Posted on: 18th Feb, 2010 08:01 am
I have lost my job and want to sign my second home over to my son. I want to know if a quitclaim deed would take me off the deed and also be responsible to pay the mortgage off? My son lives in the home and I bought it for him because at the time he could not qualify to buy it on his own. Since then I have been laid off and cannot help him make the payments. So would a quitclaim drop all my responsibilites and would he be able to write off the taxes and interest on his taxes?
Hi georgekl,
A quit claim deed will help you in removing your name from the property deed. It won't remove your name from the mortgage. If you want to remove your name from the mortgage, then you would have to ask your son to refinance the home loan in his name. Once he does so, he would be able to claim the mortgage interest as deductions on his taxes.
Thanks
A quit claim deed will help you in removing your name from the property deed. It won't remove your name from the mortgage. If you want to remove your name from the mortgage, then you would have to ask your son to refinance the home loan in his name. Once he does so, he would be able to claim the mortgage interest as deductions on his taxes.
Thanks