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 l_b_felton
Joined: 24 Jul 2009
Posts: 1
1.49 Dollars($)
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 Posted: Fri Jul 24, 2009 5:59 pm Post subject: Is a Qiut Claim Deed the way to go to add a person to the ti |
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| My mother owns 3 homes in Indiana. She is wanting to place my brothers name on one home and my sister on another. They are now living in their respective homes and paying her rent. Homes are not paid off, there are mortgages on each home. She is wanting to do a Quit Claim Deed to add them in the interest of them being able to file for Homestead. She can file homestead only on the home she resides in. Doing this will save her hundreds of dollars a month on her mortgaege payments. Do you feel that the Quit Claim Deed is the way to go about this? If something happens to her what then happens with the homes. I figure they would have to refinance the home. Would the state be able to take the homes to pay her fianal expenses if their names are on the Deeds? I am worried that she has not investigated this as much as she should and she (with 3 mortgages) can not afford to seek advise from an attorney. Please help... |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Fri Jul 24, 2009 8:03 pm Post subject: |
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Hi l_b_felton,
She can add her daughter and son to the property deeds but as there is mortgage on the property, she will have to inform the lender about the property transfer. In case of her death, your brother and sister will have to refinance the property in their names and pay off the mortgage. If they don't do so, the lender will foreclose the properties and sell them off to recover his dues.
Thanks |
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cliveselley
Joined: 23 Jul 2009
Posts: 45
0.00 Dollars($)
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| Posted: Fri Jul 24, 2009 10:06 pm Post subject: |
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| quit claim deed does not guarantee that property is free from mortgage. Lender may ask them to refinance mortgage |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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| Posted: Sat Jul 25, 2009 12:44 am Post subject: |
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quit claim deed will suffice the transfer of the property from your mother to your brother and sister respectively but again she need to inform it to the lender.
If she can prepare a will then it will be easy for her hairs in case of any unforeseen situation.
keep in touch......
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Bridgette
Guest
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| Posted: Sat Jul 25, 2009 10:09 am Post subject: |
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| My mother would be only adding their names to the deeds not relinquishing her claim to the properties. Would this allow them to place the Homestead tax credit in their names for their respective homes? |
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Guest
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| Posted: Sun Jul 26, 2009 8:33 am Post subject: |
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Ok!!
now your mom as well as your brother and sister wants to be on the deed and your brother and sister want to take advantage of homestead.
surely they will get benefit of homestead if they have major equity in the home.so make sure your mother transfer major portion of the equty to your brother and sister through quitclaim.
keep in touch..... |
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