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nephillypinkfan | Should we do a quit claim deed? |
My mother is ill and can't keep up on her mortgage and I want to take it over. She doesn't object since she can't afford it and doesn't want them to foreclose on her. Me and my husband want to obtain the property and make repairs that have been needed. We know there is equity in the property and there will be more once weve done the repairs (mainly cosmetic) that she hasn't been able to do..
My question is whats the best way for us to make this transaction? Quit Claim deed, through a sale, or some other way? Also who do we contact to do it, a real estate attorney, title company, current mortgage company, or someone else?
I know I'm asking a lot of questions so thanks for any help.
Additional Details
Also it's an FHA loan, does that mean it's assumable? |
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greeneyedblond31558
 |
All FHA loans are assumable. But you will need to quailify with the lender.
You and your mother will need to contact the lender and they will walk you through the process of assuming the loan and deeding the property. |
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Turbo Baby
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Contact the Mortgage Company and find out if her loan is assumable |
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MLaw
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Talk to an attorney pronto. This is really more of an estate planning/elder care issue, than a real estate one. Depending upon her physical condition & life expectancy it may be better for you to buy it or have her make you a co-tenant or simply to rent it to you or even just let you live in it. There may be tax or other reasons why you would not want her to receive a lot of cash at this stage of her life. You can always make the payments for her and may be able to claim her as a dependant for tax purposes. There's a lot of reasons to ralk to a lawyer first. |
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linkus86
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It is better to have your mother sell you the property for a few different reasons. For one are the tax advantages of paying your own mortgage. Plus the equity you can gain from making future repairs can be claimed as your own without question to other heirs. If Mom is sick and older ... she may be a candidate for medicaid and medicaid rules don't allow its recipients to own assets (like a house).
You don't need a Realtor for this transaction but will need to contact a mortgage broker and eventually a title company, home owners insurance company, etc but the mortgage broker can likely guide you through the entire process. If their are other heirs involved the sales price of the house may come into question, so posing a these questions to a real estate lawyer may be worth the expense.
By the way, and FHA loan is assumable. |
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Spiral Wizard
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She needs to sign a "Grant deed." Find a real estate agent who you trust and talk to them. But the "Grant deed" is the actual deed to the property.
Quit claim just takes your mom off the property. It is a relatively useless real estate instrument.
But basically what you need to do is go over her current FHA loan and find out whether or not it is "assumable" if it is then you need to pay the transfer fee and have your mom sign over the grant deed and then the house is yours.
If it is not assumable then you will need to re-finance the house after your mom signs the grant deed. It's a re-fi, becasue you alreasdy have deed to the house.
Anyway, get in touch with a real estate agent you trust or a real estate agent/mortgage broker and have them help you through the process.
But stay away from the quit claim deed. Go with the Grant Deed. You could also have her do the Grant Deed and then have her "finance" the property by making the payments she owes on the house.
Regardless talk to a real estate agent or attorney. |
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Mark B
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check with you attorney, before u do anything. |
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luna
 |
consult a tax advisor too. |
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Tim
 |
You'll need to start with a call to the mortgage company. They may not speak with you as the loan is in your mothers names.
The loan may not be assumable and you'll have to work out another plan. |
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William H
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You should hire a person to create a real estate contract between yourself and your mother. The contract should be presented to an escrow officer/closer to create a conveyance document so you will become the new owner. The purchase price will become your new basis in the property.
If you waited until your mother passes away, then you may receive the property as part of the inheritance. If her estate is below a certain amount in the year of death, then there are no estate taxes and you receive a step up in basis equal to the fair market value when received. This means that if you sell it immediately, there will be no taxes due. You may want to make a loan to your mother (think reverse mortgage) so she can keep the property. If you make a loan to her, hire a person/attorney to draw up a note and secure the note on the real estate. |
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rick
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Contact your local title company(abstract) and tell them you want to do a mother to daughter $1.00 transaction. You will get clear title but would have to pay off any lien. If it is assumable, which most FHA's are you can simply take over the existing loan which should wind up costing you less and in which case your mother would contact the lender of her existing mortgage. |
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Yanswersmonitorsarenazis
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I'd talk to a real estate or probate attorney first.
You need to be careful of gift tax issues, capital gain issues, medicare, etc...
A quit claim deed is a simple way to get your mother to either transfer ownership, either to all 3 of you or just to you and your spouse.
Also: if you deed the house to just you and spouse, and she's not on title anymore, that should/could trigger the "due on sale" clause that almost all mortgages carry. Meaning, if she no longer owns the home, you must pay off the mortgage in full immediately. You don't want to get a surprise bill in the mail for the full remaining balance and try to refinance it somehow in 10 days or something.
Just a few issues I can think of right now. You're dealing with a lot of money and concerns here, spend some money and hire an attorney. |
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REinfo
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You have to contact your local title company, make sure you get title insurance on the deed, and Record a Grant Deed or Warranty Deed not a Quitclaim Deed. Let them know that its a gift so there's no transfer tax. All this varies per state, but its pretty basic. |
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n2cheyenne
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my suggestion would be to do the quit claim deed then all you have to do is get the property refinanced in your name. this will take your mother off the loan. doing it this way is easier than doing a purchase loan. just quit claiming you on the title does not mean that you are taking over her mortgage. she would still be responsible for her loan until you refinance it.
i would call a mortgage broker to help you with this transaction. they will recommend the steps to take and get you in hands of a good title company.
also, you mother can give you a 'gift of equity'. |
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