quick claim

Guest 0.10 Dollars($)

if my dad is on the mortgage only and he wants to quit claim deed to himself and me, does that mean the mortgage company will leave loan under his name still, which is what we want, also if i have creidtors or governement ceased property will this home be protected??

Guest 0.10 Dollars($)

yes the company may leave the mortgage in his name even if there is a quitclaim done. This is because the quitclaim does not transfer mortagge debt. But just because of title transfer, the lender (as per the loan terms and conditions) may ask you to refinance the loan in both of your names as now you are the co-owner.

Which creditors are you talking about? and do you have back taxes?

Guest 0.10 Dollars($)

The home can be protected if you have homestead protection. But if the home value exceeds the coverage then perhaps the creditor will sell property and then pay you up to the protected equity value.

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

Hi cuca,

Welcome to the forum.

I think as it is a mortgaged property, your father should inform the lender about this quitclaim. I believe that your father can still be on the mortgage and the lender will not have much of a problem as long as he is paying the monthly payments on time.

BTW do not forget to notarized and record the deed in the county recorder's office in your state to make the deed valid.

Best of luck,
Larry

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