Posted on: 25th Sep, 2009 03:40 pm
my father is considering adding me via quitclaim deed to his mortgaged home title in order for me to handle issues relating to the sale of the home in case of his death.
what would happen to the mortgage, and responsibility of the mortgage in the event of his death? Do I have any personal financial obligations/risk if the mortgage is more than the house is worth. I am not on the mortgage, he financed the home by himself.
what would happen to the mortgage, and responsibility of the mortgage in the event of his death? Do I have any personal financial obligations/risk if the mortgage is more than the house is worth. I am not on the mortgage, he financed the home by himself.
After yoru fahhter death, you willhave either refiaince the mortgage in yoru name or you have to continue making payments on the current mortgage
Once the lnder does nto get the money they cna forclose on the property and you cna loose it
Also rememebr you will also be responsible to pay the property taxes
Once the lnder does nto get the money they cna forclose on the property and you cna loose it
Also rememebr you will also be responsible to pay the property taxes
also one more option you can look at is, after yoru name is added o the deed youcna refinance the house both of your name ( you and your fahter), even though you may not make paymnets now, but atleast it will be easier later