quickclaim deed`

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my mom divorced her husband,he cant make the payments anymore.he wants to quickclaim the house to me i am thinking if its a good idea to do or not. and if i am going to be the owner?also he says after he refinances the house,his name will go off the title,is it true or not? thank you jesus

kpatrick · Posted: Sat May 03, 2008 8:08 pm Post subject:

Hi Jesus,

If your Ex-Stepfather quitclaims the house to you, then you will be on the title, but he will still be on the loan. Basically this would mean that you own the house, but he still owes the money for the home. Him refinancing the home will do nothing, because if he refinanced he would still be on the loan.

The only way for you to be on the home loan is for you to refinance it into your name, or to buy it.

If the loan is a FHA loan, you could look into assuming the loan.

Good luck,
Kim

jheard · Posted: Sun May 04, 2008 9:43 am Post subject:

Your best course of action is a straight purchase for a small sum. Contact a title or escrow company to handle the transaction for you.

If you want to do it yourself, use a warranty deed, get a title report from a title company to make sure there are no other liens, and arrange for your own mortgage.

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