Anyone can quit claim their interest in a property to anyone else. I can give you a quit claim deed.
All a quit claim deed says is that whatever interest I had in the property is now yours. A warranty deed is much stronger and actually guarantees a clear title.
So to answer your question--yes a mother can quit claim her interest to her son. It doesn't matter if there is a mortgage although the son should know that the bank still has an interest in the property and the bank will foreclose if not paid.
No, you wouldn't owe the money to the bank unless you specifically ASSUMED the loan.
If you just took her Quit Claim Deed, your title would be SUBJECT TO that loan and bank's lien on the title, but, while it wouldn't be YOUR debt, if it weren't paid, the bank would take back the property and your Mom would get a hickey on her credit record.
OK thanks so it will be my house continue to pay the mortgage and the house is Legally mine..(And the Morgage Company)...My Mom would be out the picture...Which is what she wants...
Anyone can quit claim their interest in a property to anyone else. I can give you a quit claim deed.
All a quit claim deed says is that whatever interest I had in the property is now yours. A warranty deed is much stronger and actually guarantees a clear title.
So to answer your question--yes a mother can quit claim her interest to her son. It doesn't matter if there is a mortgage although the son should know that the bank still has an interest in the property and the bank will foreclose if not paid.
My frogger thanks a lot...I will look into the warranty Deed...So it will be me and the banks house RIGHT?
If your mother owns the house by herself subject to a mortgage than you will now own the house subject to the bank's mortgage.
You may consider doing a title search if you are unsure if there are other liens on the property that may come up later if you try to refi or sell.
So myfrogger she owes $70.000 0n the house so does this mean I now owe $70.000?...As if I bought the house ?
No, you wouldn't owe the money to the bank unless you specifically ASSUMED the loan.
If you just took her Quit Claim Deed, your title would be SUBJECT TO that loan and bank's lien on the title, but, while it wouldn't be YOUR debt, if it weren't paid, the bank would take back the property and your Mom would get a hickey on her credit record.
OK thanks so it will be my house continue to pay the mortgage and the house is Legally mine..(And the Morgage Company)...My Mom would be out the picture...Which is what she wants...