Posted on: 10th Apr, 2008 07:26 pm
my father passed away in october but before passing away i signed a quit claim deed to give me power to sell the house. if the house goes into foreclosure will i be financially responsible for the mortgage? i never signed any paperwork with the mortgage company to agree to pay anything
Welcome jessproc.
You have signed on the deed as the grantee or the person receiving property. So, the loan is still in your father's name, but the mortgage has to be paid off. And if it isn't done, then either you lose the home or else you pay off the mortgage from the sale proceeds.
The lender has invested the money into the house and he has interest in it. So, obviously if you wish to keep the house you'll have to pay it right after the sale if you don't want to pay on a monthly basis after modifying the loan by putting your name on the loan doc.
Thanks.
You have signed on the deed as the grantee or the person receiving property. So, the loan is still in your father's name, but the mortgage has to be paid off. And if it isn't done, then either you lose the home or else you pay off the mortgage from the sale proceeds.
The lender has invested the money into the house and he has interest in it. So, obviously if you wish to keep the house you'll have to pay it right after the sale if you don't want to pay on a monthly basis after modifying the loan by putting your name on the loan doc.
Thanks.
Hi jessproc.
Welcome to the forum.
Helping user has given you right suggestions. Quitclaim deed only transfers the property but it does not transfer the mortgage. So you are not financially responsible for the mortgage though if you do not transfer the mortgage on your name and pay the monthly payments then the lender will foreclose.
So do you want the property? If so then talk with the lender ASAP and take the mortgage on your name..
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Helping user has given you right suggestions. Quitclaim deed only transfers the property but it does not transfer the mortgage. So you are not financially responsible for the mortgage though if you do not transfer the mortgage on your name and pay the monthly payments then the lender will foreclose.
So do you want the property? If so then talk with the lender ASAP and take the mortgage on your name..
Feel free to ask if you have any further questions.
Best of luck,
Larry