Posted on: 20th Jan, 2011 04:55 pm
hi,
my dad was a co-borrower for a home purchase with my aunt about 5 years ago which consisted of a 1st and 2nd mortgage. the home foreclosed about 4 years ago so i believe the first mortgage defaulted and is no longer a responsibility. my dad recently had his credit ran and discovered that the 2nd mortgage has been sent to collections. now here's the issue, my mom and dad have a home and we're afraid that the collectors will go after my familys home because of the 2nd mortage of my aunt. would you suggest my dad filing a quit claim deed to avoid the possibility of losing our home? please advise. thanks in advance
my dad was a co-borrower for a home purchase with my aunt about 5 years ago which consisted of a 1st and 2nd mortgage. the home foreclosed about 4 years ago so i believe the first mortgage defaulted and is no longer a responsibility. my dad recently had his credit ran and discovered that the 2nd mortgage has been sent to collections. now here's the issue, my mom and dad have a home and we're afraid that the collectors will go after my familys home because of the 2nd mortage of my aunt. would you suggest my dad filing a quit claim deed to avoid the possibility of losing our home? please advise. thanks in advance
Welcome Al,
Your father can sign a quitclaim deed and transfer the property to you. This will make you the owner of the property and your father's creditor won't be able to come after the property or place a lien on it.
Your father can sign a quitclaim deed and transfer the property to you. This will make you the owner of the property and your father's creditor won't be able to come after the property or place a lien on it.
Thanks for the response! Since our home is under my mom and dad if my dad quit claims and makes my mom sole owner then the collectors still wouldn't be able to go after our home, correct?
Hi Al!
Welcome to forums!
If your father transfers the property to your mother and if she becomes the sole owner of the property, then your father's creditors won't be able to come after the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your father transfers the property to your mother and if she becomes the sole owner of the property, then your father's creditors won't be able to come after the property.
Feel free to ask if you've further queries.
Sussane