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Quit Claim

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mmmlopez Joined: 05 Jul 2010 Posts: 2 1.77 Dollars($)	Posted: Sat Oct 16, 2010 11:52 am    Post subject: Quit Claim Like 0 Dislike 0 We live in Las Vegas, NV my husband and I moved into a home purchased by his father, it has a mortgage. A few years ago he quit claimed it to us, due to his health. we now want to purchase a home in our own name , and move out. What effect will this have on our credit and on us purchasing our own home, He also is in a chapter 13. What effet does that have on us? Will we have problems buying our own home, due to this quit claim? and I believe he is behind in payments
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Oct 18, 2010 4:02 am    Post subject: Like 0 Dislike 0 If the property is free and clear, then you won't face any problems in buying a home of your own. However, if you've a mortgage on the property purchased by your father, then you won't be able to qualify for a mortgage unless you pay off the existing mortgage. _________________ Good is the Enemy of Great.
mikala Guest	Posted: Mon Oct 18, 2010 3:04 pm    Post subject: Quit Claim Like 0 Dislike 0 Why would this effect us, we are NOT on the mortgage, ust listed at assessors office, how would this effect us buying our own home
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Oct 19, 2010 3:28 am    Post subject: Like 0 Dislike 0 Hi mikala, You need to check out whether or not your name is mentioned on the mortgage deed. If not, then the property won't affect your chances of getting a new mortgage to buy a property. Feel free to ask if you've further queries. Sussane
mikala Guest	Posted: Tue Oct 19, 2010 10:21 am    Post subject: Quit Claim Like 0 Dislike 0 It was recoreded at the assesors office as a quit claim and property tax info is in our name. Does that mean it will effect us in buying our own home, and why?
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Wed Oct 20, 2010 1:56 am    Post subject: Like 0 Dislike 0 Hi mikala, Your name on the property deed won't matter much. However, if your name is mentioned on the mortgage to the existing property, then there are chances that you may not be able to get a new loan. Take care.

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