Transfer of mortgage to another person through quitclaim?
Transfer of mortgage to another person through quitclaim?
My mother-in-law and father-in-law have short saled their house and so their credit is ruined. We will be buying a house for them in our name but they will be paying the mortgage. What will the quitclaim deed do? Will the quitclaim transfer also the mortgage responsibility and taxes back to them or is there other things we need to do to transfer it back to them? Will we be taxed for transferring the mortgage and the title back to my mother-in-law and father-in-law?
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The quitclaim deed won't transfer the mortgage responsibility to your mother-in-law and father-in-law. Rather, they will have to refinance the mortgage when they want it to get it transferred in their names. You may be taxed for transferring the property to them. In order to know more in this regard, you can contact a tax adviser.