Posted on: 17th Jun, 2010 08:19 am
I have been paying the mortage on my fathers house for 12 years. There is still money owed. He wants to "sign over" the house to me. Would a quitclaim work with a lien still owed? Would I have to refianance the remaining lien or would I have to finance a new loan on full value of the house?
Hi belle!
Welcome to forums!
Though there is a mortgage on the property, your father can sign a quit claim deed and transfer the property to you. Once the property is transferred to you, the lender will want you to refinance the loan and get in transferred in your name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though there is a mortgage on the property, your father can sign a quit claim deed and transfer the property to you. Once the property is transferred to you, the lender will want you to refinance the loan and get in transferred in your name.
Feel free to ask if you've further queries.
Sussane