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Second Guest
Guest
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 Posted: Thu Sep 03, 2009 6:41 am Post subject: Quit Claim ?? |
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| My Mom is the only person on the mortgage right now. My husband and I reside in the house with her since she has bought it. We pay all the bills on it but all in cash. My Mom is sick with cancer right now and we want to guaranty that the house comes to me. I have a brother that hasn;t been in the picture in 6 years. I live in NY. The questions I have are Is doing a Quit Claim deed the right thing to do to put just myself on the mortgage and will there be any tax consequences with doing that? Also, if we don't do it that way can the house be left to me in a will and will my brother have the right to fight for the house? |
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 gunzijjistaff
Joined: 07 Apr 2009
Posts: 454
6.41 Dollars($)
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| Posted: Thu Sep 03, 2009 7:11 am Post subject: |
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Hi Guest,
Welcome to our forum.
In my opinion, If your mother left your name in will as heir of property, then you can get this house after her death. If you mother wish to transfer home title to you now, you can use quitclaim deed to remove her name from deed and add your name on deed of property. Before that, if your mom has not paid off the mortgage then, you have to refinance mortgage before sign a quitclaim deed. Then you will become house owner & you will be responsible for pay the further dues to lender. In case of your mother not left any will or she not transfer property to your name without pay off mortgage before her death then lender will file foreclosure but don't worry if you can avoid it. If she pay off mortgage with out signing will or quit claim deed to you then your 6 year old brother will be fight for house. If she left house for you by will then your brother has not any rights to fight for property.
Thanks & Regards.
gunz.ijjistaff |
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simonhovell
Joined: 03 Sep 2009
Posts: 36
-0.12 Dollars($)
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| Posted: Thu Sep 03, 2009 8:00 am Post subject: |
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Hi Guest,
in my opinion, quit claim deed is the right option for you. Reasons is that You are paying mortgages.
After that you need to inform lender & get mortgage refinanced in your name.
you will be answerable to pay property taxes as a new owner.
one thing to remind. first you consult your mother about your interest. |
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catharin9
Joined: 14 Jul 2009
Posts: 169
-0.07 Dollars($)
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| Posted: Thu Sep 03, 2009 8:14 am Post subject: |
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As per my opinion you have to go with quit claim deed.
But please discuss with your mother about the facts so that there will be clear understanding between you. |
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