Posted on: 10th Aug, 2009 09:23 am
I have several medcial bills due. Creditors are setting monthly amounts that I cannot afford. They are not accepting $10.00/month. They will turn this over to collections if the full amount is not paid. My name is on the deed along with my parents. Should I remove my name off deed and add my brother? Both parents and brother reside in another state.
If I quitclaim, who can do this correctly for me? someone in realestate?
my concern is that I live in the house and any future sales of the home I may have a problem if it's not in my name. Also how long does it take for my name to be removed off the deed. In other words I do not want the collection agencies putting a lien on the home if my name is involved. I do not own anything else.
If I quitclaim, who can do this correctly for me? someone in realestate?
my concern is that I live in the house and any future sales of the home I may have a problem if it's not in my name. Also how long does it take for my name to be removed off the deed. In other words I do not want the collection agencies putting a lien on the home if my name is involved. I do not own anything else.
katrink491017,
is your property free from mortgage?
if yes you can transfer it to others using quit claim deed. you need to sign as a grantor & your brother will be named as grantee. get it notarized at local clerk's office.
if you have taken mortgage on property, apart from quit claim deed, ask your brother to refinance it.
is your property free from mortgage?
if yes you can transfer it to others using quit claim deed. you need to sign as a grantor & your brother will be named as grantee. get it notarized at local clerk's office.
if you have taken mortgage on property, apart from quit claim deed, ask your brother to refinance it.
Can I someday add my name back on the deed once removed?
Can collection agency do anything to your bank savings; cd's; ira's, money markets?
Can collection agency do anything to your bank savings; cd's; ira's, money markets?
it is upto new owner's wish.
besides the home, what else can collection agencies go after and take from you if you can only pay them $5.00 or $10.00/monthy?
Hi katrink,
If you quitclaim the property to your brother, it would be considered as a fraud and there are chances that your creditors would penalize you for it. If you are unable to pay back your creditors, then they can place a lien on your property. Apart from this, they may also garnish your savings account or your wages. As far as retirement benefits are concerned, creditors cannot place a lien on it.
Thanks
If you quitclaim the property to your brother, it would be considered as a fraud and there are chances that your creditors would penalize you for it. If you are unable to pay back your creditors, then they can place a lien on your property. Apart from this, they may also garnish your savings account or your wages. As far as retirement benefits are concerned, creditors cannot place a lien on it.
Thanks
The home is in Florida, all our names are jointly and homesteaded in the state of Florida. Can you still put lien on property?????
Hi katrink!
Welcome to forums!
As far as I know, judgment liens on homestead property are legal. I don't think it would matter much if you jointly own the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, judgment liens on homestead property are legal. I don't think it would matter much if you jointly own the property.
Feel free to ask if you've further queries.
Sussane