Posted on: 03rd Feb, 2010 06:05 pm
I closed a business in 2008 and ended up with a 40,000 tax debt to the state of VA. Our mortgage balance is 30,000 and our house worth is about 210,000.
My husband has excellent credit and has made every mortgage payment since 1987.
I do not want my debt to effect him We've been married 30 yrs. Should I have my name removed from our home to protect against a possible tax lien? If so, what is the best way to do this? (and the most economical, of course)
My husband has excellent credit and has made every mortgage payment since 1987.
I do not want my debt to effect him We've been married 30 yrs. Should I have my name removed from our home to protect against a possible tax lien? If so, what is the best way to do this? (and the most economical, of course)
Hi Guest,
You can remove your name from the property deed by signing a quit claim deed in his favor. However, before taking any such step, I would suggest you to contact an attorney and take his suggestions in this regard. If you transfer the property to your husband now, your creditors can consider this a fraudulent activity and may sue you for it.
Thanks
You can remove your name from the property deed by signing a quit claim deed in his favor. However, before taking any such step, I would suggest you to contact an attorney and take his suggestions in this regard. If you transfer the property to your husband now, your creditors can consider this a fraudulent activity and may sue you for it.
Thanks