Posted on: 27th Jul, 2009 09:53 am
my parents have a home and 2 lots that sit behind their home, they gave my husband and i a quit claim deed for the 2 lots. my husband and i are now going into foreclosure on our home, and i do not want a lein to be placed on the lots because they are now quit claimed in our name. should we quit claim back to my parents or pursue another avenue so that their gift is not put at risk?
you can quit clain deed it back to your parents. by doing this you will be safeguarding against the risk
Hi pameladu,
It won't be a good option to quitclaim the property back to your parents as the lender can consider this as a fraudulent transfer and you can be penalized for it. The lender would think that you transferred the property just to save it from the creditor's lien.
Thanks
It won't be a good option to quitclaim the property back to your parents as the lender can consider this as a fraudulent transfer and you can be penalized for it. The lender would think that you transferred the property just to save it from the creditor's lien.
Thanks