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Quit Claim Deed

Posted on: 08th Jun, 2006 02:16 pm
My 80yr old granmother refinaced her building and ended up with a 30yr mortgage. She wants to put the building in my name, but I need to know what I am getting into as far as how will the loan be transferred or if it could be transfered at all?
hi,

welcome to mortgagefit forums.

you can get your name added to the title of the house through a quit claim deed. but you must be aware that any real estate transfers with a lien on it must be informed to the lender.

so, inform the lender and discuss with him about your plan. you can get the mortgage transferred in your name also provided you qualify for the loan. the loan can be transferred through refinancing.

god bless you.

fot mortgagefit,
samantha
Posted on: 08th Jun, 2006 02:47 pm
Hi Tamecan,

Do take the guidance of an attorney while you process the deed. Real estate transfers involve legal matters and should be taken care of by an attorney so that no problems arise in future.

James
Posted on: 08th Jun, 2006 03:04 pm
thank you both the quick response. i did speak breifly with the lender regarding this and it was also suggested that i should try and refinance with my grandmother now just in case if worse comes to worst i will be able to get the refinancing approved in the future. does this sound right?
Posted on: 08th Jun, 2006 07:06 pm
Hi Tameca,

I think you are on the right track as far as the refinancing is concerned. So, go ahead with your plans and hopefully you will end up successfully with the deal.

Feel free to clarify any other doubts.

All the best!

Thanks,

Caron.
Posted on: 08th Jun, 2006 08:31 pm
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