Posted on: 23rd Jun, 2009 03:31 pm
My father is 86 years old and has gotten himself into credit card debt, he filed bankruptcy about 8-10 yrs ago.
My father wants me to purchase his home for what he owes on it, (6000. 00), he thinks his credit card creditors are getting ready to make a judgement against him. If I do this, can the credit card creditors come after this home after I have legally purchased it, and would that be considered a fradulent act on mine or his part? Your help in this matter would be greatly appreciated. I live in Missouri. cemmons
My father wants me to purchase his home for what he owes on it, (6000. 00), he thinks his credit card creditors are getting ready to make a judgement against him. If I do this, can the credit card creditors come after this home after I have legally purchased it, and would that be considered a fradulent act on mine or his part? Your help in this matter would be greatly appreciated. I live in Missouri. cemmons
you'd be treading on thin ice with that sale, i think.
but let's take a long look at this. if the creditors obtain judgments and put liens on the home, that means when the home is sold - eventually - they'll be paid in full. they're not about to begin a foreclosure action for credit card debt.
i think your dad is more worried than he needs to be. and i think the thought of you buying it is going to invite more trouble than its worth.
but let's take a long look at this. if the creditors obtain judgments and put liens on the home, that means when the home is sold - eventually - they'll be paid in full. they're not about to begin a foreclosure action for credit card debt.
i think your dad is more worried than he needs to be. and i think the thought of you buying it is going to invite more trouble than its worth.
cemmons
I think you should not purchase the home from your father, as in any way you will be getting it even without buying it.At that time you are not liable for the credit card payments.
keep in touch.......
:arrow: :arrow: :arrow:
I think you should not purchase the home from your father, as in any way you will be getting it even without buying it.At that time you are not liable for the credit card payments.
keep in touch.......
:arrow: :arrow: :arrow:
My father wants to protect the home from the creditors, if I purchased it how can the creditors come after the home to settle any debts after he is gone if he has no estate. If it were a total stranger purchasing the home, the collectors could not force the stranger to sell the home to settle my father's debt. My father's concerned, because he wants my sister to have the home, but her credit is not good enough to get a loan.
i didn't use the word "fraudulent" earlier...i guess i needed to do so. if the situation is so dire that these creditors are on the cusp of placing their liens (which is how i read your original post), then that would be an issue. if, on the other hand, the likelihood of liens being placed is truly a future thing, then you may well be able to do as you have proposed. honestly, timing is everything.
yes, a stranger would be a whole different situation, but then again, we're not talking about that.
yes, a stranger would be a whole different situation, but then again, we're not talking about that.
I didn't mention that he has two properties on each side of his house property, a 1 acre tract, and a 40 ft tract that we put a well on, and both parties (my dad and I)paid and share the upkeep cost of the well. These are paid for but are of little value to what he owes on credit cards. I am going to see an attorney today with my father and put both these properties in my name but I am going to purchase for a $1, would a quick claim deed or a general warranty deed protect me from the creditors getting the 40 ft with the well on it?
Both tracts of land is paid for, he does not owe anything on them. He received a letter from one of his credit card companies to quit making anymore payments, so we're assuming they are getting ready to put a judgement on him. Thats where we stand right now. I am under the impression that as long as their is no judgement against the home that I could purchase the home legally. I will purchase for what he owes -6000.00. But when he passes, which may be a long time, I will split everything among the children.
you said:
would a quick claim deed or a general warranty deed protect me from the creditors getting the 40 ft with the well on it?
since you're heading for the lawyer's office anyway, pose that question once you get there. that's a more reliable source of information.
as to why a creditor would say to stop making payments, that makes no sense to me at all. are they planning to seek a judgment? who knows?
they cannot get a judgment without suing first, but two in the hand is still greater than two in the bush, so i don't get it.
would a quick claim deed or a general warranty deed protect me from the creditors getting the 40 ft with the well on it?
since you're heading for the lawyer's office anyway, pose that question once you get there. that's a more reliable source of information.
as to why a creditor would say to stop making payments, that makes no sense to me at all. are they planning to seek a judgment? who knows?
they cannot get a judgment without suing first, but two in the hand is still greater than two in the bush, so i don't get it.
With all due respect, what don't you understand? He has been paying them all along, just not the amount they were asking for. I figure he owes altogether around 20,000 to 30,000 in credit card debt. He'll never get it paid off. He has been paying them what he could afford for about a year now.
With all due respect, what don't you understand? He has been paying them all along, just not the amount they were asking for. I figure he owes altogether around 20,000 to 30,000 in credit card debt. He'll never get it paid off. He has been paying them what he could afford for about a year now.
quite simply i don't understand why a creditor would tell a debtor to stop making payments. i've not run across that before.
Thank you for your input to help me with my problem. It was very much appreciated and I kept everything in mind when I went for the consultation with the attorney. My father never got a letter, he claimed the credit card company called him and told him that. I am not positive with whats going on with his finances, he is so secretive. I did get a general warranty deed on the 1 acre lot and the 40 x 209 tract, it is now in my name, and recorded at the court house, but were at a stand still on his home.