quit deed house in memphis,tennessee

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Icon Mini Profile peuell0903





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Post Posted: Thu Feb 04, 2010 4:26 pm    Post subject: quit deed house in memphis,tennessee
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My 2 daughters bought us a house and they have both gotten married. So, I (mother) is still living in the house. They both want to quit deed the house to me. What do we need to do as far as quit deeding the house to me? This is our family home. No, the house is not in foreclosure and back payments
Icon Mini Profile smithsussane
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Post Posted: Thu Feb 04, 2010 8:39 pm    Post subject:
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Hi peuell!

Welcome to forums!

Your daughters can sign a quit claim deed and transfer the property to you. They should use a quit claim deed of the state where the property is located. Your daughters can even contact an attorney and he can help them in getting the deed drafted. Once they sign the deed and transfer the property, you'll have to notarize and record the deed at the county recorder's office.

Feel free to ask if you've further queries.

Sussane
peuell0903@comcast.net

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Post Posted: Fri Feb 05, 2010 9:57 am    Post subject:
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Thank you so very much for your reply. I have one more question. If my daughters quit claim deed the house to me, would that debt becomes mine and they would be released from their responsibility to the debt that is owed and the debt would become mine? They want out of the loan and I want to keep the house and assume responsibiltiy for the debt.
Icon Mini Profile raymond
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Post Posted: Fri Feb 05, 2010 6:22 pm    Post subject:
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>>would that debt becomes mine and they would be released from their responsibility to the debt that is owed and the debt would become mine?

No, and if you're doing the Quit Claim for that purpose, it's best not to. The Lender wants the Mortgage Note and Title Deed to remain the same, and the note can be called due-and-payable from your Lender if they find out you've revised the Deed.

>>They want out of the loan and I want to keep the house and assume responsibiltiy for the debt.

Then you'll need to refinance the property into your names, or assume the existing mortgage. Modifying Title isn't the correct solution.

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