if you in California I can help you 562-415-5734
We don't change deeds - we make new ones. The advisory for you to draw up a Quit Claim Deed and deed your interest in the property to your parents does have the effect of transferring your ownership of the property to them, and is a good use of a Quit Claim Deed. The part where you are a mortgagee, the Quit Claim Deed doesn't help you - it basically relieves you of any ownership privilege while maintaining your debtor's obligation. A better solution may be to have your parents Quit Claim their interest to you.
If you are not on the original mortgage and you are just on the deed then it is just a quit claim deed.
But read your contract or the mortgage note... See "Mortgage assigns" You may be able to assign the mortgage note to yor parents or anyone. since it was a private note. It will depend how it was written. Assignment does not take you completely from the orig loan. But the legal matter between you and your parents could dismiss you from obligations. You should have an attorney look at the papers to see how th note was written. The owner could let you off but not likely without some consideration, but you never know!
This is not intended to be legal advice and you should seek an attorney for legal advice before acting on any situation.
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Hope that helps.
PLEASE NOTE: I am not an attorney. This is just my understanding of the facts. You should contact a real estate attorney if you are unsure of how to proceed. I can recommend 2 reputable real estate attorneys in the Cherry Hill area; just email me.
If you are all 3 on the mortgage, then the mortgage holder (original owner) must allow you to exit the mortgage. Contact him and ask. Your parents will have to show update financials proving that they can pay for it on their own. The deed has nothing to do with it.
R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty