Posted on: 10th Feb, 2011 08:53 am
Will like to add my son by quick deed to the condo he lives in which I bought in cash, no mortgage. He foreclosed and I did not know if they could come after the condo if he was part owner, but it will save a lot of tax money if he is able to claim home excemption. He is unemployed and had not been able to pay rent. Please help! Deadline for application is April 1st 2011
Hi marisita!
Welcome to forums!
If there was no mortgage, then how can the property get foreclosed? Moreover, if you wish, you can ask your son to transfer the property. However, if there is a judgment on the property, then the transfer of the property will be considered as fraudulent.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there was no mortgage, then how can the property get foreclosed? Moreover, if you wish, you can ask your son to transfer the property. However, if there is a judgment on the property, then the transfer of the property will be considered as fraudulent.
Feel free to ask if you've further queries.
Sussane
He foreclosed on another property. I just don't know if his creditors could at some point come after this new property if he becomes part owner.
Hi Mari,
If he becomes the part owner of the property, then his creditors can place a lien on the new property in order to recover the deficient balance.
Thanks
If he becomes the part owner of the property, then his creditors can place a lien on the new property in order to recover the deficient balance.
Thanks