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rt357 · Joined: 12 Dec 2011 Posts: 1 30.69 Dollars($)

I provided purchase funds through a note and mortgage to my daughter to purchase a home. She has not paid the mortgage but I would still like to allow her to live there. I have already got here to sign a quit claim from her to herself and me. Can I have her sign another quit claim to me and record a mortgage release ? and also would the quit claim eliminate her homestead exemption? also would there be any tax issues? The home is in Indiana
Thank you

skydendredge · Joined: 22 Jul 2011 Posts: 69 12.09 Dollars($)

Since one quit claim deed is already present, you can not have her sign another quit claim to you. Regarding tax implications, it would be wise to take help from a professional tax advisor.

raymond · Posted: Fri Dec 16, 2011 10:39 am Post subject:

Who holds the mortgage? Who is the Lender?

Posted: Sat Dec 17, 2011 10:32 am Post subject:

I hold the mortgage, I provided the cash at closing and had her sign a note and mortgage and recorded both along with the quit claim from her to her and me

jameshogg · Posted: Thu Dec 29, 2011 12:27 am Post subject:

Hi Guest,

Your mortgage can't be released by a quitclaim deed. If you want to get the mortgage transferred in your name, then you need to refinance the existing mortgage in your name.

Thanks

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