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kmtny · Joined: 05 Jun 2011 Posts: 1 1.37 Dollars($)

my husband just got a call from a collection agency attempting to collect a debt from over 5 years ago for a business he previously owned. we got this call 2 days ago and it was the first we had ever heard of this debt. It is a large amount of money - which we dont have - and of course I am panicking and thinking about doing a deed transfer. we bought our home together 2 years ago and although both of our names are on the deed, the mortgage is in my name ONLY. Would it be possible to do a deed transfer in case we are running the risk of getting sued down the line or having to file bankruptcy? would it be seen as a fraudelent attempt and end up being a waste of time/money to do this? I want to protect my home! help!!

gmakerley · Posted: Sun Jun 05, 2011 6:19 pm Post subject:

Could such a transfer be considered fraudulent? Sure it could - but that's something that you'd simply have to be prepared for. I suggest you consult with your favorite real estate attorney to see if you can protect your home from this long-lost debt. I'm a bit surprised your husband didn't know anything about the debt, particularly since it emanated from his former business, but that's really a moot point, I suppose.

If I were representing that creditor, I would likely be ready to claim that your transfer was fraudulent, but the burden of proof, of course, would be on me in that case. The timing would benefit them, inasmuch as you're taking this action (if you do) after hearing of their claim.

That's why I suggest the counsel of a good attorney, who can lead you through this difficult situation, perhaps providing the specific way in which you can avoid the allegation of fraud altogether.

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