Posted on: 19th Aug, 2008 08:04 pm
MY MOM WANTS TO PUT MY NAME ON A LIVING DEED FOR HER HOME....HOUSE IS PAID FOR, NO LEINS, BUT MOM HAS SOME DEBT, WHAT WILL I BE RESPONSIBLE FOR?TAXES, INSURANCE?
Welcome TVJ,
what type of debt does your mother have? I suppose it's not any debt on the home. If they are unsecured debts like credit cards and personal loans, well then such debts may be sold off to collection agencies who'll try to collect the debt from your mother. Possibly they won't come after the house. Are you a co-applicant or cosigner on any of those loans/credit? If yes, only then you'll be legally responsible.
what type of debt does your mother have? I suppose it's not any debt on the home. If they are unsecured debts like credit cards and personal loans, well then such debts may be sold off to collection agencies who'll try to collect the debt from your mother. Possibly they won't come after the house. Are you a co-applicant or cosigner on any of those loans/credit? If yes, only then you'll be legally responsible.