Posted on: 16th Jan, 2008 08:28 am
I have a situation with an inherited home that both my sister and I jointly own. The home is completely paid for and has no current mortgages or liens.
My sister elected have no participation in the property and I have since taken over the home and all associated responsibilities. (Property taxes, repairs, improvements etc.)
PROBLEM: My sister is currently experiencing some financial difficulties which may lead her to some legal action through the court system and eventually BANKRUPTCY if things don't improve. Because we are joint owners of the inherited home, we are concerened that the court may attempt to levy an action against the home.
QUESTION: My sister and I want to protect the home so we have discussed doing a QUITCLAIM to relenquish her rights to the home. Will this then pass the title compleetly to me severing all of her interests and ownership of the property. Would this include it being used as one of her possible assets?
Would this protect the property from being subject to a lien due to her financial problems?
FINANAL QUESTION:
Are liens against mortgages rather than properties?
Any help would be appreciated
My sister elected have no participation in the property and I have since taken over the home and all associated responsibilities. (Property taxes, repairs, improvements etc.)
PROBLEM: My sister is currently experiencing some financial difficulties which may lead her to some legal action through the court system and eventually BANKRUPTCY if things don't improve. Because we are joint owners of the inherited home, we are concerened that the court may attempt to levy an action against the home.
QUESTION: My sister and I want to protect the home so we have discussed doing a QUITCLAIM to relenquish her rights to the home. Will this then pass the title compleetly to me severing all of her interests and ownership of the property. Would this include it being used as one of her possible assets?
Would this protect the property from being subject to a lien due to her financial problems?
FINANAL QUESTION:
Are liens against mortgages rather than properties?
Any help would be appreciated
I currently live in a home that is in my father-in laws name. When myself and estranged husband purchased the home,we could not buy in our names. I have paid the mortgage, lot rent and some property taxes and any other home related bills, insurance water bill etc. The only bill my husband was supposed to take care of was the real estate taxes.Which he did not do. Now there is approximately 15,000 overdue taxes.My husband no longer lives here and my father in law called and said if I cant get the house in my name within a couple of months he is putting it up for sale. The downpayment and anything assocciated with the property has always been my responsibility.He has paid nothing.
Is there anything I can do?. I just am recovering from lung cancer and have just returned to work fulltime. Also my daughter who lives with me just had her baby two months premature and will be returning to this home when the baby is well enough.
We have made a payment plan with the town for back due taxes which the town is OK with. My mother in law justs wants to buy a third home. They have twoalready
Is there anything I can do?. I just am recovering from lung cancer and have just returned to work fulltime. Also my daughter who lives with me just had her baby two months premature and will be returning to this home when the baby is well enough.
We have made a payment plan with the town for back due taxes which the town is OK with. My mother in law justs wants to buy a third home. They have twoalready
hi sebrow!
welcome to forums!
if you have a good credit and income at present, then you can get a mortgage refinance. at that point of time, you can ask your father-in-law to sign a quitclaim deed and transfer the property to you. however, if you don't have a good income at present, then you won't be able to get the mortgage transferred in your name. in such a situation, you may have to lose the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you have a good credit and income at present, then you can get a mortgage refinance. at that point of time, you can ask your father-in-law to sign a quitclaim deed and transfer the property to you. however, if you don't have a good income at present, then you won't be able to get the mortgage transferred in your name. in such a situation, you may have to lose the property.
feel free to ask if you've further queries.
sussane
we were ordered to sell the house at the divorce. i owed him $16,000 in personal property settlement which i was to pay him out of the sale of the home. he is now facing bankruptcy. he owes his attorney about $17k and other creditors over $30k. i did pay him $11000 in cash toward the settlement. he now wants to sign a quit claim deed which would allow me to refinance the house. i would only have to pay him the last $5000. then he plans to file bankruptcy. i have been making all payments on the house for the past 3 years.... except, when the divorce was finalized, the judge did order him to pay 1/2 of the 2nd mortgage (about $200/month). so he has been paying this for 20 months while the house has been for sale. all other expenses are 100% mine. could we file the grant deed (?) mentioned above stating my financial contribution is his payment for the property. would this still be fraudulent on his part? would he be okay if he just waited 2 years to file his bankruptcy? what if his attorney has a lien on the property??
Hi Gadbot,
As there is a question of bankruptcy filing here, it will be better, if both of you can consult an attorney and take his suggestion in this regard. This will help you better in this matter.
As there is a question of bankruptcy filing here, it will be better, if both of you can consult an attorney and take his suggestion in this regard. This will help you better in this matter.
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