Posted on: 14th Oct, 2008 10:03 am
Can they take my take my primary home the eguity in it to pay for the other homes ?....I have several investment homes but some of them have recently become vacant. i am not able to pay them all so i'm letting them go into foreclosure. if i sign a qiteclaim deed over to one of my kids can they still take it or the equity in it. the house is payed off
Hi Guest!
Welcome to Forums!
You cannot quitclaim any property to a kid. According to the laws, you can only quitclaim property to adults (above 18 years). Secondly, if you quitclaim to someone else at this stage when your property is going into foreclosure, it will taken as a fraudulent transfer and you can be penalized for it.
If you are unable to pay the dues, it can happen that your properties will go into foreclosure and the lender may place lien on your other properties to recover his debts. You may consider the options of short sale or deed in lieu.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
You cannot quitclaim any property to a kid. According to the laws, you can only quitclaim property to adults (above 18 years). Secondly, if you quitclaim to someone else at this stage when your property is going into foreclosure, it will taken as a fraudulent transfer and you can be penalized for it.
If you are unable to pay the dues, it can happen that your properties will go into foreclosure and the lender may place lien on your other properties to recover his debts. You may consider the options of short sale or deed in lieu.
Feel free to ask if you have further queries.
Sussane
Why don't you sell the houses instead of foreclosure. A foreclosure will hurt your credit.
Your answer depends on whether you are in an "anti-deficiency" state. If so, the lender is limited to the collateral, that is, the house the loan is on. Otherwise, they can come after any asset, including your primary residence (above any homestead exemption amount).
Your answer depends on whether you are in an "anti-deficiency" state. If so, the lender is limited to the collateral, that is, the house the loan is on. Otherwise, they can come after any asset, including your primary residence (above any homestead exemption amount).
