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  1. #1
    Join Date
    Nov 2007
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    2

    Default Quit Claim Deed to Father

    I own a home in California. I took a first and second mortgage on my house. My father has loaned me the funds to pay off my second mortgage and pay him interest (at a lower rate). I have been advised that I should file a Quit Claim Deed in favor of my father so that I may properly deduct the interest payments. In reviewing these Quit Claim Deeds they seem to be transfers of ownership. Is this correct? do I want to transfer ownership to him because he holds the mortgage? One little extra piece of information in case it matters, I paid the second mortgage down to $0 but did not cancel it...so technically my father is third in line I think.
    Any guidance would be greatly appreciated.

  2. #2
    Join Date
    Sep 2005
    Location
    California
    Posts
    64,883

    Default Re: Quit Claim Deed to Father

    Why doesn't he just file a mortgage?

  3. #3
    Join Date
    Nov 2007
    Posts
    2

    Default Re: Quit Claim Deed to Father

    Not sure I understand. How does he file a mortgage. All I have right now is a signed promissory note that I executed in his favor agreeing to pay him back the funds + interest, secured by the property. Is a Quit Claim not the way to go here? How do I "file a mortgage"?

  4. #4
    Join Date
    Jan 2006
    Posts
    20,635

    Default Re: Quit Claim Deed to Father

    a quit claim it sued to transfer your interest in a property to whomever you are deeding it to.

    Unless you want dad to be the owner (and you a prior owner) a quitclaim is not the document you are looking for.

  5. #5
    Join Date
    Sep 2005
    Location
    California
    Posts
    64,883

    Default Re: Quit Claim Deed to Father

    If the concept of filing a mortgage is alien to you, consider having a real estate lawyer draft a mortgage and file it with the register of deeds.

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