Posted on: 02nd May, 2010 09:46 pm
Please help. We found a quickclaim deed in my dad's possession. He shares ownership of his home with other relatives. It looks like they had him sign it over to them for $10.00. He doesn't remember doing this. Would this still be legal? He's in his 80's.
yes a quit claim deed would be legal. however, the person on the note or the mortgage payment to the mortgage company does not change and is still on the hook. unless, it is refinanced into his other relatives name, death and they are the new executors of his estate, or sold. but that does not sound like a good thing to have him sign over the deed but he is still responsible for the payments. if he is late with the payments or worst if it forecloses later on that would ruin his credit.