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Will a bank allow you to pay off a loan you’re not party to?
Posted on 8/10/18 at 1:10 pm
Posted on 8/10/18 at 1:10 pm
If I wanted to pay off my mom’s house for her without asking her first, would the bank allow me to do so?
I’d like for it to be a surprise and hand her the deed.
I’d like for it to be a surprise and hand her the deed.
6
Posted on 8/10/18 at 1:20 pm to PenguinNinja
LINK
you just need to know who holds the loan and the mortgage account number.
you just need to know who holds the loan and the mortgage account number.
This post was edited on 8/10/18 at 1:21 pm
Posted on 8/10/18 at 1:33 pm to PenguinNinja
Yes they absolutely will unless its some sort of Mob loan or shite title loan that specifically is made to tie one particular person into a debt.
A loan is just like a bank account, if you know someone's account you can go and deposit money in there at any time.
A loan is just like a bank account, if you know someone's account you can go and deposit money in there at any time.
Posted on 8/10/18 at 2:38 pm to PenguinNinja
Ask an accountant before doing this. You may be creating a tax issue for your mom.
Posted on 8/10/18 at 3:01 pm to hottub
quote:I agree he should talk to a tax expert before he does it.
Ask an accountant before doing this. You may be creating a tax issue for your mom.
But if he "gifts" his mom money to pay off a loan, if the amount of the gift is over the annual exclusion amount ($14,000 the last I looked) it's the giver who has to pay the gift tax, not the receiver of the gift.
Posted on 8/10/18 at 3:03 pm to hottub
quote:
Ask an accountant before doing this. You may be creating a tax issue for your mom.
If it's a personal residence this is unlikely to be an issue. It would likely create a gift tax return for the donor.
Posted on 8/10/18 at 3:06 pm to PenguinNinja
The bank will take the money. The issue is going to be privacy stuff. In other words, the bank won't talk to you about anything, won't send you the mortgage cancellation paperwork, etc.
She will be in for a heck of a surprise when she opens her mail and sees the cancellation =)
She will be in for a heck of a surprise when she opens her mail and sees the cancellation =)
Posted on 8/10/18 at 3:47 pm to LSURussian
And he can use his wife to gift the other 14k of he's married
Posted on 8/10/18 at 3:48 pm to castorinho
I didn't know he was married.
Posted on 8/10/18 at 3:55 pm to LSURussian
I don't either 
Just adding to your point that, it likely wont be an issue, and definitely not for the mother
Just adding to your point that, it likely wont be an issue, and definitely not for the mother
Posted on 8/10/18 at 4:00 pm to LSUFanHouston
Good call.... I was thinking more along the lines of mortgage deductions his mother may be using.
Also, if OP goes through with it, she may need some guidance on property taxes and homeowners. Not a show stopper but I am surprised how many people are unaware of how an escrow works.
Also, if OP goes through with it, she may need some guidance on property taxes and homeowners. Not a show stopper but I am surprised how many people are unaware of how an escrow works.
Posted on 8/10/18 at 4:12 pm to PenguinNinja
What’s the mortgage balance?
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