Posted on: 29th Jan, 2007 07:08 pm
My son and i brougth a house in tn, he lives in tn. i in ca,on deed he is the buyer we want to quick claim deed,it to me,what about the mortgage co.will payments come in my name
no, the payments will not come in your name until and unless your name is on the loan. by signing over a quit claim deed, your friend will be conveying you the ownership interest in property.
Andrew,
Are you on the loan? If yes, then only you need to make payments.
Are you on the loan? If yes, then only you need to make payments.
Hi,
Your son will make a quit claim deed to transfer the house to you. As there is a mortgage on it, before the quit claim deed is made out you son should inform the lender about it. If he allows then your son can quit claim the house.
Even after quit claiming the house to you, he will remain liable to continue making the payments. But if both of you wish that you alone should now be making the payments then the mortgage will have to be refinanced in your name.
David
Your son will make a quit claim deed to transfer the house to you. As there is a mortgage on it, before the quit claim deed is made out you son should inform the lender about it. If he allows then your son can quit claim the house.
Even after quit claiming the house to you, he will remain liable to continue making the payments. But if both of you wish that you alone should now be making the payments then the mortgage will have to be refinanced in your name.
David