Posted on: 19th Apr, 2009 09:51 am
my parents added me to the deed on their house. they also transfered the deed on a piece of land to me. they are doing this so they do not have to do a will in case anything happened to them. my house is currently upside down, the loan will adjust to a higher interest soon i will not be able to afford the payments, and i can not get it refinance. if my lender does not have a workout plan for me and my house gets foreclosed on, can my lender come after my parents house and/or land to collect my unpaid obligations on my foreclosed home? can i sign a quit claim on the house and transfer back the deed on the land to my parents? can my lender still come after my parents properties after i signed quit claims?
Hi NewUser,
If the house is foreclosed on, the lender can come after the land for the deficient amount as it is in your name. But the lender may choose not to do so. It depends on them. A quitclaim might not work at this point in time as any transfer will now be regarded as a means to avoid your creditors and it would thus be considered as a fraudulent conveyance.
If the house is foreclosed on, the lender can come after the land for the deficient amount as it is in your name. But the lender may choose not to do so. It depends on them. A quitclaim might not work at this point in time as any transfer will now be regarded as a means to avoid your creditors and it would thus be considered as a fraudulent conveyance.