Posted on: 15th Dec, 2008 12:27 pm
my boyfriend and his mother are facing foreclosure. she is filing for bankruptcy. can my boyfriend quit claim the house to her and save his credit?
no he cannot...if he is obligated on the mortgage loan, that's that. transferring title to his mom won't eliminate that obligation.
Hi tanyale,
Yes, as George has said, transferring the property to his mother will not release your boyfriend from the obligation of paying the mortgage. He will still be responsible for paying the mortgage dues. Rather, if he transfers the property to his mother, it may be considered as a fraudulent transfer by the lender.
Thanks
Yes, as George has said, transferring the property to his mother will not release your boyfriend from the obligation of paying the mortgage. He will still be responsible for paying the mortgage dues. Rather, if he transfers the property to his mother, it may be considered as a fraudulent transfer by the lender.
Thanks