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Can the quit claim deed work?

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myonlysunshine Guest	Posted: Wed Mar 19, 2008 8:21 am    Post subject: Can the quit claim deed work? Like 0 Dislike 0 My husband co-signed for our son on his first house. He is not making payments and when he is they are late. It took us 30 years to get excellent credit and within just a few years, our son has our credit to below average. I did not want to sign with him and made husband and son sign a "Quit Claim Deed". Can we use this to get the property in our name and then he can rent from us. Atleast then, we know that the bills are being paid for and/or not being late. Any suggestions, besides divorce..... Thank you, My boys
blue Joined: 21 Oct 2005 Posts: 1131 Location: MARYLAND 138.04 Dollars($)	Posted: Wed Mar 19, 2008 10:58 pm    Post subject: Like 0 Dislike 0 Hi, Welcome to Mortgagefit discussion board. Yes your son can quitclaim the property to you but you need to inform the lender about this. The lender may ask you to take the loan on your name, because after your son quitclaims the property to you, you will be the owner of that property. So if you do not inform the lender may call he loan due on sale. Do let me know if you have any other questions. Thanks Blue _________________ Lets help each other. Try my blog

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