Posted on: 29th Jan, 2009 10:36 am
my husband owns house with father..house is paid off. father lives in the house and rents out my husbands portion. we are not sure if work is going to come to a stop and if so would have to foreclose on our home. my father in law would like to quit deed my husband off the house so that if anything ever did happen it would not affect his house. is this the right way to go? work is steady at this point and we have excellent credit and never miss payment...but if it were to get slow not sure how it would all work out. is it better to quit deed off sooner than later...is there a certain amount of time that needs to pass before it could affect my father in laws house too?
thanks!
thanks!
Hi sharpbunch,
In order to save the property from your husband's creditors in future, your husband can sign a quitclaim deed to his father. I don't think that is a bad option. Your husband will not be able to quit deed the property to his father if his creditors has already filed a judgment against him.
Thanks
In order to save the property from your husband's creditors in future, your husband can sign a quitclaim deed to his father. I don't think that is a bad option. Your husband will not be able to quit deed the property to his father if his creditors has already filed a judgment against him.
Thanks