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Quit claiming a deed or inheriting the home with a mortgage

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Guest	Posted: Mon May 16, 2011 1:41 am    Post subject: Quit claiming a deed or inheriting the home with a mortgage Like 0 Dislike 0 Both of my parents are terminally ill, and currently own a home worth about 174K; they currently owe 114K on it. They wish to transfer the home to me. I have power of attorney over both of them. Should they quit claim the home to me prior to their deaths, or put it in a living trust where I am the inheritor/trustee? Which option would be best. Either way, would I have to qualify to keep the loan, or can I pay off their existing loan (it is an assumable loan)?
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Mon May 16, 2011 1:54 am    Post subject: Like 0 Dislike 0 Hi Guest, Your parents can sign a quitclaim deed and transfer the property to you. This will make you the sole owner of the property. Once the property is transferred to you, the lender will want you to refinance the mortgage in your name. Take care.

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