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Updated almost 9 years ago on . Most recent reply

User Stats

39
Posts
6
Votes
Anton De Vries
  • Wilmington, NC
6
Votes |
39
Posts

Quit claim deed

Anton De Vries
  • Wilmington, NC
Posted

I have received a property from my father VIA a quit claim deed. The mortgage is under his name, my dad has become terminally ill. Ive been paying the mortgage on the property and doing some renovations. My question is, if my dad should pass, will the bank call the loan in? I dont want to loose the house if my father passes, he was very happy to give it to me and I would like to keep it and over the next year do the reno and live in it.  I cant put the mortgage in my name at this time, due to lack of income. Ive just started flipping houses and am living off my savings currently while things get going? What are my options?  

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