Posted on: 13th Feb, 2011 06:56 pm
My dad is 87 and extremely ill. He is now living with me and no longer can pay his mortgage. He has my name on the deed but not the loan. We have a friend that wants to take over the property and make the payments and both my dad and I have agreed to do this. My dad is upside down on his loan by alot. How can I remove my name from the deed without any legal responsibility and then transfer the loan to our friend. He can not qualify on his own for another loan.
welcome cvgorkum,
you can sign a quitclaim deed in order to remove your name from the property deed. you should contact an attorney and he will help you in transferring the property. your friend will have to refinance the mortgage. as the property is upside down, it will be difficult for your friend to refinance the mortgage. he should try for assumption of the loan.
you can sign a quitclaim deed in order to remove your name from the property deed. you should contact an attorney and he will help you in transferring the property. your friend will have to refinance the mortgage. as the property is upside down, it will be difficult for your friend to refinance the mortgage. he should try for assumption of the loan.