 savior70
Joined: 25 Mar 2009
Posts: 1899
Location: Florida
261.84 Dollars($)
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 Posted: Mon Sep 07, 2009 6:49 am Post subject: |
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Hi Richard,
It's true that if you sign over the properties to your wife, the creditors can reverse the transfer. A transfer at this point in time will be considered as an attempt to avoid your creditors. If you sign any deed to transfer the properties, the deed will be considered as invalid. Thus, there's no point in transferring the properties to avoid the judgment.
The credit card companies can sell your properties to recover their debts. However, they will have to pay off the primary mortgage first. So, they are likely to sell the property if there's enough value in it to satisfy the credit card debts after paying off the primary mortgage. If the property is worth less than what is owed on it, it's unlikely that they will sell the property. |
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