Posted on: 11th Aug, 2009 07:24 pm
My parents own the home I am living in at this time. They want to Quit Claim it over to me. There is 70,000 Equity and 105,000 morgtage.
The end result we are trying to accomplish is for me to be the sole owner of the house and take over the mortgage. I would like to have everything in my name and my parents name off everything.
What would be the best way to accomplish this?
Thank You!
The end result we are trying to accomplish is for me to be the sole owner of the house and take over the mortgage. I would like to have everything in my name and my parents name off everything.
What would be the best way to accomplish this?
Thank You!
hi rmalizia!
welcome to forums!
you will have to ask your parents to transfer the property to you with the help of a quitclaim deed. once the property is transferred to you, you will have to refinance the mortgage in your name. a refinance will help you in transferring the mortgage from your parents to your name. thus, you would become liable for the mortgage dues.
feel free to ask if you've further queries.
sussane
welcome to forums!
you will have to ask your parents to transfer the property to you with the help of a quitclaim deed. once the property is transferred to you, you will have to refinance the mortgage in your name. a refinance will help you in transferring the mortgage from your parents to your name. thus, you would become liable for the mortgage dues.
feel free to ask if you've further queries.
sussane