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    chittychitty's Avatar
    chittychitty Posts: 3, Reputation: 1
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    #1

    Aug 12, 2010, 10:05 PM
    can i sell my house on a deed for contract if i have a heloc on it
    I want to sell to my son in az maricopa co. my heloc is far below the value of the home and he is making the payments plus additional principal.. I want to record the deed for contract but don't want to stir up any stuff with the bank where I have the heloc.. any advise will be well apreciated
    chittychitty's Avatar
    chittychitty Posts: 3, Reputation: 1
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    #2

    Aug 12, 2010, 10:07 PM
    Also want him to be able to write off interest on his taxes
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 13, 2010, 05:25 AM

    You and your son may set up a contract that he will get the home when it is paid off.

    This does not sell the house to him, merely gives him a contract to buy the home once he has finished payments.
    No he can not write off the taxes on a contract for deed. The loan is still your loan.

    It is easier to refi the home with you and he as joint owners or he can merely get a new loan and pay off yours.
    ** which may not be possible if you are too upside down in loan
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Aug 13, 2010, 05:42 AM

    The only way the interest can be written off is with a mortgage. A contract for deed means the buyer doesn't own the property until the contract is satisifed.

    Why doesn't he just buy it from you? If he has a credit issue, you can make him a mortgage loan.
    chittychitty's Avatar
    chittychitty Posts: 3, Reputation: 1
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    #5

    Aug 13, 2010, 10:49 AM
    Thanks so much I will take those options into consideration.
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