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My wife and I borrowed money from my parents to purchase a…

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Ok, my wife and I...
Ok, my wife and I borrowed money from my parents to purchase a home. Prior to borrowing the money we signed a notorized agreement that we would repay the amount. Due to hardships, i.e left job to help my son over come an addiction which also cost a lot of money and piling bills, we never were in the position to repay any more back to them. The loan was for $241,000 of which we repaid about $94,000. I'm still out of work but we need to repay them. There is no mortgage I should mention. So I'm moving my mom in to my house(father died) and wanted to basicly get the home in her name to clear the debt we owe to her. How can I change ownership of my home without having any tax implications to anyone. Can i add my mom to deed (so theres me ,my mom and wife on deed), or add mom to deed and subtract my wife's name(she's ok with that), or do option 2 and at later date subtract my name too.
Submitted: 4 months ago.Category: Real Estate Law
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Answered in 16 hours by:
3/15/2018
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 22,344
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

I am so sorry to read about your difficulties. My deepest sympathies for the loss of your father.

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

Your Question:

Can i add my mom to deed (so theres me ,my mom and wife on deed), or add mom to deed and subtract my wife's name(she's ok with that), or do option 2 and at later date subtract my name too.

Response: You can add your mother to the Deed for love and affection as the consideration. So, the new Deed would have your name, your wife's name, and your mom as Joint Tenants with right of survivorship. You and your wife would be the Grantors to you, your wife, and your mom as the Grantees as Joint Tenants with Right of survivorship.

You would use the current Deed as the template for preparing the new Deed.

Best wishes,

A 5-star positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating. However, that is how I get paid for answering questions on this site.

Thank you for your cooperation.

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