I currently live in a home owned by my parents. The remaining mortgage on this house is very low, leaving significant equity. I have significant credit card debt and would like to be added to the house deed so that I can open a home equity account and be able to claim the interest on my taxes. Besides the possibility of default and losing the home, are there any problems with this plan. I am aware that the residence must be primary to take out a home equity loan, does it matter if two names are on the deed and only one lives in the residence?

How old are you? I cannot believe that you would want to risk the equity in your parents home to payoff your debt! Unless you have some major disability that prevents you from taking responsibility for yourself, grow up, get a job and pay your bills! Work 2 jobs if you have to. That equity is not YOURS it's THEIRS!