Posted on: 06th Jul, 2010 12:21 pm
i have life partner who is sole beneficiary of my estate; however at my death should there be quit claim deed in place as to prevent the lender from acquiring our home. my beneficiary (she) will need time to settle the estate as to be able to either refinance or pay-off the mortgage loan.
You may be able to put the property in a living trust as to avoid having to go through an extensive probate period. Contact your lender to find out if they would authorize you doing so. Doing an unauthorized quit claim deed may accelerate the mortgage and it may be due/payable immediately upon the recording of the quit claim deed. I'd recommend you contact an estate attorney to help you set this up.