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Son Signs Over House |
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MY SON WANTS TO QUICK DEED HIS HOUSE TO ME. HE STILL OWES 40,000. WILL MY CREDIT STILL GET CHECKED?I HAVE BAD CREDIT.AND IS THE QUICK DEED LEGAL? |
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Yes, your son can sign a quit-claim deed making you the new owner of the house. It's perfectly binding and legal, but there's a catch -- his mortgage company can then call in the whole loan, making the whole $40,000 payable immediately. They probably won't let you keep the loan, particularly if you have bad credit. |
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Edith
Originally published on March 27, 2008 |
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