Posted on: 12th Mar, 2007 03:22 pm
my son has his name on the mortage of my house, i'm retired and have
limited income even tho i also have income property , i can't quailify for a large mortage. even tho i'm paying it. he is facing a large lawsuit because of his job. what can i do to say my house?
limited income even tho i also have income property , i can't quailify for a large mortage. even tho i'm paying it. he is facing a large lawsuit because of his job. what can i do to say my house?
If a judgment is given in the lawsuit against your son then it can happen that the debts are recovered by selling his share of the house.
You need to consult an attorney to know if your son can transfer his share of interest in the property to you without it being considered an fraudulent conveyance/transfer.
You need to consult an attorney to know if your son can transfer his share of interest in the property to you without it being considered an fraudulent conveyance/transfer.
Hi Zola,
Welcome to the forums.
I don't think your home can be affected. Whether it can be taken away by the court will depend upon the reason as to why the lawsuit has been filed against your son. And, I don't understand what has the debts got to do with your son's job. Is it that your son has taken a loan against the company he is working with?
Jerry
Welcome to the forums.
I don't think your home can be affected. Whether it can be taken away by the court will depend upon the reason as to why the lawsuit has been filed against your son. And, I don't understand what has the debts got to do with your son's job. Is it that your son has taken a loan against the company he is working with?
Jerry