ANOTHER LONG TIME HOMEOWNER QUESTION

[Wendy]

Husband & wife purchased house together in mid 2004. Lived together in the home until late 2009 when they lost it to the bank - just more than 5 years.

Bought another principal residence after Nov 6. So they would qualify for the credit.

BUT during the time in the former home they transferred ownership between themselves several times - from joint to wife - from wife to husband to joint. Never to anyone else. When the bank took the former house it was in wife's name.

New purchase is in the husband's name.

The transfers disqualify them from the credit.....right???? I'm confusing myself.

Thanks.

Wendy

[jainen]

>>The transfers disqualify them from the credit.....right????<<

In my opinion, the transfers disqualify them from my answer. I would not accept them as clients.