Posted on: 05th Jul, 2010 12:02 pm
Hello,
If our son is on the title of the property and we were all served a foreclosure notice while we were trying to rent the property out...would we be able to quit claim him? We thought we were helping him by having him be able to benefit in 10 yrs from some investment when we sold it. He is only 26 and we are heartsick about his credit future.
Thank you
If our son is on the title of the property and we were all served a foreclosure notice while we were trying to rent the property out...would we be able to quit claim him? We thought we were helping him by having him be able to benefit in 10 yrs from some investment when we sold it. He is only 26 and we are heartsick about his credit future.
Thank you
Hi Guest,
As you've already been served with foreclosure papers, any transfer of property now will be considered as fraudulent. You can be penalized for it if you transfer property now. Thus, in my opinion, it won't be a good option to sign a quit claim deed and transfer property to your son.
Thanks
As you've already been served with foreclosure papers, any transfer of property now will be considered as fraudulent. You can be penalized for it if you transfer property now. Thus, in my opinion, it won't be a good option to sign a quit claim deed and transfer property to your son.
Thanks