What is the name of your state? Indiana
My son's father buys property. his friend co-signs mortgage. Father dies and mortgage company allows transfer of mortgage to son. Friend signs transfer papers to allow the transfor.
mortgage company wants quit deed claim or warranty deed signed by friend with son's name on it.
Son is responsible for payments of mortgage, taxes and insurance. if friend is willing to sign quit deed claim, does that mean he looses all rights to the property? or should there be a clause in the quit deed claim for his interest (his interest is only the risk he is taking as co-signer)?
I am concerned that if something happened down the road to son, and how to preserve the equity he has built up with the payments and improvements to the property. thank you
My son's father buys property. his friend co-signs mortgage. Father dies and mortgage company allows transfer of mortgage to son. Friend signs transfer papers to allow the transfor.
mortgage company wants quit deed claim or warranty deed signed by friend with son's name on it.
Son is responsible for payments of mortgage, taxes and insurance. if friend is willing to sign quit deed claim, does that mean he looses all rights to the property? or should there be a clause in the quit deed claim for his interest (his interest is only the risk he is taking as co-signer)?
I am concerned that if something happened down the road to son, and how to preserve the equity he has built up with the payments and improvements to the property. thank you