We paid off our mortgage with a personal cash loan from a family member. How do I answer this questin: Is the loan secured by a property of yours? Yes or NO?

jacksonamyjo · ‎April 13, 2021

JohnB5677 · ‎April 13, 2021

Do you have any kind of document or agreement that spells out the conditions of the loan.

If you do not, then that family member could not be able to take the home in foreclosure. in that case the loan IS NOT secured by the property and the interest is not deductible.

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We paid off our mortgage with a personal cash loan from a family member. How do I answer this questin: Is the loan secured by a property of yours? Yes or NO?

We paid off our mortgage with a personal cash loan from a family member. How do I answer this questin: Is the loan secured by a property of yours? Yes or NO?

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We paid off our mortgage with a personal cash loan from a family member. How do I answer this questin: Is the loan secured by a property of yours? Yes or NO?

We paid off our mortgage with a personal cash loan from a family member. How do I answer this questin: Is the loan secured by a property of yours? Yes or NO?

Found what you need?

Top help articles

Still have questions?

About Community

3.49m Members

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3.49m
Members

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Discussions