Posted on: 12th Jan, 2008 02:07 pm
The house belonged to my grandfather and grandmother. My grandfather died in 1999. There was a succession done and in the succession my mother (their only child) donated her 50% to her mother. Her mother passed away 2004. She then started a succession but unfortunately the lawyer just finished it October 31, 2007. About a year ago my mother had a car repo. The lawyer said the quit claim would be the cheapest way to go but I would be responsible now for her repo if they came after her. Is there other options?
Thanks for your assistance
Thanks for your assistance
how is it that you are responsible for a repossession? were you a borrower on that car loan? if so, i understand. if not, then you should have no liability for that.
please elaborate.
oh wait...i think i may have just come to understand. in the succession, were you and she given 50% each? if that's the case, then i guess the lawyer here is saying that the house, subsequent to the quit-claim deed, would be susceptible to attachment, which would impact you.
in any event, unless you signed a note for that car, you are not personally liable. your lawyer needs to clarify to you the whole situation.
please elaborate.
oh wait...i think i may have just come to understand. in the succession, were you and she given 50% each? if that's the case, then i guess the lawyer here is saying that the house, subsequent to the quit-claim deed, would be susceptible to attachment, which would impact you.
in any event, unless you signed a note for that car, you are not personally liable. your lawyer needs to clarify to you the whole situation.
i don't care for the lawyer that is handling this case but unfortunately he is the family attorney and I didn't have any say so. He took 3 years to do a succession that should tell you alone how horrible he is. No I did not sign a note for the car but from what I am understanding that he explained since she had the repo and then the succession was done that her stuff goes with the house and when I take over the house through the quit claim that if the car loan company can come after the house. It doesn't make since to me though.
hello marciavgaspard,
do you have any information if the company is going to sue you for a deficiency judgment to recover the unpaid loan balance? only then they may attach a lien to your other properties.
could you tell me where you live? because if you live in an anti-deficiency state then the lender cannot even seek a deficiency judgment.
it will be better if you talk to the lender directly and check out if this issue could be solved.
after that your mother may sign a quit claim deed to transfer the ownership rights to you. but the deed has to be notarized and recorded at the county recorder's office in order to make that valid.
it is always better to consult an attorney and take his advice.
do you have any information if the company is going to sue you for a deficiency judgment to recover the unpaid loan balance? only then they may attach a lien to your other properties.
could you tell me where you live? because if you live in an anti-deficiency state then the lender cannot even seek a deficiency judgment.
it will be better if you talk to the lender directly and check out if this issue could be solved.
after that your mother may sign a quit claim deed to transfer the ownership rights to you. but the deed has to be notarized and recorded at the county recorder's office in order to make that valid.
it is always better to consult an attorney and take his advice.
marcia, thank you for the clarity. because your mom is an owner of real estate, in the event of a deficiency, the lender is able to place a lien on the property to recover its loss. that doesn't make you liable specifically, but it does impact you because you are also an owner.
as for the lawyer...as an owner of the property, i think you need to assert your authority and insist on obtaining a new lawyer, who would presumably work harder to protect your interests, among other things. you most definitely ought to have a say in matters; though i recognize that family matters often take precedence. nevertheless, make your opinion plain.
jenkin suggested that your mom could quit-claim back to you to avoid this situation. i am afraid that this might appear to be a fraudulent transaction, done only to avoid the situation. of course, the lender may not be aware that she owns any real estate. just be careful with this, and be sure to consult with your (new?) lawyer. it might be worthwhile to have a quick consultation with a potential new lawyer anyway.
as for the lawyer...as an owner of the property, i think you need to assert your authority and insist on obtaining a new lawyer, who would presumably work harder to protect your interests, among other things. you most definitely ought to have a say in matters; though i recognize that family matters often take precedence. nevertheless, make your opinion plain.
jenkin suggested that your mom could quit-claim back to you to avoid this situation. i am afraid that this might appear to be a fraudulent transaction, done only to avoid the situation. of course, the lender may not be aware that she owns any real estate. just be careful with this, and be sure to consult with your (new?) lawyer. it might be worthwhile to have a quick consultation with a potential new lawyer anyway.
So that isn't another type of transfer where they won't have access? I am wanting it transferred that I am the only owner. She won't be listed on the house at all. The house is in Louisiana. The car company may not know that she now owns property, when she bought the car she didn't have the succession just came complete Oct '07 the car was repo in '06.
I think the lender might file a deficiency judgment to get back the unpaid car loan balance and if there is a court order, he may even put a lien on the real property.
In that case, the transfer of ownership may be pointed as a fraudulent conveyance as George has already pointed out.
You may not let anyone know about the change in ownership but the official record will show the change of ownership.
In that case, the transfer of ownership may be pointed as a fraudulent conveyance as George has already pointed out.
You may not let anyone know about the change in ownership but the official record will show the change of ownership.
Hi,
The company will either let you keep the car and will attach a lien to your house if that has enough equity and might put pressure on you to sell the property to recover the loan amount.
Or, they might repossess your car and ask you to pay if there is any balance remaining after the sale of the car.
I don't think they can do BOTH the repossession as well as the deficiency judgment together. So I hope there is nothing for you to worry.
The company will either let you keep the car and will attach a lien to your house if that has enough equity and might put pressure on you to sell the property to recover the loan amount.
Or, they might repossess your car and ask you to pay if there is any balance remaining after the sale of the car.
I don't think they can do BOTH the repossession as well as the deficiency judgment together. So I hope there is nothing for you to worry.
You should not be responsible for another persons debt. Are you on the title currently. Is there currently a lien on the property for the repo?