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cad0712 · Joined: 04 Sep 2009 Posts: 1 1.40 Dollars($)

My mother purschased a home and is dying and would like to transfer the house in my name. After readin other forums I assume a quit claim would suffice for this but my concern is that it does not transfer the loan amount correct? If she is to make this transcation I do not believe that my credit but I have sufficent income will qualify for a refianance. My mother is wanting 2 transfer everythin in my name asap the title and the payments which I have agreed to take over. How can I take ownership of the house and make payments without having to qualify for a refinance. Because I assume I would not be accepted as my credit is horrible..but I have a great stable paying job? Please help! Thanks

sara · Posted: Fri Sep 04, 2009 2:40 am Post subject:

Hi cad,

If your mother signs a quitclaim deed in your favor, you would be considered the owner of the property. However, she will still remain on the mortgage docs and would be liable for the same. However, if order to transfer the mortgage in your name, you would have to refinance the loan.

As you've mentioned that your credit score is bad, it would be difficult for you to refinance the loan. Did you take any steps to improve credit score? A stable job with good income won't help you getting a refinance. Along with it, you would also require a good credit score.

Novation is also a way of transferring mortgage from one person to another. However, as far as I know, in this case also, the lender would check your credit score and income.

Take care.

liaoyu03 · Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)

"en.wikipedia.org/wiki/Novation"

[External link deactivated as per forum rules. Thanks.]

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quit claim deed and novation