Posted on: 05th Dec, 2009 10:23 pm
Hello- My family just learned my mom is terminally ill and she has 5 properties and she insisted to quick claim deed all to me - 4 or the 5 properties have loans out under my grandmothers name and the 5th home- her personal home has a 75k equity loan and the home is worth about 250k. my mom has no health insurance and i am sure her bills are going to be pretty hefty...if she does pass away in about 1-2 months or so- what will happen with the properties? should i put them in an LLC?
Hi jessiebear!
Welcome to forums!
If your mother quitclaims the properties to you, then you would become the owner of the property. If you refinance the loans and keep on paying the dues, the properties would be safe. If you stop paying the dues, the lender would foreclose the property. As far as I know, you'll be able to put the properties in the name of an LLC after your mother transfers them to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your mother quitclaims the properties to you, then you would become the owner of the property. If you refinance the loans and keep on paying the dues, the properties would be safe. If you stop paying the dues, the lender would foreclose the property. As far as I know, you'll be able to put the properties in the name of an LLC after your mother transfers them to you.
Feel free to ask if you've further queries.
Sussane