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larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Patti Pyoi,

Welcome back,

So as you are presently under bankruptcy, you cannot refinance the mortgage to your name. Does your stepfather asked you to take the mortgage on your name after quitclaiming the home to you? If not then let it be on his name.

By the way, the lender does not allow to quitclaim if it is a mortgaged property. So how could you father quitclaim the property to you? Has he done it without informing to the lender?

Feel free to ask if you have any further questions.

Thanks,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Patti Pyoi,

He is probably wanting you to refinance the mortgage if it is in his name. This is very common when it comes to quit claiming interest in a home. The party remaining in the home should refinance the mortgage into just their name only to release the other party of the debt obligation. Rates are good right now so it could be a good time to do so. With good credit you shoud be able to get a 5.50% fixed rate on a 30 year mortgage.

Guest

from IL. a siblings name, along with my mother's name is on a paid mortgage..mother paid 95% of mortage..including insurance and taxes..she was in debt..quit claimed to sibling..she passed away..in her original will (before quit claim) willed that her debts be paid and the remaining personal and real property be shared among the remaining four siblings..some personal property has been distributed,although sibling who accepted quit claim has full possession of real property, claiming she has no estate and is insolvent...is this legal?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi kree,

Welcome to the forum.

Your mother has quitclaimed a property to one of your sibling, right. So he is the owner of that property. But if you mother had any other piece of real estate property, that should be distributed among all of the siblings.

Feel free to ask if you have any further questions.

Best of luck.

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Will quick claim protect my home from creditors?