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transfer of property

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cvgorkum1 Guest	Posted: Sun Feb 13, 2011 7:56 pm    Post subject: transfer of property Like 0 Dislike 0 My dad is 87 and extremely ill. He is now living with me and no longer can pay his mortgage. He has my name on the deed but not the loan. We have a friend that wants to take over the property and make the payments and both my dad and I have agreed to do this. My dad is upside down on his loan by alot. How can I remove my name from the deed without any legal responsibility and then transfer the loan to our friend. He can not qualify on his own for another loan.
adonis Joined: 22 Oct 2005 Posts: 10571 Location: ALASKA 1090.37 Dollars($)	Posted: Sun Feb 13, 2011 10:45 pm    Post subject: Like 0 Dislike 0 Welcome cvgorkum, You can sign a quitclaim deed in order to remove your name from the property deed. You should contact an attorney and he will help you in transferring the property. Your friend will have to refinance the mortgage. As the property is upside down, it will be difficult for your friend to refinance the mortgage. He should try for assumption of the loan. _________________ Procrastination is the enemy of your financial success

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