Posted on: 07th Mar, 2009 06:44 pm
What is the best way to transfer debt & ownership of jointly owned property into my name only and my husband being able to remain in home until his death? He is ill and in future possibly need nursing home care. How long does this change need to be in effect in order not to be penalized by Medicare?
you want to transfer the debt & ownership. but with quitclaim you will b only able to transfer the ownership not debt. but you want to go for the debt transfer the novation is the best option but again your lender must pass this deal and thus all the person involved should ready for the new deal. :arrow:
In quitclaim you will undergo notory from the spouse and further process will take place at the recorders office. Its the time required at this office and the formalities that decides the maximum time.