Posted on: 23rd Sep, 2008 09:37 am
if she stops payment and forecloses on her condo, am I responsible for any remaining mortgage payments if she passes away?
hi lburn !
welcome to forums!
your mother has only quitclaimed the property in your name but has she also gone through the process of novation? or have your refinanced the property? if yes, then you will be responsible for the payments. if no, then your mother has to pay the mortgage.
feel free to ask if you have further queries.
sussane
welcome to forums!
your mother has only quitclaimed the property in your name but has she also gone through the process of novation? or have your refinanced the property? if yes, then you will be responsible for the payments. if no, then your mother has to pay the mortgage.
feel free to ask if you have further queries.
sussane
Hi lburn !
Welcome to MortgageFit forums!
If your mother has gone through the process of novation or if after signing the quitclaim deed if you have gone for refinancing, then you will be responsible for the mortgages.
Hope this helps you.
Thanks,
Jerry
Welcome to MortgageFit forums!
If your mother has gone through the process of novation or if after signing the quitclaim deed if you have gone for refinancing, then you will be responsible for the mortgages.
Hope this helps you.
Thanks,
Jerry
thank you for your quick reply. My mom did not refinance. I do not know what novation is
Quitclaiming title does not affect the mortgage. To have the mortgage put in your name is "novation". You must check with the lender to see about that. You cannot change title without changing the mortgage.
