Posted on: 11th Aug, 2009 10:24 am
can i quitclaim my interest in our home to my wife to protect it from a lien against me?...I have 3 single family rentals that are in my name only. I am very concerned that I may be unable at some point down the road to continue to cover the additional expenses I am paying out of pocket that the rent is not sufficient to cover. This year alone it's cost me over $8,000. above and beyond the rent income, and this is the third year running this has happened. I don't want to walk away, but it may become inevitable if the economy continues to struggle. My question is... Can I quitclaim my interest in our home and another property we own jointly to my wife [she's not on the rental titles] to protect them from a lien in the event I lose the rentals?
Hi jack!
Welcome to forums!
If you transfer the properties to your wife just before you default on your rental properties, the lender would consider this as a fraud and can penalize you for this. In my opinion, before transferring the property to your wife, you should consult a real estate attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you transfer the properties to your wife just before you default on your rental properties, the lender would consider this as a fraud and can penalize you for this. In my opinion, before transferring the property to your wife, you should consult a real estate attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane