Posted on: 04th Dec, 2010 08:01 pm
please help! i went into business with a friend, the business just went under...our lease wasnt up, we still have three years remaining on the lease i know they are going to put a lean on both of our houses which would total 75 thousand a piece. ive only had my home for a year. how can i protect my home from a lean being put on it? i would like to give it to my daughter but she is only 16. i am in a relationship could i quit deed it to him and keep a life estate for myself or my daughter?
Welcome Georgia,
If no court proceedings have been started against you, then you can transfer the property to someone else with the help of a quitclaim deed and keep a life estate for yourself and your daughter. You can contact an attorney and he will guide you further in this regard.
If no court proceedings have been started against you, then you can transfer the property to someone else with the help of a quitclaim deed and keep a life estate for yourself and your daughter. You can contact an attorney and he will guide you further in this regard.
THank you! Do I have to inform the bank (lender) before doing a quit deed? I think I am really running out of time, can I just purchase a quit deed and get it noterized? I really dont have the money to get an attorney...
Hi Georgia,
It is better to inform the lender about your property transfer. If the lender has any objections to it, then he will let you know about the same.
Thanks
It is better to inform the lender about your property transfer. If the lender has any objections to it, then he will let you know about the same.
Thanks
The Lender isn't going to allow you to change Title - the Title must match the Note. And if you do the Quit Claim without informing the Lender, the Lender can immediately call your Note due and payable. There isn't a legal way to avoid the lien.
