Posted on: 30th Nov, 2010 04:08 am
I own 1/5 of a house one of the other owners is about to file bankruptcy and owes me a substantial amount of money she want to quik claim her share of the house to me to repay the loan. This seems like an ok idea on the surface but is this legal, is it a good idea and is there anything I'm overlooking.
Thanks
BIll
Thanks
BIll
hi billv,
the person can quitclaim her share of the property. once she does so, you can contact the lender and refinance the mortgage to get it transferred in your name. however, after transferring the property to you, she won't be able to file bankruptcy immediately. she will have to wait for 1 year after the property transfer to file bankruptcy.
thanks.
the person can quitclaim her share of the property. once she does so, you can contact the lender and refinance the mortgage to get it transferred in your name. however, after transferring the property to you, she won't be able to file bankruptcy immediately. she will have to wait for 1 year after the property transfer to file bankruptcy.
thanks.