Posted on: 30th Jun, 2010 09:35 am
My mother owns two properties one is the house I grew up in and is now used for rental property. She is very tired of having to put money into the house after the renters have been evicted.
She wants to quit claim the deed to me, her daughter. Will I be sole owner of the property, will the house mortgage stay the same, how does that work. Should I have the house refinanced into my name?
JREvans
She wants to quit claim the deed to me, her daughter. Will I be sole owner of the property, will the house mortgage stay the same, how does that work. Should I have the house refinanced into my name?
JREvans
Hi jrevans,
Once your mother quit claims the property to you, you will become the sole owner of the property. As the ownership of the property will be changed, the lender will want you to refinance the loan in your name. Thus, you would become the owner of the property and the mortgage.
Take care.
Once your mother quit claims the property to you, you will become the sole owner of the property. As the ownership of the property will be changed, the lender will want you to refinance the loan in your name. Thus, you would become the owner of the property and the mortgage.
Take care.