Posted on: 08th Nov, 2007 08:33 pm
i signed a quit claim deed, transferring my home to my parents because i wasn't able to work, and i moved into my boyfriend's home. my parents have put about $10,000 into it since i quit claimed it to them. there is still a balance on the house and they took over the contract.
after divorce, i was left with a high attorney bill for divorce/custody and medical bills, totalling about $26,000 so i'd like to file chapter 7. i was told by an attorney that no matter how innocent the action of quit claiming my house to my parents because they had been helping me out, it would look fraudulent. he said i needed to have my parents quit claim it back to me so i could file chapter 7 and then, after the bankruptcy goes through, i could quit claim it back to them.
although i now see how i shouldn't have done the quit claim before filing for bankruptcy, my parents refuse, saying they're afraid that somehow something will go wrong and they'll lose the house.
what do you suggest?
after divorce, i was left with a high attorney bill for divorce/custody and medical bills, totalling about $26,000 so i'd like to file chapter 7. i was told by an attorney that no matter how innocent the action of quit claiming my house to my parents because they had been helping me out, it would look fraudulent. he said i needed to have my parents quit claim it back to me so i could file chapter 7 and then, after the bankruptcy goes through, i could quit claim it back to them.
although i now see how i shouldn't have done the quit claim before filing for bankruptcy, my parents refuse, saying they're afraid that somehow something will go wrong and they'll lose the house.
what do you suggest?
Hi Guest,
I haven't heard about the law which states that if you do not qualify for homes affordable loan modification, you won't qualify for any other kind of modification. You can try and apply for home affordable loan modification again and check out if you can qualify for it. If the lender does not agree to it and if you cannot reinstate the loan, then you will have to short sale the property.
I haven't heard about the law which states that if you do not qualify for homes affordable loan modification, you won't qualify for any other kind of modification. You can try and apply for home affordable loan modification again and check out if you can qualify for it. If the lender does not agree to it and if you cannot reinstate the loan, then you will have to short sale the property.
How my wife and i, transfer a property ( townhome ) to my stepson ( for years he paid the taxes and the maintenance dues ) without him or us pay-
ing taxes for the transfer or other taxes related to the transfer )
Thank you
ing taxes for the transfer or other taxes related to the transfer )
Thank you
Hi Fernando,
You can sign a quitclaim deed and transfer the property to your step son. As far as taxes are concerned, if you transfer the property as a gift, then you would be responsible for paying gift taxes. However, there are exemptions in case of gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
You can sign a quitclaim deed and transfer the property to your step son. As far as taxes are concerned, if you transfer the property as a gift, then you would be responsible for paying gift taxes. However, there are exemptions in case of gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
I was going thru a loan modification I was making the payments and I filled a chapter 7 the bank return the payment from december
will I loose my house or there is any hope?
will I loose my house or there is any hope?
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