quit claim

You have to be careful with judgements, sometimes they will want to know if you have sold or transferred any property or vehicles in a set period before or during the judgement process, I would think there would be an issue with this. How much are the judgements, can you make a payment plan that will let you clear it up so that you don't loose your home and you won't have to worry, this must be soooooo stressful on you.

One question is there anyone else on the deed of your home besides you, I don't think that they can touch a joint property, if you can not do a quit claim, maybe you could add your daughter to the deed as it stands now and make it a joint property. I would be really careful with any movement, they are like sharks that lay and wait.

What state are you from? What are the laws on judgements there? There are places that you can look this up on line, if you list your state, I will try to help you find them online so that you can review them.

I have tried to make payment arrangements when we went to court but they were unwilling to accept what I could pay, so the judge awarded the judgment to them. So far there are two judgements for a little over 3000 each but i am sure there will be more to follow.

We live in Florida and the home is joint owned by my husband and myself. I have looked online about judgements and from what I could tell they have a right to seize property but it didnt say anything about joint owned property. Any help you can give would be appreciated. This has gone beyond stressfull.

Hi Shelley,

Welcome to the forum.

Quitclaiming the property to your daughter can be considered as a fraudulent act. If you can afford any repayment plans, that will be better for both you and your lender. We always spent first and then have pressure of large amount of debt; but if we have a well organized budget and then spend accordingly, then we may have not to face such problems.

Thanks,
Larry

Shelly and jbarto,

I had a friend once who went through judgments due to credit cards but he lost the home even when there was a joint owner with him. However, what the creditor did was to seize the home, sell it off and then recover the unpaid debt from the proceeds and the remaining proceeds were handed over to the joint owner. I think that may be the situation in this case also.

Thanks.

even if you quit claim to your daughter, the previous judgements will remain. unless there is a substantial judgement of say over 20k i don't think they will try and take the home. the cost just wouldn't make it worth it. they have lien placed on the property to ensure they get paid if the home is sold or refinanced. i would try negotiating payoffs with them and maybe look into a refinance to take out the cash to pay them off.

Just wanted to add that if you decide not to refinance to pay off these debts I would suggest working out a repayment plan or look into counsumer credit couseling that can stop or lower the interest that is racking up so that you can pay these down.

Back to the refinance. If you leave these judgements open, most of them can charge at least 10% interest per year. Most companies will settle for less than what you owe and thus could allow you to get out from under this mess.