Posted on: 04th Aug, 2009 08:18 am
My son and I own jointly a condo in Florida.
If I quit claim it to him and it goes into foreclosure am I still liable for any debts or taxes?
If I quit claim it to him and it goes into foreclosure am I still liable for any debts or taxes?
maybe, rfancher.
if there is imminent potential for foreclosure, etc. then you will be accused (perhaps) of trying to avoid being named by a fraudulent transfer.
using a quit claim to try to absolve yourself of responsibility isn't really what the document is for - it's most useful as an easy way to transfer title when there's little risk involved. by that i mean, from husband to wife, dad to son, dad to daughter, mom to son, etc. in these cases, title is generally vested securely in the grantor and merely an interest in the property is being transferred.
to transfer in order to duck an impending lawsuit isn't quite kosher, is it?
if there is imminent potential for foreclosure, etc. then you will be accused (perhaps) of trying to avoid being named by a fraudulent transfer.
using a quit claim to try to absolve yourself of responsibility isn't really what the document is for - it's most useful as an easy way to transfer title when there's little risk involved. by that i mean, from husband to wife, dad to son, dad to daughter, mom to son, etc. in these cases, title is generally vested securely in the grantor and merely an interest in the property is being transferred.
to transfer in order to duck an impending lawsuit isn't quite kosher, is it?
by quit claim deed you will be tranferring ownship rights of property. you need to inform lender about it.
if one's name is mentioned on mortgage, he will be responsible for payment of mortgage as per schedule
now you can understand that signing a quit claim deed is not a solution
also note that quit claim deed does not guarantee that property is fee from any kind of mortgage or tax linens
if one's name is mentioned on mortgage, he will be responsible for payment of mortgage as per schedule
now you can understand that signing a quit claim deed is not a solution
also note that quit claim deed does not guarantee that property is fee from any kind of mortgage or tax linens
