Posted on: 29th Aug, 2007 01:56 pm
My wife and I paid off our mortgage last year. She recently informed me that she has a rather large revolving line of credit debt that she is behind on payments. We both want to take her name off of our home deed/title in order to protect our home from any possible liens, etc. that the creditors of this line of credit may have.
Hi Snyder,
"Does removing a spouse's name from a paid for home title protect against creditor's of that spouse"
Yes if her name is removed from title of the house then her creditors won't be able to put any lien on the house for recovery of their debts.
Miller
"Does removing a spouse's name from a paid for home title protect against creditor's of that spouse"
Yes if her name is removed from title of the house then her creditors won't be able to put any lien on the house for recovery of their debts.
Miller
You should contact an attorney to know if would be considered as fraudulent conveyance or not before going ahead with the plan.
Know more about what is considered as fraudulent conveyance from here - http://www.in.gov/legislative/ic/code/title32/ar18/ch2.html
Thanks
Blue
Know more about what is considered as fraudulent conveyance from here - http://www.in.gov/legislative/ic/code/title32/ar18/ch2.html
Thanks
Blue
Hi Synder,
As your wife has many credit card debts, her creditor can any time place a lien on the house. But if you remove her name from the property title, then the property will no longer be in her name. And the creditors will not be able to place any lien on the house.
But it is possible for the creditors to place a lien on any of her other personal assets. In that case, she may have to repay them by using those assets.
As your wife has many credit card debts, her creditor can any time place a lien on the house. But if you remove her name from the property title, then the property will no longer be in her name. And the creditors will not be able to place any lien on the house.
But it is possible for the creditors to place a lien on any of her other personal assets. In that case, she may have to repay them by using those assets.
Unless the line is extremly large you likely have nothing to worry about in the first place. I would check on laws in your state though because some will have laws in place to say that since you are married you are responcible for your debts together.
