I have some distant relatives who own 6 acres of property in Kentucky and because of a financial situation they ask me would I take over paying the mortgage in full. Would a quit claim deed with their name and my name on the quit claim deed be OK to do?

When there's a mortgage, they can't do anything without permission of the lender.
Also, you want to beware of being on a mortgage with others. Each of you is equally responsible for the WHOLE payment due, not just your fraction.
Why would you want to do this anyway?

Oh sorry, you mean they want to deed the property to you entirely. The lender would treat you as a new borrower and you would need a new mortgage. It they approve you, then the quit claim can be done.

Oh sorry, you mean they want to deed the property to you entirely. The lender would treat you as a new borrower and you would need a new mortgage. It they approve you, then the quit claim can be done.

What your saying is... A quit deed is for omitting a person from the mortgage like a husband or a wife... Not for adding a person...

What your saying is ... A quit deed is for omitting a person from the mortgage like a husband or a wife... Not for adding a person...

No, a quit claim deed is for transferring ownership. It states that the grantors (usually the current owners) are revoking any claim they have to the property listed in favor of the grantees. Unlike a warranty deed, a quit claim deed does not guarantee title to the property. But it is a common way to transfer title.

As Joy stated, most mortgages have a clause referred to as due on sale. This means the lender can require the mortgage be paid in full if the property changes ownership. So this would not be a problem if you are paying the mortgage in full. In that case, they are simply selling you the property. So what happens, is there is a closing. At the closing you pay them for the property and they, in turn pay the lender the balance, then a new deed is signed granting you title. If you do not have the money to pay the mortgage off, then you will have to obtain your own financing unless the current lender allows you to assume the mortgage.

But there are tax and other legal implications of such a sale. You really need a local Real Estate lawyer (in KY) to guide you through this process.

No, a quitclaim deed is used in several different ways, but all of them carry no warranty or proof of ownership or that there are no liens or other encumbrances. They are indeed often used in divorce, but the mortgage plays no part at all. They are used most often in families where all parties are familiar with the property and aren't worried about all the possible clouds on the deed, and where no money is changing hands, although there are other uses.

You are equating mortgages and deeds, and shouldn't.

This does not sound like a transaction you should be in, for several reason. Not to mention the fact that there's a good chance the land is not presently worth anywhere near the balance of the mortgage due.
Please tell more.