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Buying or Selling a Home/quitclaim deed
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Question
my parents help me get my house, my credit is really bad. the loan is in their name but i am making the mortgage payments. i even came up with the down payment. when something wrong like a leak in the roof then i would have to take care of it myself. my question is, can we still do a quitclaim deed when the loan is still active? please help
Dear Louise;
The quitclaim is to relinquish rights to title but as for the responsibility to pay the loan, your parents are responsible and the only way to sign it over to you is to sell the house to you and pay off the loan. They should talk to the lender about this. If the lender can get you qualified then you can go through the process.
Good luck,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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