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my in law is a co-borrower on the loan of my property. she is on medicare , and we would like to take her name off the loan. would quit claim be advisable to prevent anyone else in claiming rights to the property in case she passes away.

smithsussane · Posted: Thu Apr 28, 2011 11:52 pm Post subject:

Hi noel!

Welcome to forums!

In order to remove her from the loan, you need to refinance the mortgage in your name. In order to remove her name from the property deed, she can sign a quitclaim deed. I don't think anyone can claim any rights to the property after she does so.

Feel free to ask if you've further queries.

Sussane

s_am_inc · Joined: 29 Apr 2011 Posts: 3 1.49 Dollars($)

Noel,

most title companies dont acknowledge quick claims anymore. Just do another closing and take her to the title co to sign over her claim to the property, this would take her off the deed. To take her off the mortgage, depending on how long she has been on, you could just talk to the bank...that would be your first choice...

Guest

Thank you for the replies, my concern is that while she is under medicare, they might find out that she has property on her name under this loan. And she also loses her benefits because of this, which we are trying to prevent.

Guest

As far as I know, it is not true that your mother may lose the Medicare benefits if it is known that the she has the property under the loan.

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