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If I quit claim deed my house to my two grwon sons, who pays the property taxes and insurance? Also, can I sell the property since I would still be liable for the mortgage? If they didn't pay the mayment, what could I do?

chrisgummerson · Posted: Fri Jun 10, 2011 2:49 pm Post subject:

If you deed the title to another, you are still liable for the mortgage, as well you are still liable to maintain your taxes and insurance per your loan documents. You can always add or remove persons from title, but you cannot add or remove a person from the loan without a refinance or selling the home. If you are no longer on title, you would need to add your self back on title to sell and completely transfer the home to another party.

gmakerley · Posted: Sat Jun 11, 2011 9:15 am Post subject:

I agree with Chris' point in his last sentence, but differ with the required methodology.

In order for you to be added back to the title to the property, your two sons would need to agree to it. In other words, you cannot "add your self back on" once you have no ownership interest in it.

The taxes would actually become the responsibility of the owner(s), but you have an obligation to meet the lender's needs, so it is essential that you ensure that they are, in fact, paid. And, of course, if your lender is escrowing for taxes and insurance, when you make the payments, those items are cared for anyway.

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