Posted on: 12th Jun, 2007 10:29 am
thanks for answers. (colin, miller) i am wondering also, since i have remarried since first assisting my daughter and her husband to buy their house by being on their mortgage, listed first at the lender,etc. if i were to sign "quit deed" to them would my wife and i still be responsible for the mortgage, jointly, or her alone should something happen to me? would she have to sign the quit deed also if this is done?
I am confused Humbrace.
In your previous post ( http://www.mortgagefit.com/discuss/quitclaim-taximplications-17.html ) you had said that you assisted your husband and daughter by contributing the land for the home.
Now you are saying that you assisted your daughter and her husband to buy their house?
"if I were to sign "quit deed" to them would my wife and I still be responsible for the mortgage"
Your wife?
Colin
In your previous post ( http://www.mortgagefit.com/discuss/quitclaim-taximplications-17.html ) you had said that you assisted your husband and daughter by contributing the land for the home.
Now you are saying that you assisted your daughter and her husband to buy their house?
"if I were to sign "quit deed" to them would my wife and I still be responsible for the mortgage"
Your wife?
Colin
Humbrace,
If you sign on the quitclaim, you're just transferring the property. But the loan still remains in your name. So, both of you and your husband will be responsible for the debt jointly.
However, if something happens to you and you're unable to make the payments, then your wife will have to continue with the loan pay off. Also, keep in mind that the quitclaim has no effect on the loan.
If you sign on the quitclaim, you're just transferring the property. But the loan still remains in your name. So, both of you and your husband will be responsible for the debt jointly.
However, if something happens to you and you're unable to make the payments, then your wife will have to continue with the loan pay off. Also, keep in mind that the quitclaim has no effect on the loan.
Your wife may need to sign the deed only when she is interested to convey her share of the property to her siblings. I guess you've initially bought the house for your daughter and her husband and now you wish to quitclaim it to them. Ok, that's cool. And, then you wish to transfer the loan in their names perhaps. Well, for that yo will have to contact the lender and explain the situation and he'll guide you to act accordingly.