Posted on: 04th Oct, 2009 04:21 pm
Can I put the Deed to two of my rental properties in to one of my kid’s names and out of my name if I still owe money on them? If so which is the best form to us?
you cna absoultey do the quit claim deed and transfer the property yoru kids name, but that does nto transfer the loan responsibility to them. you are still liable for the loan
your kids needs to refiance the loan in their name to clear yoru name
they need to show enough incoem to be able to qualify for the loan
your kids needs to refiance the loan in their name to clear yoru name
they need to show enough incoem to be able to qualify for the loan
Hi dber!
Welcome to forums!
You cannot transfer your property to minor kids. You can transfer your property to your children only if they are 18 years or more of age. Also, you should remember that transferring the property in your kids' name just to save it from the creditors would be considered as a fraud and the creditor can penalize you for that. It would be a better idea, in my opinion, to contact an attorney and check out if you can transfer the property into a trust. This may help you in saving the property from your creditors.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You cannot transfer your property to minor kids. You can transfer your property to your children only if they are 18 years or more of age. Also, you should remember that transferring the property in your kids' name just to save it from the creditors would be considered as a fraud and the creditor can penalize you for that. It would be a better idea, in my opinion, to contact an attorney and check out if you can transfer the property into a trust. This may help you in saving the property from your creditors.
Feel free to ask if you've further queries.
Sussane