quick claim deed

pcastillo · Joined: 22 Dec 2005 Posts: 2 0.24 Dollars($)

my aunt is buying a house but putting it my mom's name (because my mom has better credit). she wants my mom to sign a quick claim deed. how does this affect my mom? my mom agreed to put the mortgage in her name but she told my aunt that if there are any problems with payments or anything that is damaging to her credit she would sell the house or return it to the back. does signing a quit claim deed change this?

jameshogg · Posted: Thu Dec 22, 2005 9:51 am Post subject:

Hi Pcastillo,

This is a sensitive matter and should be handled with care as it is within your family.

Signing a quit claim deed will transfer the title of the home in your aunt's name but the mortgage will remain in your aunt's name only.

After signing the deed your mom will not be able to sell the home as her name would be off the title.

So as long as the mortgage remains your mom's name I feel she should not sign the quit claim deed and take the risk in her name. I shall suggest you to discuss this issue with your mom and convince your aunt tactfully that once she pays the mortgage in full your mom's name will be off the title.

James

Guest 0.10 Dollars($)

Do I need a quick claim deed or my divorce decree will be enough to state that my ex-spose doesnot have any ownership or liens over the property?

Samantha · Posted: Thu Dec 22, 2005 11:46 am Post subject:

Hi Sunshine,

To make your claims effective you should record your divorce decree at the county to remove your ex-spouse's name off the property.

A quit claim deed will also do. But you should follow at least one way to avoid any dispute. This will enable you to have the mortgage in one name.

To know more on quit claim deed, go through the article "Transferring the property-interest through Quit Claim Deed".

God Bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

I live in a house my mother owns and now she wants to sell it to me but my credit is not so great can she quick deed it to me?

blue · Posted: Mon Apr 03, 2006 5:37 pm Post subject:

Hi,

Property transfer within the family can always take place and there should not be any problem in it.

But only if there is a mortgage loan pending on the property, then the lender needs to be informed first. Any change in ownership of a property with a mortgage loan pending make the loan due immediately.

So, the lender should agree to this transfer in that case. The problem may be the condition of your credit as the lender may not want to change in ownership to a person with credit below the level that he may accept.

Under that condition, talk to the lender and try to convince him first and then proceed.

Regarding quit claim deed, go through the process under the guidance of an attorney to avoid any future trouble.

Blue

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