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My mother recently passed. She signed a quit claim deed to me. I am also sole heir to her house, stated in her will. There is still a mortgage on her home that will be paid in July of 2012. She has a 235 HUD mortgage from 1982. Should I file the quit claim or inherit the house? What are the tax implications and the mortgage ramifications of the 235 loan? Please help! I am about to rent the house. It has been on the market for 2 yrs. priced low, and not selling. The house is in In. I live in Fl. I cannot maintain the mortgage, utilities, and the upkeep of yard and pool from 1000 miles. The mortgage has yearly income qualifications which I can meet but I will not be a resident owner. I think the house can be rented for a year to qualify, if I am understanding correctly. Qualification period is in July or August.

jameshogg · Posted: Sat Jun 04, 2011 12:13 am Post subject:

Hi sunnydayna,

You won't be able to record the quitclaim deed now as your mother is deceased. Rather, you can probate the will and get the property transferred in your name. Once you get the property transferred in your name, you can refinance the mortgage in your name and pay off the debts in full in order to save the property.

Thanks

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