Posted on: 17th Jul, 2009 07:59 am
i have a friend who is heading for financal problems. why would he quit claim deed land that is paid in full to his girlfriend. is there some kind of illegal motives going on here. again, this land is paid in full, his current home is on the market to sell although the value dropped, he lost a lot in the market, but not in foreclosre, no liens, why would he do this? note: he is very educated in real estate and the stock market. also note, he is a "hungry money man." there has to be a method to his madness. thank you.
since he is going through bad time, he is trying to save some of his property by transferring ownership rights to his girl friend.
can he get back his property?
is it possible that for certain time limit you can transfer property?
is it possible that for certain time limit you can transfer property?
is it legally ok for tranfer ownership?
Hi marilynxfontanarose!
Welcome to forums!
Your friend will be able to save the property in case, the lenders/creditors sue him for the dues. However, you friend should contact an attorney and discuss his options before this transfer as he may be penalized for transferring property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your friend will be able to save the property in case, the lenders/creditors sue him for the dues. However, you friend should contact an attorney and discuss his options before this transfer as he may be penalized for transferring property.
Feel free to ask if you've further queries.
Sussane