Does a Quit Claim Deed relieve current owner of everything h

deborahgombas · Joined: 24 Jul 2008 Posts: 2 1.60 Dollars($)

Does a Quit Claim Deed relieve current owner of everything having to do with home???

Husband owns a property (not primary residence) that his sister, her family & my husband's mother live in. He bought this so they wouldn't lose their home. Now the only way to get this out of my husband's name is to have a reverse mortgage done in the mother's name, which has all been approved. NOW, my question to you is....if my husband signs a "quickclaim deed" to his mother...will this relieve him of the property and all of the money owed on it in its entirety, including back taxes owned on the home???

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi deborahgombas.

Welcome to the forum.

Is it a mortgaged property? If so then quitclaim will not transfer the mortgage, it only transfers the property. So he will still be responsible for the mortgage even after the signing the quitclaim deed. So can his mother refinance the mortgage? How much does he owe on it and how much is the market value of the property?

Waiting for your reply,
Larry

deborahgombas · Joined: 24 Jul 2008 Posts: 2 1.60 Dollars($)

Yes, my husband does have a mortgage on the property. Once he quickclaim deeds it to his mother she is getting a mortgage in her name and the original mortgage & the back taxes are going to be paid off.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi. Welcome back.

Who will pay the back taxes? Your husband or his mother? Can she refinance the mortgage? How much equity do you have on the property?

Best of luck,
Larry

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