How To Transfer Mortgage From My Mom To Myself
my mother has a condo and a house... The two are becoming to expensive for her to hang on to... she still owes $150,000 on a house that she wants to transfer into my name for me to take over the payments. i would purchase the house from here but i do not have the established credit to get a load for the house. we are trying to figure out what we can do to hang on the house. i could just make the payments but i do not want to make payments on a house that i would not later be able to sell and gain the equity that i have personally put into it. i have heard of a quitclaim deed, although i am not sure how this works, or if this could be the answer. any help is very much appreciated.
Jason
Orlando Florida
if the house is in my name and she still has the mortgage can they still put leins from her other debts on the house that is now in my name???
thanks
Jason, in Florida all that is required is that you get a Quit Claim Deed from your mom to you in proper form
to have ownership and control of the property.... subject to all existing encumbrances.
I would suggest you have a title company run a search to determine if there are any liens or judgements other than the mortgage you mention.
Once the house has been quitclaimed to you, nothing your mother does in the future would affect your title.
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