Posted on: 21st Jul, 2009 06:02 am
I WAS LEFT A HOUSE BY MY DECEASED FATHER, I AM UNABLE TO TRANSFER THE LOAN. IS IT POSSIBLE TO QUICK CLAIM IT TO MYSELF AS THE EXECUTOR OF THE ESTATE, WHAT ARE THE TAX RISKS?
KAT_TRI
welcome to mortgagefit
It is really difficult to avoid taxes but surely you can transfer the rights to your name by quitclaim (not quickclaim) document.
keep in touch......
:arrow: :arrow: :arrow:
welcome to mortgagefit
It is really difficult to avoid taxes but surely you can transfer the rights to your name by quitclaim (not quickclaim) document.
keep in touch......
:arrow: :arrow: :arrow:
To Kat,
"I WAS LEFT A HOUSE BY MY DECEASED FATHER, I AM UNABLE TO TRANSFER THE LOAN. IS IT POSSIBLE TO QUICK CLAIM IT TO MYSELF"
Do you want to transfer the loan in your name? If you are, then you need to refinance in your name. Without refinance, you cannot have the loan in your name. A quitclaim deed can only transfer a piece of property, it cannot transfer the liability of the loan.
"I WAS LEFT A HOUSE BY MY DECEASED FATHER, I AM UNABLE TO TRANSFER THE LOAN. IS IT POSSIBLE TO QUICK CLAIM IT TO MYSELF"
Do you want to transfer the loan in your name? If you are, then you need to refinance in your name. Without refinance, you cannot have the loan in your name. A quitclaim deed can only transfer a piece of property, it cannot transfer the liability of the loan.
for loan transfer you need to apply for refinance. before that ensure that property is in your name. you can get it transferred by submitting death certificate & affidevit of heirship in local clerk's office.