Posted on: 15th Mar, 2007 05:58 am
my mother lost her job, so she wants to quit claim her house over to me.she owes $6000 dollars on the mortgage.so i dont know if i want to do it. would i be responsiable for her debt,and if i did do it would i be able to refinance with that debt on the estate? please help
Hi,
Welcome to Mortgagefit discussion board.
After your mother quit claims the house to you the ownership will be in your name but it will not transfer the mortgage. Your mother will have to continue the payments. The responsibility of the debt will not be in your name. But the lender may require the mortgage to be refinanced in your name.
" if i did do it would i be able to refinance with that debt on the estate?"
Whether you are able to refinance the mortgage in your name would depend on the qualification requirements that the lender has. If you have good credit score and income then there should not be any difficulty.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
After your mother quit claims the house to you the ownership will be in your name but it will not transfer the mortgage. Your mother will have to continue the payments. The responsibility of the debt will not be in your name. But the lender may require the mortgage to be refinanced in your name.
" if i did do it would i be able to refinance with that debt on the estate?"
Whether you are able to refinance the mortgage in your name would depend on the qualification requirements that the lender has. If you have good credit score and income then there should not be any difficulty.
Do let me know if you have any other questions.
Thanks
Blue
If your mother quit claims the house to you, the ownership rights on property will pass on to you. But the loan will still be in her name. As such she will be liable for the debt. But if the lender agrees and if you have a good credit score, you can refinance the loan in your name and pay it off.
Since your mother does not have a job, you can either help her with the payments thereby keeping the loan in her name. Or else, you can have your name and remove your mother from the loan by refinancing.
Since your mother does not have a job, you can either help her with the payments thereby keeping the loan in her name. Or else, you can have your name and remove your mother from the loan by refinancing.