Posted on: 08th Apr, 2010 09:19 am
my father in law and mother in law put their names on the mortgage when my husband and i bought the property. we lost my mother in law last june now it's just my father in law on the mortgage but i would like to have a little more security that the home we are paying the mortgage on will be come ours. my husband nor i are are the mortgage and wqe can not re-finance right now due to the economy we are upside down
will a quit claim deed help or is there something else?
thanks
lostinchristmas
will a quit claim deed help or is there something else?
thanks
lostinchristmas
hi guest!
welcome to forums!
a quit claim deed will help you in adding your name on the property deed. as your name is already on the property deed, you won't require a quit claim deed any further. you would be considered as the owner of the property as your name is mentioned on the property deed.
if you want to add your name to the mortgage, then you will have to refinance the loan in your name. as your property is upside down now, i don't think you stand a chance to refinance the home loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
a quit claim deed will help you in adding your name on the property deed. as your name is already on the property deed, you won't require a quit claim deed any further. you would be considered as the owner of the property as your name is mentioned on the property deed.
if you want to add your name to the mortgage, then you will have to refinance the loan in your name. as your property is upside down now, i don't think you stand a chance to refinance the home loan.
feel free to ask if you've further queries.
sussane