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My husband and I were interested in buying a vacation home. We could not qualify for the financiing because we our self employed. So my mother in law financed the vacation home for us in her name. We have been making the payments for the last two years. My mother in law has signed a quit claim deed to us, but we haven't filed it yet because we're not sure what would happen if the mortgage company found out. We still would not be able to qualify because of showing not enough income although we have no problems making the payment every month. I'm concerend if my mother in law passes away and we haven't filed the claim yet with the county. Not sure what is the best move for us? Thanks!

sara · Posted: Mon Mar 17, 2008 9:42 pm Post subject: RE: file quitclaim deed

Hi JLV,

Welcome to the forums.

Where do you stay, in which state and county? because the period for filing the deed varies from one state to another. You need to find out whether the deed if filed now after 2 years will be valid. So, this should be your first move. You can also enquire at the office of the County Recorder.

Take Care

enriko · Joined: 05 Mar 2008 Posts: 67 0.07 Dollars($)

Yo JLV,

which state are you from?

Guest

I live in Washington state

helping_user

Hi JLV,

I think you should ask the officials at the County Recorder's office as to what is the time length during which you should file the deed. Otherwise if the time has passed, then the deed won't be valid and then your mom has to get a fresh deed drafted and file it to make the transfer effective. Also, does the lender/mortgage company know about the transfer. He should be informed and does he know that you are making payments on behalf of your mother?

The lender can possible ask you to refinance the loan in your name since there has been a change in ownership of property.

Thanks.

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