Posted on: 12th Aug, 2010 01:07 pm
I am a co-signor on a mortgage with my grandaughter. I have credit card debt and am trying to pay off. She will be getting married soon and I would like to quitclaim the deed to her husband as he will be helping her with the payments. I have never had to help her at all. I have had cancer many times and worry that if I should die would the companies put a lien on her house?
Hi camille,
I presume your name is mentioned in the deed of the property. If that's so, then you would be considered one of the owners of the property. In that situation, your creditors can place a lien on the property if you do not pay the dues on time. However, once you quit claim the property to your granddaughter and her husband, you won't remain an owner of the property. Thus, your creditors won't be able to place a lien on your property.
I presume your name is mentioned in the deed of the property. If that's so, then you would be considered one of the owners of the property. In that situation, your creditors can place a lien on the property if you do not pay the dues on time. However, once you quit claim the property to your granddaughter and her husband, you won't remain an owner of the property. Thus, your creditors won't be able to place a lien on your property.
thank-you for your quick response. I hope to live long enough to pay off this debt. The quit claim would be a gift to my future grandson-in-law and grandaughter for their future children.