Posted on: 29th Dec, 2009 06:40 pm
The purchase of my parents condo was made with my money for the down; and included all three of our names with a "right of suviorship" in my favor. My father passed away a year ago and my mother will be moving to an assisted living. The condo is not worth the money we paid for it so I will be renting it. Would a quick claim deed work to have my mothers name taken off of the mortgage and have the condo placed soley in my name?
Hi KarenK!
Welcome to forums!
A quit claim deed will remove your mother's name from the property deed but it will not remove her name from the mortgage. You will have to refinance the mortgage in your name in order to become the sole owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A quit claim deed will remove your mother's name from the property deed but it will not remove her name from the mortgage. You will have to refinance the mortgage in your name in order to become the sole owner of the property.
Feel free to ask if you've further queries.
Sussane