New Mortgage
Last December I wrote about our refinancing saga. We finally closed on the refi this April but not after some unexpected road blocks and the saga continues.
The house was both owned by Justin and my mom. During the refi we wanted to take my mom's name off and put my name on the deed instead, thinking it was just a simple signing of paperwork. Well we thought wrong. For some reason the name transfer was recorded by the city as a sale of 50% of the ownership of the house from my mom to me. The sale triggered a city and county transfer tax as would in a real estate transaction even though no money changed hands in our case. We had to pay several thousand dollars extra in closing cost. We were reluctant to pay the transfer tax at first since it was totally unexpected. But the refi couldn't close unless it's recorded by the city. After many phone calls with the city and county, I was told to pay the fee and then fill out some forms to appeal the fees.
So I filed the forms a few weeks ago just found out we are getting a refund from the county processing fee, about 100 dollars, yay! I almost didn't send in the appeal forms because I didn't think a city so strapped for money would refund money from its resident. There's one more form to mail in before the city would decide whether we get a refund or not on the thousands of the dollars we paid. This is obviously the part of the fees we really want back. :) Keeping my fingers crossed.
The house was both owned by Justin and my mom. During the refi we wanted to take my mom's name off and put my name on the deed instead, thinking it was just a simple signing of paperwork. Well we thought wrong. For some reason the name transfer was recorded by the city as a sale of 50% of the ownership of the house from my mom to me. The sale triggered a city and county transfer tax as would in a real estate transaction even though no money changed hands in our case. We had to pay several thousand dollars extra in closing cost. We were reluctant to pay the transfer tax at first since it was totally unexpected. But the refi couldn't close unless it's recorded by the city. After many phone calls with the city and county, I was told to pay the fee and then fill out some forms to appeal the fees.
So I filed the forms a few weeks ago just found out we are getting a refund from the county processing fee, about 100 dollars, yay! I almost didn't send in the appeal forms because I didn't think a city so strapped for money would refund money from its resident. There's one more form to mail in before the city would decide whether we get a refund or not on the thousands of the dollars we paid. This is obviously the part of the fees we really want back. :) Keeping my fingers crossed.
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