QUESTION

WOULD LIKE TO PAY OFF MY DAUGHTER'S MORTGAGE AND THEN HAVE HER QUIT CLAIM IT TO ME

Asked on Sep 10th, 2012 on Real Estate - New Jersey
More details to this question:
MY DAUGHTER 'S HOUSE IS UNDERWATER AND WE WANT TO PAY OFF HER 2 MORTGAGES AND THEN HAVE HER QUIT CLAIM IT TO US. IS THAT A GOOD PROCEDURE SO WE DO NOT HAVE TO GO TO SETTLEMENT?
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
2 Awards
You can pay the mortgages off directly.  Get a payoff figure from each mortgage holder.  The figure will be the amount you owe on a certain date because they calculate interest up to the date of pay off.  so call each mortgage holder and ask what is the payoff amount for say September 30th.  They will tell you an amount and you have to have "certified funds" like a certified bank check - and it has to be in their hands by the 30th.  You will then get back a discharge of the mortgage  and you need to file that with the county registrar to get clear title. then you can do the quitclaim deed to transfer the house into your name and file that deed with the county registrar as well.  Good luck .  
Answered on Sep 11th, 2012 at 8:16 AM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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