Posted on: 22nd Jul, 2011 10:41 am
my mom sold me all the interests in a home she owns for 10,000 and i agreed to pay off the remaning balance of 10,000 to the mortgage company, using a bill of sale. #1 is this bill of sale the same as a quit claim deed for transferring the title of the home? and #2. can the mortgage company do any thing to prevent me from paying off the mortgage to try and steal the home from me?
You can do a bill of sale, between the parties, but you would need to add yourself to title, by having your mother add you on via quitclaim. Contact your lender, if you transfer the interest in the title, will it trigger the due on sale clause, causing you to pay off the entire loan balance. Usually you would add on title, and then just make the payments, once the home is paid off, you can remove your mother from title. Good Luck!