A deed is a legal document that states who owns a piece of property. We’ve got articles, blog posts, podcasts, and videos with information for your questions about who owns the property, transferring deeds and quit claim deeds.
Mortgage Transfer to Relatives Before Giving Home
If you give your home as a gift to relatives without checking to see if the mortgage loan is assumable, as the former homeowner, you are still responsible for the mortgage. The situation is worse if mortgage is still in your name but the deed is in the name of your relatives. As the former home owner, you are responsible for all the mortgage payments, and need to either refinance the mortgage in your relatives' names, or transfer ownership back to yourself.