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Quick Claim Deed

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CV626 Guest	Posted: Fri May 20, 2011 9:13 am    Post subject: Quick Claim Deed Like 0 Dislike 0 My parents deeded their Ohio home to me seveal years ago. They are still alive and living in the home. I live in Florida and may be selling my Florida home in a short sale due, to the decline in value. I want to protect my parent's home in Ohio incase of a deficiency judgement against me after the short sale process. Would a quick claim deed to my brother be the best option to protect our family home in Ohio? The home in Ohio is paid for (no mortgage). Are there any gift tax implications to my brother who will obtain the home? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri May 20, 2011 8:49 pm    Post subject: Like 0 Dislike 0 Hi CV626, Welcome to Mortgagefit, Firstly what you wish to do is illegal if both the processes happen within the time frame of one financial year...So I will advice you to quitclaim the deed to your brother first and then a year later you can opt for short sale and by that time continue paying the mortgage bill.. As far as gift taxes are concerned you can ask your brother to file a gift tax exemption...there is a limit of $ 1 million transfer (tax free) in a person's lifetime....So if he haven't opted it before he can surely use that right now... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Fri May 20, 2011 9:11 pm    Post subject: Like 0 Dislike 0 Welcome CV, Normally, the lender won't come after the Ohio home in order to recover the deficient balance resulting from the property sale. If you're able to convince your lender to not sue you for the deficient balance, then you won't have to transfer the property to your brother. However, if the lender does not agree to your request, then you can sign a quitclaim deed and transfer the property to your brother. If you're transferring the property as a gift, then you will be liable for paying gift taxes. _________________ Procrastination is the enemy of your financial success

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