Posted on: 03rd Dec, 2009 06:58 am
My husband and I ran into some finacial difficulty and had a balloon mortgage on our home. In 1992 our balloon became due and we went into forcloser. Because our credit was not too good due to a large medical and hiospital bill my father bought the house to help us. We have lived in the house and paid the mortgage and property taxes every year. Our mortagage has since been paid off and now my father wants to deed the property back to us. How is the best way to handle this ?
without question, a quit claim deed from your dad to you and your husband would be in order. it ought not to be too costly. i dare say that you would want to check the land records to ensure that there are no liens you aren't aware of. you can do this yourself with the help of that recording office, or you can hire a title searcher or a lawyer to do it for you. as for the deed itself, they are readily available and you don't really need any especial legal expertise to do that.