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Old 07-26-2007, 08:56 AM
 
65 posts, read 307,542 times
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does anyone know how this works?

parents are split and mom owes very little but still can't afford it.
There is a judgement on the house for 1/2 the profit if it sells.

I would like to have the deed put in my name and re-fi so mom can stay there. she is living on ss.

any if on this would be a great help - time is getting closer
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Old 07-26-2007, 09:18 AM
 
Location: Rural Central Texas
3,652 posts, read 10,020,536 times
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I am pretty sure that a Quitclaim would only work if the property has no encumbrances. As long as there is any mortgage or liens on the property they would supercede any quitclaim deed.
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Old 07-26-2007, 02:38 PM
 
Location: California
510 posts, read 3,106,770 times
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You will want to discuss options with a lawyer for sure. A quit claim deed simply removes someone from title, however that judgement if tied to the property would likely still stay on.

The judgement will be the key in how the attorney had it worded. If there is no clause about underselling, or intrafamily transfers then you may have found your loophole. She may be able to just transfer it to you as a sale for free, at which point there's no profit. This is different than you getting on title, then her quit claiming off.

If the judgement is tied to her, then you getting on title then her quit claiming off may solve the issue.

You really need to seek the advice of an attorney in this regard. Another thing to consider is if you do a sale to you, has to do with property taxes. If it can be treated as an intrafamily transfer you probably won't get dinged on taxes. If it's a straight sale, you will likely get reassessed, and will either get taxes on the new sales price, or the new assessed value, whichever is higher typically.

As noted by John, the mortgage liens would stay in place, and they would stay in your mother's name. However you can still quit claim off, but the mortgage company's still keep their tie on the property. With this in mind, you could clear the title in whichever way works, and keep paying the current mortgages if they have better than market rates.

The key is clearing the title before there are value increases. The longer that judgement holds, the more it will become worth. Well assuming house values ever bounce back.
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