Posted on: 21st Jan, 2009 08:25 am
My parents own the house I live in. We both pay the mortgage but only their names are on the papers. They want me to be protected in case anything every happens to them and if so the house would be mine. Will a Quitclaim Deed work in this case? Thank you.
hello guest,
yes your parents may use a quit claim deed to remove their name from the title of the property, they will lose their ownership rights to the property. this will not remove them from the mortgage note. it is usually required to contact the lender first and get their consent before signing the quit claim deed. be sure to check with the lender's requirements for this process before you proceed.
good luck. :d
yes your parents may use a quit claim deed to remove their name from the title of the property, they will lose their ownership rights to the property. this will not remove them from the mortgage note. it is usually required to contact the lender first and get their consent before signing the quit claim deed. be sure to check with the lender's requirements for this process before you proceed.
good luck. :d