Posted on: 22nd Feb, 2009 11:11 am
if i sing a quit claim deed of my house to my dad, if the mortgage didn't get paid, would that fall back on me to pay?
hi jet,
if you quitclaim your share of interest in the property to someone you lose your rights to the property. but the deed does not transfer your financial obligations. thus if the loan is in your name, a quitclaim will not relieve you of your loan obligations. you can, however, quitclaim the property to your dad and then have him refinance it in his name. you can also consider the option of novation.
if you quitclaim your share of interest in the property to someone you lose your rights to the property. but the deed does not transfer your financial obligations. thus if the loan is in your name, a quitclaim will not relieve you of your loan obligations. you can, however, quitclaim the property to your dad and then have him refinance it in his name. you can also consider the option of novation.