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Paid the mortgage arrears for my mother in laws investment prop. Need name on title-Not refi?

My mother in law is willing to put me in her Trust as owner of the property but I want to be able to respond to property mgt issues. gMortgage was with BofA, now serviced by Resurgent and owned by investment banking group.It is rented and the mortgage is now paid, property mgt group in touch and HOA paid.I have poor credit so a Bank refi or loan won't work. Will a Quickclaim trigger a new mortgage request from the bank?
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August 09 2013 - Knightdale
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Thank you so much. I will contact an attorney. 
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August 09 2013
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If your goal is to be able to respond to property management issues,  why not establish limited Power of Attorney to address the property management?

A quit claim deed would be giving you the property, and yes, her mortgage is most likely due in full upon transfer so you'd have to finance in your own name.   For tax reasons it is probably better to inherit the property per the conditions of the trust when your mother passes.

It would be prudent to review the situation with an attorney.

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August 09 2013
 
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Paid the mortgage arrears for my mother in laws investment prop. Need name on title-Not refi?
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August 09 2013 | 2 answers
  • Asked by user14698334
  • In Mortgage
  • August 09 2013
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