Posted on: 02nd Jun, 2012 07:55 am
My dad owes big bucks on personal loan he took out without mom's knowledge. Loan was from private individual and not an investment by lender. There is a joint mortgage on the house. Dad in severe default and being threatened with lawsuit. If he quit-claims house to mom, will this protect her home asset from being used to satisfy lawsuit claim? Home is his only asset at this time.
Hi Dzimagineer,
If your father's creditor's have not filed any lawsuit against him yet, then he can sign a quitclaim deed and transfer the property to your mother. If he does so, then she will become the sole owner of the property and his creditors won't be able to come after that property.
If your father's creditor's have not filed any lawsuit against him yet, then he can sign a quitclaim deed and transfer the property to your mother. If he does so, then she will become the sole owner of the property and his creditors won't be able to come after that property.
Hi Dzimagineer!
Welcome to forums!
To know all about quitclaim deed, you can check out the given page: http://www.mortgagefit.com/quitclaim-deed.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about quitclaim deed, you can check out the given page: http://www.mortgagefit.com/quitclaim-deed.html .
Feel free to ask if you've further queries.
Sussane