Posted on: 08th Apr, 2009 06:55 pm
My mom doesn't have great credit but I do and we are tired of renting so I was thinking about just buying a home under my name and then quick claim it to hers.
I have no doubt I will be financed for a home but what i need to know is if that's possible?
*Do I have to wait a certain period of time before I can quick claim the home in my mothers name?
*Will I be held responsible for the payments after the quick claim goes through?
*Would l need to hire professional help (attorney) to quick claim the house to my mothers name or is this something I can do on my own?
ANY help will be GREATLY greatly appreciated, thank you!
:D
I have no doubt I will be financed for a home but what i need to know is if that's possible?
*Do I have to wait a certain period of time before I can quick claim the home in my mothers name?
*Will I be held responsible for the payments after the quick claim goes through?
*Would l need to hire professional help (attorney) to quick claim the house to my mothers name or is this something I can do on my own?
ANY help will be GREATLY greatly appreciated, thank you!
:D
hi penguin,
as the mortgage for the property will be in your name, you cannot transfer the whole property to your mother. if you do so, the lender will want her to refinance the property in her name. as her credit is not good, she will not be able to do so. you can add your mother's name to the property deed with the help of a quitclaim deed. but you will be responsible for the mortgage.
sample quitclaim deed forms are available online. you can use them to add your mother to the property deed. however, it is always better to consult an attorney and draft the deed from him.
as the mortgage for the property will be in your name, you cannot transfer the whole property to your mother. if you do so, the lender will want her to refinance the property in her name. as her credit is not good, she will not be able to do so. you can add your mother's name to the property deed with the help of a quitclaim deed. but you will be responsible for the mortgage.
sample quitclaim deed forms are available online. you can use them to add your mother to the property deed. however, it is always better to consult an attorney and draft the deed from him.