First only FHA and adjustable mortgages are assumable – ALL others are not no matter what lines you may have been given.

Second you must contact the lender and request an assumption package which contains all the forms etc you need. The lender will require you prove employment and length, have good credit, and make a down payment at least 3% – this is so you will have “skin” in the game, and last there is a substantial fee – usually several hundred dollars.

A quit claim is not a deed, just a relinquishing of one parties interest is a deed. It is usually used in a divorce when the husband – for example – signs the house over to the wife. His name remains on the mortgage and he can be liable if payments are not made.

Hence you will be making payments with no assurance of getting a deed in the end as a quit claim does not validate even the existence of such a deed. Also because the prior owners name remains on th title it can be subject to leans or judgments against him.

While a quit claim can be valid and give title it is the word of the person signing it and many title insurance companies will not touch quit claim deals – NEVER buy unless you can get title insurance!

All things considered this one of the most dangerous real estate deals you can enter into and no one in their right mind would even consider this a do-it yourself project. You need a real estate attorney and you need one real bad!

Please don’t take chances here. A house is a major purchase – too major to try and skimp to save a couple thousand in legal advise.