Legal Question in Real Estate Law in Ohio
quick deeded property
A close family friend is willing to quick claim deed her home to me to avoid losing the home and ruining her credit. Does her quick claim deed to me alleviate her financial responsibility as I will assume the remaining loan balance? Is there a procedure in place where I would have to qualify with her current mortgage holder to abotain the property?
1 Answer from Attorneys
Re: quick deeded property
Quit claiming the deed will not relieve her of any financial responsbility on the mortgage. You would have to work out a loan assumption with the bank.
I would suggest that you consult with an attorney before accepting this property. You do not know what other liens might be on the property. For example, have the real estate taxes been fully paid.
I am not sure that the quit claim deed will accomplish what either one of you want to accomplish.
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