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Taking Father's House |
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My father inlaw would like to quick deed our home to us since he is the owner. However he has a first on it and does not know if we can take over that loan or if he would need to pay it off first.
If he quick deeds it can we pay on the loan we has against the house?
or would he need to pay it off first.
thank you, |
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If that's an FHA or VA loan, and if you have good credit and income, you might qualify to assume (take over) the loan. Otherwise, it must usually be paid off in full when there's a change in ownership. Perhaps in that case you could place your own new mortgage, as if you were buying the property from a stranger.
To find out where you stand, look at his mortgage papers, or call his mortgage company. THey can tell you what the situation would be.
You're talking about a QUIT claim deed, not quick. When your father-in-law signs it, he's quitting any claim to ownership of the property. |
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Edith
Originally published on August 15, 2008 |
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