Ask Experts Questions for FREE Help !
Ask
    destiny1's Avatar
    destiny1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 2, 2007, 11:37 PM
    Quit Claim Deed
    Can I quitclaim deed my property over to my mother if I have not paid off the house? If so, can she simply take over the payments? How will this show on her credit and my credit report? If she is ever late, who is in default with a quitclaim deed?

    Please respond??
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Mar 3, 2007, 12:15 AM
    No , not really.

    If you have a mortgage on the property, you may be able to add her to the deed but not "sell" her the property. Any transfer is like selling.

    Next she can not just take over the mortgage unless it is set up that away, and they allow her to, Most likely she will need a new loan, pay off the old loan, and then transfer the ownership over by deed.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Quitclaim deed complicated [ 2 Answers ]

This is a little confusing... at least to me. My husband and his parents owned a home. The three of them were joint tenants with rights of survivorship. It is my understanding that the three of them (Ruth, Bill, and my husband Jim) all own 1/3 of the property. Ruth passed away the day after...

Quitclaim Of Deed [ 2 Answers ]

Does A Quitclaim Of Deed In The State Of Florida Need To Be Witnessed And Notorized?

Quitclaim Deed [ 3 Answers ]

What do I need to do next after I have recorded a Quitclaim Deed through my County in order to sell my home? I received the property from my Mother who is deceased.

Quitclaim Deed [ 4 Answers ]

Property in question is in Virginia. My parents lived in and paid taxes on this property for 35 years (still paying). My grandmother listed on the deed her successors, which were my mom and her remaining living siblings at that time which was 28 yrs. Ago. Most others listed as property owners on...

View more questions Search