My mother recently became unable to care for her home. She refinanced it and asked me to move in. She is now living with my sister.

I am paying the loan even though it's in her name. She has asked me to get information about transferring the ownership. She would like the house to be in myself and my husband's name. Would a contract for deed accomplish this?

Her concerns are that she would like me to be able to claim the interest I am paying on my income tax. Secondly that my interest in the home is protected if she should pass away. I had read about the quitclaim deed but that seems to be bascially worthless.

Thank you,


Lisa Ellis

excon

Hello Lisa:

That would all be fine - except for that darn bank that holds the mortgage. They're not going to let ANY transfer happen. Plus, the only way you can legally claim the interest, is if the loan is in your name.

Therefore, that's what you're going to have to do. She has to sell the home to you and your husband, and you're going to have to get a new mortgage.

excon