Compare Mortgage Quotes

Guest

My husband ownes property in two deeds.. Land with home and just land. He has a mortgage in his name only on the deed with the house from the bank, and he ownes it in a "life estate" I was under the impression a bank would NOT give you a note on a life estate. Now after leaving the property and that state his brother (a remainderman that would receive it also in a life estate) want my husband to sign a quick claim deed.
The mortgage would still need to be satisfied first and also would the deed be able to include "proceeds" that he would acquire if he were to RENT the property?
When we lived in the home his family wanted nothing to do with helping us ready the property for rental (it needed tons of work) , now that we have left they want to try and "take it over". We don't feel they should be handed it without pay off of the loan and proceeds of money he would make on the property. Also would the quitclaim allow his brother NOW to be able to SELL it? we had discussed how we could have done that earlier, but they wanted nothing to do with talking about it. I personally think they are just trying to take advantage of our financial situation..and want to make sure hubby doesn't get screwed on this one!

jameshogg · Posted: Thu Aug 04, 2011 8:14 pm Post subject:

Hi cupcakediva,

If your husband signs a quitclaim deed and transfers the property to his brother, then he will be considered as the owner of the property and he will be able to sell it off. As the mortgage is in your husband's name, he can ask his brother to refinance the mortgage in his name and release your husband from the liability of mortgage payments.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

is quick claim possible?

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1