Posted on: 21st Jan, 2011 03:31 pm
i recently purchased a house but needed my parents to co-sign, just to get the loan, they never contributed any money- but their names are on the title as well as mine. my parents have now run into medical and thus financial problems. so my questions are as follows- (1) if they struggle meeting their financial obligations can their creditors go after my house since their name is on the title? and (2) can i use a quit claim deed to have my parents' removed from the title of the house? any help will be greatly appreciated.
Hi Budbudalicious,
As your parents have their names mentioned on the property title, then their creditors will be able to place a lien on your property. Your parents can sign a quitclaim deed in order to transfer the property back to you.
Thanks
As your parents have their names mentioned on the property title, then their creditors will be able to place a lien on your property. Your parents can sign a quitclaim deed in order to transfer the property back to you.
Thanks