Posted on: 19th Dec, 2005 12:17 pm
Hi,
I am my husband's second wife. He is currently paying child support, however he has some arrears( inBoston). We are about to purchase a home and I am afraid that a lien will be placed againt my new home ( in NC) for those arrears. Can my husband sign a quit claim to surender his rights to the property so that only I have claim to any equity or financial interest once its sold in a 5 to 10 years?
I am my husband's second wife. He is currently paying child support, however he has some arrears( inBoston). We are about to purchase a home and I am afraid that a lien will be placed againt my new home ( in NC) for those arrears. Can my husband sign a quit claim to surender his rights to the property so that only I have claim to any equity or financial interest once its sold in a 5 to 10 years?
Welcome Maggie,
You'll find the answer to your query at http://www.mortgagefit.com/california/quitclaim-paymedicalbills.html .
You'll find the answer to your query at http://www.mortgagefit.com/california/quitclaim-paymedicalbills.html .
At this time, my boyfriends house has no leins or mortgage, but do to unpaid income taxes and credit card debt, I am sure those leins will come. If he quit claims the property to me beforehand, will I be able to protect it?
Hi lucy!
If your boyfriend transfers the property in your name just to avoid the liens, it will be considered as a fraudulent transfer and the lender may take severe actions. I don't think it will be a good idea.
Thanks.
If your boyfriend transfers the property in your name just to avoid the liens, it will be considered as a fraudulent transfer and the lender may take severe actions. I don't think it will be a good idea.
Thanks.
I want to get property out of my name to protect from lawsuit and creditors. If I quit claim to my daughter will property be protected? will there be any other kind of liabilities to me or my daughter?
Hi lynn-georgia!
If you quitclaim the property to your daughter in order to protect your property from lawsuit and creditors, then it will be taken as a fraudulent transfer and you can be penalized for it.
Thanks.
If you quitclaim the property to your daughter in order to protect your property from lawsuit and creditors, then it will be taken as a fraudulent transfer and you can be penalized for it.
Thanks.
my 75 year old mother is wondering if she quit claims her house to her 4 children, if that will protect it from the goverment if she would have to go into a nursing home or some other medical problem. is it legal to do this?
as of now nobody is after her but we're talking about the future
Welcome valej,
If your mother decides to take the help of medicaid, then she may face problem due to this transfer of property. Medicaid has the concept of a 5 year look-back period. Transfer of property within this look-back period can lead to a waiting period before she starts to collect Medicaid.
If your mother decides to take the help of medicaid, then she may face problem due to this transfer of property. Medicaid has the concept of a 5 year look-back period. Transfer of property within this look-back period can lead to a waiting period before she starts to collect Medicaid.
I have an upside down morgage, I owe $30,000 credit card debt, and I own out right a trailor and piece of property in Ariz. I paid $118,000 but I'm sure its worth 1/2 that now. If I bail out of my morgage, and go bankrupt and my credit card debts, could I do a quick claim deed on my property in Ariz. to my adult Son or can the creditors make me sell it for what I owe them?
Welcome Sandra,
As far as your credit card debts are concerned, you can check out the options of debt consolidation or a debt settlement. In debt consolidation, the interest rates for paying the debts can be reduced and in case of debt settlement, your payments will be reduced by 40%-60% depending upon your situation.
If you quitclaim the property to your son before filing a bankruptcy, this transfer of property can be considered as a fraudulent one. However, there are various ways to avoid bankruptcy, check out the options in the given link:
http://www.mortgagefit.com/bankruptcy/avoid-bankruptcy.html
Thanks.
As far as your credit card debts are concerned, you can check out the options of debt consolidation or a debt settlement. In debt consolidation, the interest rates for paying the debts can be reduced and in case of debt settlement, your payments will be reduced by 40%-60% depending upon your situation.
If you quitclaim the property to your son before filing a bankruptcy, this transfer of property can be considered as a fraudulent one. However, there are various ways to avoid bankruptcy, check out the options in the given link:
http://www.mortgagefit.com/bankruptcy/avoid-bankruptcy.html
Thanks.
my fathier-in-law died recently owing on their home still. my mother-i-law
doesn't have enough money now to pay for the home or any of the other considerable unsecured debt that they had. we are buying the home from her for just what she owes on it. it will take possibly 2 weeks to have the lien that is on the house cancelled at the local court house. we are afraid that in that 2 week period some of her creditors will attempt to put a lien on the property and we won't be able to get the deed put in our name. will a quit claim deed help this situation or not?
doesn't have enough money now to pay for the home or any of the other considerable unsecured debt that they had. we are buying the home from her for just what she owes on it. it will take possibly 2 weeks to have the lien that is on the house cancelled at the local court house. we are afraid that in that 2 week period some of her creditors will attempt to put a lien on the property and we won't be able to get the deed put in our name. will a quit claim deed help this situation or not?
You don't have to wait for the release of lien to be recorded to file your deed. This is no different than any other purchase where, most likely, the seller has an existing mortgage. If you want to buy the home from your mother-in-law, then buy the home. It IS always a good idea though to follow up and make sure the lender recorded the mortgage release - they generally have 30 to 60 days to do this depending on what state your in.
Can Medicare or Medicaid take house for payment on an elderly person once a QuitClaim is done through an attorney, say the indivual who passes a quitclaim Deed to another and then goes into a nursing home...what happens to the property
In order to get a loan on a parcel of land a number of years ago my mother asked me to be on the mortgage with her and the title of the property. Since then my husband became ill and passed away and his illness has left me with credit card debt. I intend to pay the debts but it'll take some time. I am concerned about creditors putting a lien on what is really my mothers property because of me. I am thinking of taking my name off the title and quit claiming to my family trust with my mother. That would keep the title in her name with rights of survivor to the family trust. Does this protect her property from a lien?
To Pipper,
You can transfer the property ownership to your family trust through a quitclaim deed. But such transfer may be considered as a means to avoid paying your creditors and hence it can be deemed as invalid. The creditors can reverse such transfer. Thus, I'd not say transferring the property to your family trust is the safest way to protect the property from liens. But it is worth a try. It is better if you could consult an attorney before transferring the property to the family trust.
You can transfer the property ownership to your family trust through a quitclaim deed. But such transfer may be considered as a means to avoid paying your creditors and hence it can be deemed as invalid. The creditors can reverse such transfer. Thus, I'd not say transferring the property to your family trust is the safest way to protect the property from liens. But it is worth a try. It is better if you could consult an attorney before transferring the property to the family trust.