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Posted: Tue Jun 21, 2011 12:16 pm Post subject: short sale

If i have another home and quick claim to a sibbling and then short sale another home can the holder of a second morgage on the home being short sold come after the home that has been quick claimed into the sibblings name?

chrisgummerson · Posted: Tue Jun 21, 2011 1:01 pm Post subject:

Generally in most states that use the deed of trust, the only recourse is the property used in collateral for the loan. Certain states allow for deficiency judgments that can be attached to you and anything you own for 20 years. You would need to review your loan documents and contact an attorney to advise you of your rights. There are also tax implications with short sales, foreclosures etc. Contact professional tax CPA...

gmakerley · Posted: Tue Jun 21, 2011 6:47 pm Post subject:

Absolutely contact an attorney about this. I'd think that your transfer of property while pursuing a short sale might be looked at as a fraudulent move. That's just me, though. A court of law will rule in whatever way they see fit; and we won't know that outcome until such time as they do.

jameshogg · Posted: Tue Jun 21, 2011 10:47 pm Post subject:

Hi Guest,

If the short sale occurs after you have quitclaimed the property to your sibling, then your lender won't be able to come after that property in order to recover his deficient balance.

gmakerley · Posted: Wed Jun 22, 2011 9:55 am Post subject:

Please go see a real estate attorney; don't take anything for granted.

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