quit claim

hi glsepter,

welcome to the forum.

if you quitclaim a property just before you are filing bankruptcy, it is considered as a fraudulent conveyance. you have said "my son would like to have it. ". but right now you are the owner of the property, right. so if you quitclaim now before filing bk, you may face problem. so better consult an attorney before taking any stapes.

feel free to ask if you have any further questions.

best of luck,
larry

Hi,

Welcome to Mortgagefit discussion board.

Do not quit claim the property now as you are thinking of filing Bankruptcy. It will only increase your problem as larry has also mentioned above. Better try to sell the property and pay off the debt. You are the owner of the property still now. Not your son. So quitclaim will be viewed as larry has said “fraudulent conveyance”

Do let me know if you have any other questions.

Thanks
Blue

What if glsepter sold the house to his son and did owner financing? Would that be an option?

Hi Kim,

You have given a great suggestion. Hey glsepter, you can try out Kim's suggestion. But the fact that comes in my mind is your is a situation to buy the house from you.

Do let us know what you have decided.

Best of luck,
Larry