Comments on: Will Getting an Inheritance or Large Gift Increase My Student Loan Payments? https://studentloansherpa.com/inheritance-increase-payments/ Expert Guidance From Personal Experience Tue, 12 Mar 2024 20:23:17 +0000 hourly 1 https://wordpress.org/?v=6.7.1 By: Michael P. Lux, Esq. https://studentloansherpa.com/inheritance-increase-payments/comment-page-1/#comment-5758 Mon, 13 Dec 2021 14:13:42 +0000 https://store.eptu0ncx-liquidwebsites.com/?p=5023#comment-5758 In reply to Marco.

Great questions Marcos.

I’ll start with the one directly related to student loans: getting the gift shouldn’t impact your payments because it won’t impact your AGI when you file your taxes.

As for the transfer to your name and lien issues, I really don’t know. Real estate laws can vary greatly from state to state, and the mortgage agreement may have specific language regarding the transfer. This is a question that a local real estate attorney should answer.

]]> By: Marco https://studentloansherpa.com/inheritance-increase-payments/comment-page-1/#comment-5744 Sun, 12 Dec 2021 06:19:49 +0000 https://store.eptu0ncx-liquidwebsites.com/?p=5023#comment-5744 Hi Michaeal,
I really hope you can direct me with my inheritance question.
My parents are gifting me one of their 2 homes and recently I was approved with income driven repayment plan (20-year forgiveness). I was not able to pay my student loan for over 20 years and my loan has grown to $360,000. I lived in this house and paid the mortgage since 2014 (when parents bought it) and still living in it. Current value of the house is $650,000 and over $180,000 loan left to pay. Can my parents transfer it to my name without causing any issues such as lien or taken away? Would it also affect to my repayment plan? I would really appreciate your professional opinion.
Thank You.
Marco

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