Legal Question in Real Estate Law in Illinois

Re: quickclaims

Short answer is yes. Long answer is no.

A quit claim deed transfers any and all interest you have in the house to another person.

Every mortgage has a due on sale clause. The transfer is considered a sale and the whole mortgage needs to be paid off at that time.

Your problem is that your mother cannot get a mortgage unless she is in title. The second problem is that the funds from the reverse mortgage will not be enough to get the mortgage paid off. The third problem is that a reverse mortgage is very expensive.

If your income is enough, I would suggest either litigating the case until you can find a source of funds to catch up or filing a bankruptcy and work through the issues

email me if you have any questions,

Re: quickclaims

First of all, let me apologize for taking so long to answer your question. You can quit claim your mother onto title but there are several things to consider. First of all, you should talk to an accountant regarding the potential gift/income tax implications. Secondly, find out from your mom's lender whether they think it'll be effective because they might not want to see such a recent transfer. Third, make sure there'll be enough money to pay off your lender if you do the quit claim/reverse mortgage scenario. If this doesn't work, you may have other alternatives (short sale, etc.)