Posted on: 20th Jul, 2010 01:46 pm
i recently bought a home that i still owe a mortgage on. I am 80 years old and my daughter and her husband lives with me and takes care of me. they recently filed for bankruptcy. I want to make sure they have this home after i leave this earth. i want to settle this before hand. So can i do a quitclaim to add them on title? Will my mortgage company let me do that without calling the loan?
Thank You!
Mary
Thank You!
Mary
Hi jewels,
As your daughter and her husband had filed bankruptcy, it won't be a good option to quitclaim and transfer the property to them now. You should rather contact an attorney and draft a will declaring them as the beneficiary of the property after your death. Thus, after you're deceased, they can probate the will and get the property transferred in their name. They will also have to refinance the loan and pay off the mortgage dues as well.
Thanks
As your daughter and her husband had filed bankruptcy, it won't be a good option to quitclaim and transfer the property to them now. You should rather contact an attorney and draft a will declaring them as the beneficiary of the property after your death. Thus, after you're deceased, they can probate the will and get the property transferred in their name. They will also have to refinance the loan and pay off the mortgage dues as well.
Thanks