’s name. The next question is my home is scheduled to begin the adjustable rate mortgage in December. My Mother was in the process of refinancing our house but she passed before she could finish. How can we refinance this house and avoid the ARM. Any help would be appreciated. 2 houses are in Illinois the other is in Indiana

Best Answer I am afraid that if the homes are in your mothers name alone, you will have to go through he probate process as your mother died without a will. You need to contact an attorney. The sooner the better. Keep those mortgages current or else you may have trouble when it comes time to refinance. Look at the paper work for the ARM that is going to start adjusting. With the indexes being down, it may not go crazy on you. Figure out what the index is and the margin and the math is pretty easy. You just take the adjusted rate and the remaining term and any mortgage calculator can tell you what the new payments will be. I am sorry for your loss and wish there was more that could be don, but until you and your siblings can get the titles transfer you cannot borrow against the property. If the properties were owned jointly with rights of survivorship, the probate process would be unnecessary. That doesn't sound like it was the case. If they had been, your mother could be removed from the title with a copy of the death certificate. Good luck in resolving the issue as quickly as possible.

Question Refinance tax Deductibility Question- FHA refinance, Primary Residence?
I am taking out an FHA 15 year fixed mortgage. I am being charged 1% loan origination, a 700 processing fee, a 700 underwriting fee, and the standard title costs, and government transfer fees. I am getting 4.25% rate. Also, I am paying 1% FHA Up Front Mortgage Insurance Fee. I know that I can deduct the 1% loan origination fee over the life of the loan. Is anything else tax deductible? I live in Indiana if that makes a difference. The processing and underwriting fees are paid to the bank along with a $295 warehouse fee and $150 admin fee. Please let me know what fees both to the bank and if any other title fees are tax deductible. Thank you for all your help.

Best Answer You cannot deduct the processing fee, warehouse fee or the admin fee. You are correct about the loan origination fee. Commitment fees and processing costs are not tax deductible.