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specialandrea · Joined: 30 Dec 2008 Posts: 1 1.30 Dollars($)

Two years ago I do a quitclaim deed under the name of my son.If I stop to pay the mortgage. My son is responsible for the mortgage loan or not. And for how long I can leave in the house if I stop to pay.

jameshogg · Posted: Tue Dec 30, 2008 11:38 pm Post subject:

Hi specialandrea,

If you have quitclaimed the property to your son, then currently your son is the owner of the property. If you haven't mentioned the life estate clause in the quitclaim deed, then you don't have any ownership right to the property.

As far as mortgage is concerned, quitclaim deed does not transfer the mortgage from your name to your son's name. In order to transfer the mortgage to your son's name, your son needs to refinance the mortgage. If he hasn't refinanced the mortgage in his name, then you are still liable to pay the mortgage.

Thanks

Guest

If I stop paying the mortgage for how long can I still leaving in that house.

Thanks,
Happy New Year!

gmakerley · Posted: Wed Dec 31, 2008 8:05 am Post subject:

when someone stops making mortgage payments, the first step the lender will take is to try to work out the situation. apparently, there's nothing to work out - unless your son decides to step in and make payments so as to save the home.

let's say he does not do this. then, once your loan is delinquent, the lender will attempt to persuade you to pay. apparently they won't be able to. then, they'll begin a legal action (foreclosure) to take possession of their collateral for the loan you agreed to pay. the length of time it takes for a foreclosure action to be effective varies from one state to another, so it's impossible to say how long that will take. also, the date on which you'd need to vacate the premises will vary from state to state as well. there've been circumstances that have arisen where occupants remain in the home post-foreclosure. i suppose that's because nobody took the time to ensure that they had vacated. once the property is owned by your lender, i think it's pretty clear that you have no rights of occupancy, though.

i trust that sheds a little light on the subject.

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Stop paying the loan.