Posted by Anonymous on 8/25/05 5:55pm
Msg #61787

Last night signing Question.

!st borrower was 90 years old, son was being added to deed per G Deed.
Son was not on the note. When we got to the W-9 the son asked if he could claim the interest. There was no W-9 for the son. I told he needed to ask the LO. He did, the loan officer told him, "If the father gave the son the money, the son writes the check, then the son could claim the interest." He asked me if that was rignt. I told him he had to talk to his tax person, I couldn't advise him.

Anyone know. Seems like a ploy just to get them to sign.

Reply by Bitela on 8/25/05 6:10pm
Msg #61790

you are right, a notary testifies to identity and the substance of same and at no time may counsel or direct the signing.

Reply by PAW_Fl on 8/25/05 9:37pm
Msg #61873

You were right to answer the question the way you did. However, for your own information, the son is not entitled to deduct the interest. It doesn't make any difference if he is paying the mortgage or not. The 1098 will be issued against the TIN of the obligated signer of the note (the father). Now, if the son makes an arrangement with the father, then it can be done. The best advice is to seek profession tax advice.