Legal Question in Wills and Trusts in Virginia
Quit Claim Deed question. I would like to understand this a bit better. Basically, my mother-in-law is on the mortgage/deed of my house with my husband. I am only on the deed. The mortgage company told us to get this type of deed done in order to remove her from the house since she is semi-retired and can't contribute to the payment of the house, plus she has a house that she's paying for on her own. We are trying to remodify our loan because the house isn't worth what we first received the loan for and my husband and I don't have full time jobs. Is this pretty difficult to do and will it cost a lot of money? Will my mother-in-law's credit score be penalized for this? My husband, mother-in-law and myself only have part-time jobs. Thank you for all your help.
1 Answer from Attorneys
No, preparing and executing a quitclaim deed to remove your mother's name from the deed should not be difficult nor expensive nor should the mere fact of her removal from the deed in any way reflect adversely on her credit reports. If you feel that you yourselves cannot handle it without some assistance, then
perhaps, one of the low cost legal services providers in your area could assist you with the matter at minimal cost. (See VaLegalAid.org online for further information.)
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