I hope someone here can help me. Here is my situation:
Two years ago I purchased my first home. While this is my home, both my mother's name and my name are on the title deed and thus both names are on the property tax bills that come through. This was done more so if something were to happen to me, the property was still hers, or should I want to transfer the property to her in the future if I got married.
I am the only borrower on the mortgage on the house and have been the one paying the property taxes for the house.
With the financial crisis my mother has found herself in financial trouble with her own home (her name only, I have no stake in those properties). We would however like to take her name off any paperwork on my home so I am not in danger of losing the property should she find herself in future financial problems. I know there is an option of a Quit Claim here. She has never claimed any financial stake in my home, nor paid any finances on it, or intended to claim it as an asset.
1) Can she still quit claim if she has defaulted on her own loans for her own property? All bills on my own house have always been paid on time by me.
2) In taking her name off the title deed and property tax, am I protected if creditors were to go after her?
3) What happens if she goes into foreclosure on her properties or bankruptcy in the near future?
4) Does her quit claiming transfer any of her debts onto me?
5) Is there a better option here than a quit claim because I am the only person on the mortgage for the house?