Is quick deed the only option for me?

Guest 0.10 Dollars($)

Hello All!
My father passed away a few years back and my mother has decided to re-marry and give the house she and my father own to my husband and me. We were considering a quick deed, but from what I understand that only transfers the interest of the home, not the mortgage. Unfortunately, I have poor credit history and may not qualify for interfamily transfer or mortgage refinance transfers. I am confident that I can make the payments, but I'm just wondering is there a way to get the mortgage in my name as to rebuild my credit history and have actual ownership of the family home? Any suggestions would be helpful! thanks!

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

Hi,

Welcome to the forum.

Even if the mortgage is not on your name you will own the house if your parents quitclaim the property to you and your husband.

If your husband's credit scores well, then let him take over the mortgage on his name by refinancing. You can also contribute for the mortgage payments.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Posted: Sat Apr 12, 2008 6:19 am Post subject:

Through novation you can transfer the mortgage on your name. Consult with your mortgage company and request them to transfer the mortgage on your name as your mother is quitclaiming the property to you. If they agree for the novation then you should not have much problem.

Let me know if you have any further queries

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