Posted on: 03rd Mar, 2009 01:19 pm
my mom is facing forclosure on her home. she wants to quit claim the home to me and her (essentially adding me to the deed) so that i can refinance the property...what are the tax implications for adding me to the deed? the preperty is in nassau county new york
Hi Guest,
As your mom is facing foreclosure, she cannot transfer her share through a quitclaim deed now. Any such transfer in this scenario would be considered as 'fraudulent conveyance' and the lender will have the right to sue the grantor and reverse the deed as well.
As your mom is facing foreclosure, she cannot transfer her share through a quitclaim deed now. Any such transfer in this scenario would be considered as 'fraudulent conveyance' and the lender will have the right to sue the grantor and reverse the deed as well.