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IF I OWN ENOUGH PROPERTY OTHER WISE WOULD IT BE CONSIDERED FAUD

smithsussane · Posted: Sun Apr 26, 2009 10:38 pm Post subject:

Hi ROBERT!

Welcome to forums!

If you quitclaim the property in order to avoid creditors, it would be considered as a fraud and you will be penalized for it.

Sussane

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I currently own a failiing business with a partnert. We are in the process of possibly letting it go. We still have 4 more years on the lease left and am scared the landlord might want to come after me. However, my wife and I would like to purchase a home. My parents have agreed to help with a downpayment. My wife currently is a homemaker and student therefore she will not be able to acquire the loan in her own name. Since I am the sole breadwinner I will have to apply for the loan jointly. Is there anyway to make this work where I can safeguard this home purchase. Meaning If we purchase the home and at closing I quitclaim the home to her is that still considered fraudulent transfer? Does the landloard have any way to come after the home if I quitclaim it to her after buying the home?

smithsussane · Posted: Sun Jul 05, 2009 8:11 pm Post subject:

Hi mani!

Welcome to forums!

If you quitclaim the property to your wife at the time of closing, the lender may want your wife to be a co-borrower of the loan. But you've mentioned that your wife is a home maker and thus, she won't be able to show any kind of income. A stable income is one of the major criterion to qualify for a loan. If she does not qualify for a loan, the lender will not allow her to own the property as a whole.

Feel free to ask if you've further queries.

Sussane

indnracn2 · Joined: 04 Jul 2009 Posts: 7 3.70 Dollars($)

my wife has excellent credit. so even if we both jump on the loan or i co-sign the loan the lender may not let her own the home as a whole. I thought the lender is concerned with the asset of teh home and the borrower. If she becomes the whole owner but they have me as a borrower with my name on or off the title how would that affect the lender. I am sorry i am very new to purchasing and this will be my first home so i am jujst curious the best way aroudn this?

indnracn2 · Joined: 04 Jul 2009 Posts: 7 3.70 Dollars($)

i forgot to mention indnracn2=mani sorry i wrote the original post with out signing u8p for this valuable site

sara · Posted: Mon Jul 06, 2009 2:45 am Post subject:

Hi indnracn,

A lender is concerned about both the collateral as well as the borrower. Lenders always want that the owner of the collateral and the borrower of the mortgage should be the same person. This helps in safeguarding the interests of the lender. If the collateral is in your wife's name but the mortgage in your name, the lender won't be able to takeaway the property in case you default the mortgage. This is because the property is in your wife's name.

Take care.

indnracn2 · Joined: 04 Jul 2009 Posts: 7 3.70 Dollars($)

ok that makes alot of sense sara thank you. so then the real question comes back to me is how would really prove fraud. I mean if I am currently not in any litigation, and purchase a home and quit claim it over to her and say in 6 months get sued would it really be considered fraud?

smithsussane · Posted: Thu Jul 23, 2009 10:28 pm Post subject:

Hi indnracn!

Welcome to forums!

If you are presently not into any kind of litigation, then purchasing a property and transferring it to your wife won't be considered as a fraud. But you won't be able to transfer the property, once you are involved in a litigation.

Feel free to ask if you've further queries.

Sussane

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If you owe money to a credit card company, but they do not have the original documentation to prove it is your debt,can you be forced to pay the debt?

jameshogg · Posted: Thu Nov 12, 2009 8:50 pm Post subject:

Hi sebastian,

If they cannot prove that you owe the money to them, then they cannot force you for the payments. If they are forcing you, then that would be illegal. I would suggest you to contact an attorney and take his opinion in this regard.

Thanks

Guest

My husband coerced me to quit claim deed on one of our properties to avoid the lien on our residence home, which is in foreclosure, to collect from the other property; is it illegal to do that? How can I claim back the interest in the other property?

jameshogg · Posted: Mon Jan 18, 2010 11:40 pm Post subject:

Hi matrona,

Transferring property just to save it from foreclosure or other liens can be considered as a fraudulent act by the creditor. If you want to claim your interest in the property, then you'll have to ask your husband to sign a quit claim deed and add your name to it.

Thanks

Guest

I recently spoke to a consumer law attorney and he stated that if you suspect that there could be a lien put on your home because of past due medical bills, and not able to file bankruptcy do a quickclam into someone else name and have a living will made that if they pass away the property will be inherited by you. Hopefully this will buy you time to get through the statu of limitations for your state.

Guest

Sorry folks for the spelling errors! Need to slow down.

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