Which party is responsible for mortgage payments?

mwcarne · Joined: 22 Jan 2008 Posts: 1 1.31 Dollars($)

My grandmother paid our mortgage off, no strings attached-except for the understanding that it would be mine. My husband then got another mortgage loan for a portion of the property value. How can we put the deed into my name-- without me being responsible for the debt?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Mwcarne,

Welcome to the forum.

I would like to ask you who own the property now? Is the title free from liens except from the mortgage that your husband has taken?

I think you can use a quitclaim deed. Quitclaim deed only transfers the property but not the debt.

If you want to know more about quitclaim deed, you can check out this article - http://www.mortgagefit.com/quitclaim-deed.html

Hope this will help you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Tue Jan 22, 2008 12:31 pm Post subject:

from your description, mwcarne...it appears that the home is solely owned by your husband. is that the case?

if so, larry is right in that you can use a quit claim deed to transfer title to you as well as him.

you would not be responsible for the debt, but you must not overlook one important thing about ownership. no matter who takes a loan, if the security for the loan is the home, then all owners must take responsibility in maintaining the home, and if the loan were to go bad somehow, you would suffer the consequences of any legal action taken.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

I would suggest that you add yourself to the title. You are not technically responsible for the mortgage debt but the home can be foreclosed on if payments are not made on time so I would make sure that they are.

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