Posted on: 05th May, 2010 07:07 am
our daughter and her family live with us in a home we purchased specifically for the added # of people. we help her with her disabled son, and they help us out around the home with things we can no longer take care of ourselves. my daughter and her husband pay the new mortgage, and we pay the taxes and insurance. if something happens to us, the property will be theirs. by filing a quit claim deed, does this take our names off the property but still liable for the mortgage? neither my daughter nor her husband have good enough credit at this time to find financing for themselves. what do you suggest for us to do?
welcome cathy,
if you remove your name from the mortgage deed, then too you would be liable for the mortgage unless your daughter refinances it. also, after there is a property transfer, the lender will want your daughter to refinance the loan as she would become the owner of the property.
if you remove your name from the mortgage deed, then too you would be liable for the mortgage unless your daughter refinances it. also, after there is a property transfer, the lender will want your daughter to refinance the loan as she would become the owner of the property.