Posted on: 12th Apr, 2010 09:35 am
My husband and I purchased a home for our son. My son has very bad credit but in order to get it homesteaded for property taxes, we need to put his name on the deed. I would like to give him 1% of the home, so if his creditors come after him, they can only attach 1% of the home. Is this legal?? We live in Michigan.
Can I use a quick claim deed and dictate the percent he would own on the deed? He is paying for the home but because of his bad credit he couldn't get a loan, so that is under my husband's and my name.
Please let me know as soon as possible, as we are running out of time to get the homestead. Thank you.
Can I use a quick claim deed and dictate the percent he would own on the deed? He is paying for the home but because of his bad credit he couldn't get a loan, so that is under my husband's and my name.
Please let me know as soon as possible, as we are running out of time to get the homestead. Thank you.
Hi jenni!
Welcome to forums!
If your son is one of the owners of the property, then his creditors will be able to attach a lien on the property. You can specify his ownership percentage in the property deed but still the creditors will be able to place a lien on it.
Sussane
Welcome to forums!
If your son is one of the owners of the property, then his creditors will be able to attach a lien on the property. You can specify his ownership percentage in the property deed but still the creditors will be able to place a lien on it.
Sussane