Posted on: 24th Oct, 2007 12:22 pm
I co-own a residential property with my mother in which we both presently live. My mother has extreme credit card debt. In the case of her death, can her creditors force me to sell the property? Would having her fill out a quitclaim deed remedy this possible scenario?
Hello Khenry,
I don't think the creditors can force you to sell the property if that was not kept as a security against the credit card loan.
I don't think the creditors can force you to sell the property if that was not kept as a security against the credit card loan.
Hi Khenry,
If it is an unsecured debt then the creditor cannot force you to sell the property. If your mother makes a quitclaim and transfers the property to your name, I think that may be better in this situation as you will then own the property.
Thanks,
Larry
If it is an unsecured debt then the creditor cannot force you to sell the property. If your mother makes a quitclaim and transfers the property to your name, I think that may be better in this situation as you will then own the property.
Thanks,
Larry