Posted on: 23rd Nov, 2009 09:04 am
my grampa recently assisted me ( his grandson) in pruchasing a home and took out a mortgage in his name. because i am recently self employed i could not qualify. i gave him the money for the down payment and will pay all subsequent loan payments, taxes and expenses. is there a way to add my name to the title to without bring the mortgage due? i'd like to qualify the home as my homestead for tax purposes. a quit claim deed has been mentioned but won't that bring my mortgage due in full?
Hi tsharpe!
Welcome to forums!
Your grandfather can use a quit claim deed in order to add your name to the property. Your mortgage docs would mention the clause whether or not the mortgage would be due in full if anyone else is added to the property deed. I would suggest you to go through the mortgage docs whether or not such a clause is mentioned in it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your grandfather can use a quit claim deed in order to add your name to the property. Your mortgage docs would mention the clause whether or not the mortgage would be due in full if anyone else is added to the property deed. I would suggest you to go through the mortgage docs whether or not such a clause is mentioned in it.
Feel free to ask if you've further queries.
Sussane
What if we completed a quit claim deed and didn't file it with the county. That way the mortgage company wouldn't trigger a due on sale clause. He doesn't care about ownership in the property. Would an unfiled quit claim deed, notarized and signed but not filed be valid years later? How about if he died? I think a grantors deed would work also. What are your thoughts?
Hi Ted,
An un-filed quitclaim deed will not remain valid. If the deed is not filed before your grandfather's death, then it won't be considered as valid and you'll have to file an affidavit of heirship at the county recorder's office and get the property transferred in your name.
Thanks
An un-filed quitclaim deed will not remain valid. If the deed is not filed before your grandfather's death, then it won't be considered as valid and you'll have to file an affidavit of heirship at the county recorder's office and get the property transferred in your name.
Thanks