quick claim deed

Guest 0.10 Dollars($)

If my mother purchases a house and then quick deeds it to my brother, who is legally responsible for paying the mortgage? Whose credit is affected if there are late pays, etc.?
If a quick deed doesn't let my mother off the hook, is there something, short of my brother qualifying for the mortgage, that can be signed so that she isn't responsible for the payments. I just don't want her to get burned and lose her good credit standing if he is a slow payer.
Thank You

jerry · Posted: Thu Mar 30, 2006 12:48 am Post subject: RE:

Hi,

Welcome to the forums.

If your mother has just quit claim deed the property to your brother then she is responsible to pay the mortgage. But if she wants to transfer the mortgage as well, then she will have to undergo a process called novation.

If there are late payments then the credit score of the person in charge for paying off the mortgage will be affected.

Thanks,
Jerry

adonis · Posted: Thu Mar 30, 2006 12:57 am Post subject: RE

Hi, Ktod

There are various options available if we can look around. I am going with "jerry" yeah, through deed you can only transfer the title rights to the person - in your case mother transfering rights to your brother.

Novation is handy option for you and its good to see that you are concerned about your mom, we all should.

Thanks

Guest 0.10 Dollars($)

Just discovered after many years of living in our home, that my wife's name is not on the deed to the property. Can I use a quick claim deed to make sure both names are on the property.

Guest 0.10 Dollars($)

Yeah,

Not a bad idea to have your wife name on the deed.

Thanks

adonis · Posted: Mon May 01, 2006 6:37 am Post subject: RE

Hi

You can go to your local recorders office and you can file a quit claim deed to add your wife onto the deed. Its a simple process. I think they may charge some nominal fee for the same.

Good Luck

Adonis

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