Posted on: 15th Oct, 2008 05:24 am
[size=12:eeb09a659e]I just did my taxes and find I owe $20,000.00 to the IRS. I don't have the money to pay them and am deeply in debt. I will try to make a payment plan with them but will they put a lien on my home and will a quick claim to my children protect me from a lien?[/size:eeb09a659e]
Hi Ed!
A quitclaim deed will not help your cause. Moreover, you will not be able to quitclaim the property to your children if they are below 18 years of age. And if you transfer at this stage, it will be taken as a fraudulent transfer. You should also note that quitclaiming the property has nothing do with the mortgage on the property. Mortgage cannot be transferred by a quitclaim.
It will be better if you could go in for a loan modification.
Thanks.
A quitclaim deed will not help your cause. Moreover, you will not be able to quitclaim the property to your children if they are below 18 years of age. And if you transfer at this stage, it will be taken as a fraudulent transfer. You should also note that quitclaiming the property has nothing do with the mortgage on the property. Mortgage cannot be transferred by a quitclaim.
It will be better if you could go in for a loan modification.
Thanks.