What is the name of your state (only U.S. law)? NYS
Is it possible to transfer a deed while still having an outstanding mortgage on the property? Meaning can there be a different legal owner from the mortgage holder? (for IRS purposes). When the house gets sold/foreclosed in the above situation who has to record the sale? Will the mortgage holder be able to claim insolvency in the case of 1099-c income because he has no assets since the deed is in someone else's name?
Thanks
Is it possible to transfer a deed while still having an outstanding mortgage on the property? Meaning can there be a different legal owner from the mortgage holder? (for IRS purposes). When the house gets sold/foreclosed in the above situation who has to record the sale? Will the mortgage holder be able to claim insolvency in the case of 1099-c income because he has no assets since the deed is in someone else's name?
Thanks