Does removing a spouse's name from a paid for home title pro

BrewskiSnyder · Joined: 29 Aug 2007 Posts: 1 1.35 Dollars($)

My wife and I paid off our mortgage last year. She recently informed me that she has a rather large revolving line of credit debt that she is behind on payments. We both want to take her name off of our home deed/title in order to protect our home from any possible liens, etc. that the creditors of this line of credit may have.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Hi Snyder,

blue · Posted: Wed Aug 29, 2007 6:22 pm Post subject:

You should contact an attorney to know if would be considered as fraudulent conveyance or not before going ahead with the plan.

Know more about what is considered as fraudulent conveyance from here - http://www.in.gov/legislative/ic/code/title32/ar18/ch2.html

Thanks
Blue

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Synder,

As your wife has many credit card debts, her creditor can any time place a lien on the house. But if you remove her name from the property title, then the property will no longer be in her name. And the creditors will not be able to place any lien on the house.

But it is possible for the creditors to place a lien on any of her other personal assets. In that case, she may have to repay them by using those assets.

evolovik26 · Posted: Sat Sep 01, 2007 7:42 pm Post subject:

Unless the line is extremly large you likely have nothing to worry about in the first place. I would check on laws in your state though because some will have laws in place to say that since you are married you are responcible for your debts together.

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