Posted on: 01st Dec, 2008 11:48 pm
hi, i have a land in my name that belongs to my son, now he is 18 years old so i am thinking to do the quit claim deed. my question is i have a house and i am not going to be able to continue paying my mortgage.so do you think after i pass the land to my sons name they can put a lien on it?, what can i do to make sure that they are not going to put a lien to the land after is in my sons name.
nancy
nancy
Hi malow
First and foremost, if the land belongs to your son, then you don't need to quitclaim it to him again. Moreover if the land is your son's, then the lenders will not be able to place lien on the property.
However, if you are planning to quitclaim the land to your son in order to save it from the lenders, then the lender may take this as a fraudulent transfer and can even penalize you.
Thanks.
First and foremost, if the land belongs to your son, then you don't need to quitclaim it to him again. Moreover if the land is your son's, then the lenders will not be able to place lien on the property.
However, if you are planning to quitclaim the land to your son in order to save it from the lenders, then the lender may take this as a fraudulent transfer and can even penalize you.
Thanks.