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Guest

Me and my husband are renting a house that his parents own. It has always been their intension for us to get this house.His mom has just been diagnosed with cancer as of now she has no living will to state who gets the house. They have no medical insurance so they are worried about loosing our/their house , so they are wanting to get the house in our name ( The house is not paid off). They are talking about just going to the bank US paying the closing cost and just take it over, i guess the note but im not sure that it works like that. Even though we are willing to take on full responsibility of this house and its payments.To insure that we will not loose this house Would signing a QuickClaim deed help in this type of situation. I hope i explained my situation good enough. O yeah and we live in Arkansas. Any help would be great Thank You!
DanielleD.

adonis · Posted: Sun Oct 25, 2009 9:54 pm Post subject:

Welcome DanielleD,

Your mother-in-law will have to sign a quitclaim deed in your name in order to transfer the property to you. Once she does so, you will have to refinance the loan in your name. This will make you responsible for the mortgage payments.

However, transferring the property in your name would make your mother-in-law ineligible for the Medicaid benefits for the next 5 years.

Guest

Thank you SOO much for the info because neither one of us knew it would effect her getting medicaid for the next five years. So we are going to talk to a lawyer and the bank to see what we could do. Once again thank you!!

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