Posted on: 01st Feb, 2010 06:54 am
I have been living in my aunts home for two years paying the mortgage, she wants to sign all ties over to me. can a quit claim form do that? Will she be able to turn everything over to me through the mortgage company, even though I have poor credit but have the income?
sylvia, you won't be able to assume her mortgage with poor credit. if she chooses to turn the property over to you via quit claim, the lender can call in the loan; that is, demand immediate payment in full. what you'll want to do, if possible, is to clean up your credit record as rapidly as you can, so that you'll be able to qualify in the very near future for a mortgage. in that way, you can accomplish all that you and your aunt are trying to do. you both need to tread carefully, as you don't want to alarm the lender and have that result in a default of the mortgage.