Posted on: 11th Jun, 2010 06:52 pm
We had a friend buy us a house and we are paying on it, he is now dying and has two sons. My friend signed a quick deed over to us. But I'm wondering what kind of rights will the sons have on the property ?? Also I'm not able to qualify for a loan to put the loan in my name. What will happen? Can we cont. To pay on his loan if he dies till I'm able to qualify??
Welcome md,
Your friend has signed a quit claim deed and transferred the property to you. In that case, you would be considered the real owners of the property. The sons will not be able to come after you to claim the property. As far as the loan is concerned, you need to refinance it. If you stop paying the dues, then the lender can foreclose the property.
Your friend has signed a quit claim deed and transferred the property to you. In that case, you would be considered the real owners of the property. The sons will not be able to come after you to claim the property. As far as the loan is concerned, you need to refinance it. If you stop paying the dues, then the lender can foreclose the property.