Posted on: 22nd May, 2009 11:14 am
My mom still has a mortgage on her house and we have talked boaut tranfering the ownership to me. Her health is failing and I thought putting my name title/ownership for asset protection purposes so that we can take advantage of some government benefits - will a "quitclaim deed" or a "warranty deed" be a better option - Thanks Elaine
hi guest,
as there is a mortgage on the property, a quitclaim deed will be the right deed to transfer the property. however, you should note that as the property is transferred to you, your lender will want you to refinance the mortgage. in order to refinance the mortgage, you should have a good credit score and income.
thanks
as there is a mortgage on the property, a quitclaim deed will be the right deed to transfer the property. however, you should note that as the property is transferred to you, your lender will want you to refinance the mortgage. in order to refinance the mortgage, you should have a good credit score and income.
thanks
"quitclaim Deed " is better option that "Warranty Deed" as its all about property transfer matter.