Posted on: 17th Mar, 2010 02:12 pm
Hi my father co-signed on a mortage for me since my spouse wouldnt' qualify. Does my father have to claim this home as his Homestead and Primary?
Also if I do a quitclaim deed will this remove him from any responsibilities of the mortgage...we will obviously handle paying everything in the home since it will be our primary as my parents own their own home..
Any advise would be great thanks
Also if I do a quitclaim deed will this remove him from any responsibilities of the mortgage...we will obviously handle paying everything in the home since it will be our primary as my parents own their own home..
Any advise would be great thanks
Sorry I forgot to mention this is a property in Florida
Hi jennhomeowner,
If your father has a primary property, then he will not be able to apply for a homestead on your property. Also, your home will not be considered as his primary residence.
Signing a quit claim deed will not help your father to remove his name from the mortgage. It will only remove his name from the property deed. If you want to remove your father's name from the property deed, then you'll have to refinance the loan.
Thanks
If your father has a primary property, then he will not be able to apply for a homestead on your property. Also, your home will not be considered as his primary residence.
Signing a quit claim deed will not help your father to remove his name from the mortgage. It will only remove his name from the property deed. If you want to remove your father's name from the property deed, then you'll have to refinance the loan.
Thanks