Posted on: 15th Jan, 2009 09:26 am
I live in my fathers 2nd home- can i put in this deed and transfer it to my name in case something happens to him? When he passes then do I become responsible for the morgage?
welcome adrianna,
you can ask your father to sign a quitclaim deed in your name. once it is done you can notarize it and record it. however, if the property is transferred in your name, then the lender may ask you to refinance the loan as well.
if he passes away and if the property is in your name, then also you will be responsible for the mortgage.
you can ask your father to sign a quitclaim deed in your name. once it is done you can notarize it and record it. however, if the property is transferred in your name, then the lender may ask you to refinance the loan as well.
if he passes away and if the property is in your name, then also you will be responsible for the mortgage.