protecting the house

Guest

I have a mortgage in my name and my wifes name. My wife passed away in Feb 2008. Since then I signed a commercial lease in my name for a business start-up. Can i put the mortgage in another persons name to protect the house in case I default on the commercial lease?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 459 6.94 Dollars($)

Hi shunnies,

You can refinance loan to another person who is trusted for that & redy to take responsbility of your loan payments is you stopped to pay dues.

Thanks.

gmakerley · Posted: Wed Oct 28, 2009 8:11 am Post subject:

hmmm...not so sure about that idea. you don't want the lessor to accuse you of a fraudulent transfer now, do you?

Guest

if I keep my name and add another persons name not involved in the commercial lease, does that help protect my home?

brownwalter09 · Joined: 10 Aug 2009 Posts: 37 0.72 Dollars($)

shunnies,

On the other hand you are giving ownership right to new member.

Guest

Does that help protect the house?

gmakerley · Posted: Wed Oct 28, 2009 10:13 am Post subject:

not making much sense to me, either.

Guest

what canI do legally to protect my house in case of default on my commercial lease?

jenkin7 · Posted: Mon Nov 02, 2009 12:04 am Post subject:

Hi shunnies,

Even if someone refinances the loan in his name and relieves you from the mortgage liability, your house would still be collateral for the loan. This means you can lose the property if he defaults on the loan. Moreover, you will if you add someone to the title, you still remain one of the owners of the property. Thus, if you default on the commercial agreement, the lessor can come after the house. Thus, putting the mortgage in someone else's name or adding him to the title will not help you in any way. I think you should get the lease agreement reviewed by an attorney and check out if the terms of agreement leaves you any scope to protect the property in case of a default.

thepatjohn · Joined: 27 Aug 2009 Posts: 2 1.42 Dollars($)

You seem like you want to protect the house but is putting someone else's name on the title the best way to do that? This would have to be one trustworthy person. Are there not a truckload of bad scenarios that could result if you were to do this?

I would rethink that one! I would follow Jenkin7's advice.

Good luck!
Pat

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