Posted on: 05th Oct, 2009 06:29 am
I have credit card debt & due to medical reasons can no longer work. I haven't defaulted yet but will real soon. Can I take my name off our home (it's paid for) & not worry about a lien being placed on our home?
hi,
taking your name off your home will not help. to take your name off the loan, you will have to transfer the property to someone else. but such a transfer will be viewed as a means to avoid paying your creditors. the credit card company will have the right to reverse the transfer and put lien on your home. since your home is paid for, why don't you try and get a home equity loan against the property and pay off your credit card debts. you can also look for a debt-consolidation loan to get rid of your credit card obligations.
taking your name off your home will not help. to take your name off the loan, you will have to transfer the property to someone else. but such a transfer will be viewed as a means to avoid paying your creditors. the credit card company will have the right to reverse the transfer and put lien on your home. since your home is paid for, why don't you try and get a home equity loan against the property and pay off your credit card debts. you can also look for a debt-consolidation loan to get rid of your credit card obligations.