Posted on: 15th Jul, 2009 06:29 am
i recently got engaged and i also recently got my house foreclosed. my mother wants to give me a home as a wedding gift and bc she also knows that with my forclosure i cant but a home anytime soon. my mother's name will be on the loan however she wil put my fiance and i on the title. my fiance is havng a hard time with this bc he doesnt want to be responsible for messing up my mothers credit in the event something happens and we cant pay the mortgage. can a quit claim deed be done in this case to eliminate my mom from the mortgage or what can we do?
A quit claim deed will not matter. You Mom is signing the loan papers and is ultimately responsible for repayment regardless of who holds title.
Can your fiancee purchase the home and add you to the title once you are married?
Can your fiancee purchase the home and add you to the title once you are married?
Hi LAII!
Welcome to forums!
I agree with Guest. A quitclaim deed will hardly matter in this case. You've mentioned that the mortgage will remain in your mother's name. Thus, she will be responsible for the mortgage payments. You and your fiance will in no way be responsible for the mortgage dues.
Sussane
Welcome to forums!
I agree with Guest. A quitclaim deed will hardly matter in this case. You've mentioned that the mortgage will remain in your mother's name. Thus, she will be responsible for the mortgage payments. You and your fiance will in no way be responsible for the mortgage dues.
Sussane