Posted on: 24th Nov, 2010 06:01 am
my brother live in california, he bought a house 20 years ago for 260,000 dollars, now he still owe 100,000 in mortgage, but recently in had health problem and cannot pay his mortgage, he decide transfer the house into our name if we pay for off his mortgage, does quit claim deed apply to this case? how about when we want to sell the house, what will be tne capital gaim?
Hi llu,
A quitclaim deed will definitely apply to this case. You will have to ask your brother to sign a quitclaim deed and transfer the property to you. Then you should refinance the mortgage in your name and then pay off the loan. Once the property is in your name, you will be able to sell off the property.
A quitclaim deed will definitely apply to this case. You will have to ask your brother to sign a quitclaim deed and transfer the property to you. Then you should refinance the mortgage in your name and then pay off the loan. Once the property is in your name, you will be able to sell off the property.