I have a question about quit claim deed being re-deeded to s

mschalk · Joined: 28 Mar 2008 Posts: 1 1.37 Dollars($)

My mother signed (and is was recorded) a quit claim deed over to me, my sister, and my brother back in 2000. She has since had health problems and is now residing in a nursing center. The Quit-claim deed has a life estate for my mom. I understand what life estate means. I am wondering, can one of us three children deed the house over to another? For example, can my sister and brother deed the house over to me? We don't want to sell the house and we wanted to keep it in the family, but it needs repairs desperately, and no one right now can take out a home equity loan because it is in three names.
THanks for any help

helping_user · Posted: Fri Mar 28, 2008 10:58 pm Post subject: RE: quitclaim to get equity loan

Welcome Mschalk.

I don't think your brother and sister have to quitclaim for you to get a home equity loan on the property. It doesn't matter if you are on the loan and all 3 are on the property, provided the lender is willing to go for a deal.

However, even if you wish to keep only a single owner on the title, then a quitclaim can serve the purpose. By the way, what loan have you thought of - an ARM or an FRM and how's your credit?

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

helping_user

If the property is jointly owned three of them, then dose the one can mortgage the property for loans? If the borrower can not be repayment of loans, so the lender can receive property? Will the other two owners be foreclosure?

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