Posted on: 24th Jun, 2010 03:28 pm
my parents bought a house and mortaged it for my sister who is very
irresponsible. one day in a week moment they decided to put her name
on it via quit claim deed. my father passsed my sister stoped making
payemnts after a year and its taking all of my moms social security to pay
for it. we would like to sell it because my mom is 83 and one she passes
it will still have to be paid off and my sister won't be able to take care
of up keep or taxes. can she cancell the quick claim deed so the balance
doesn't but her in the poor house.
irresponsible. one day in a week moment they decided to put her name
on it via quit claim deed. my father passsed my sister stoped making
payemnts after a year and its taking all of my moms social security to pay
for it. we would like to sell it because my mom is 83 and one she passes
it will still have to be paid off and my sister won't be able to take care
of up keep or taxes. can she cancell the quick claim deed so the balance
doesn't but her in the poor house.
Hi paulamitchel!
Welcome to forums!
Your sister can transfer the property to your mother who can list it in the market and sell it off. However, if your mother sells off the property, she will be liable for paying off the whole mortgage balance immediately.
On the hand, if your mother does not sell off the property now and if your sister remains on the title and is unable to pay off the mortgage dues, then the lender will foreclose the property in order to recover the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your sister can transfer the property to your mother who can list it in the market and sell it off. However, if your mother sells off the property, she will be liable for paying off the whole mortgage balance immediately.
On the hand, if your mother does not sell off the property now and if your sister remains on the title and is unable to pay off the mortgage dues, then the lender will foreclose the property in order to recover the dues.
Feel free to ask if you've further queries.
Sussane