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    dmichaelgood's Avatar
    dmichaelgood Posts: 1, Reputation: 1
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    #1

    Dec 24, 2007, 05:29 PM
    Quit Claim Deed a property in Dekalb Cty, Georgia
    Hey Folks... new to this site and am glad I found it. Background - my mother purchased a house for me in unincorpated DeKalb County, Georgia back in 2004. She's been paying the mortgage (from Seattle, WA) to present date.

    She's now wanting to quit claim the property to me - and I'm not sure what that entials. Essentially she's tired of paying the mortgage.

    In theory I'm not opposed to this but herein lies the problem; my credit sucks bad. I'm not even sure a third tier lender would give me the time of day.

    Can she quit claim a property to me without my having arranged alternate financing?

    Any thoughts or guidance in this matter would be greatly appreciated.

    Merry Christmas and Happy Holidays to all.

    Darin
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Dec 24, 2007, 05:52 PM
    Yes and no, of course she can do a quitclaim deed, and file it, but then in most cases the loan will become due and payable at once. Since she is giving away her interest in the proeprty.

    What she needs to do is co/sign a loan with you, so that you are buying the property. Also remember this way you are buying it, since if she gives it to you, there are some seroius tax issues.

    Remember most loans have clauses that if there is any deed transver, the loan becomes due in full at that time.
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