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Will I lose property that is paid for and in my name?

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bcook137 Joined: 21 May 2009 Posts: 7 Location: Tennessee 3.31 Dollars($)	Posted: Thu May 21, 2009 10:59 am    Post subject: Will I lose property that is paid for and in my name? Like 0 Dislike 0 My mom had a quit claim deed done on her home to put it in my name. If she passes away will I lose the home to any creditors? I live in Tennessee. Thank you
manoj_gopale Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)	Posted: Thu May 21, 2009 11:19 am    Post subject: Like 0 Dislike 0 Hi bcook137 , Welcome to the forum If your creditor has done any insurance on the mortgage loan provided to your mother then they won't be coming after the property as they will get the money from the insurance company I advice you to check this aspect on priority basis. keep in touch!
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Thu May 21, 2009 12:48 pm    Post subject: Like 0 Dislike 0 manoj, i don't think that is the concern here. bcook, what creditors are you referring to? hers? yours? please elaborate. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
bcook137 Joined: 21 May 2009 Posts: 7 Location: Tennessee 3.31 Dollars($)	Posted: Thu May 21, 2009 1:03 pm    Post subject: Will I lose my home that is paid for and in my name? Like 0 Dislike 0 The home is in my name now, but there are my mother's creditors from other business affairs, (medical, loans, etc) that if she died would I have to worry about them coming after my property?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Thu May 21, 2009 1:05 pm    Post subject: Like 0 Dislike 0 if she was trying to avoid payment by quit claiming, then that could be construed as a fraudulent transfer. otherwise, you are not responsible for debts owed by another party. you'd be wise to get some legal advice. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
bcook137 Joined: 21 May 2009 Posts: 7 Location: Tennessee 3.31 Dollars($)	Posted: Thu May 21, 2009 1:09 pm    Post subject: Like 0 Dislike 0 she is paying on all her debts, except for a home in florida that will foreclose in the next 60 days.
Guest	Posted: Thu May 21, 2009 1:10 pm    Post subject: Like 0 Dislike 0 sounds like you are safe.
bcook137 Joined: 21 May 2009 Posts: 7 Location: Tennessee 3.31 Dollars($)	Posted: Thu May 21, 2009 1:20 pm    Post subject: Like 0 Dislike 0 other people around here were saying that if she died within 5 yrs of quit claim then creditors could come and take my property. i hope i am safe, we do not have much so every little bit we have helps my 3 babies, 7yr, 6yr, and 4yr. i really appreciate you all helping me understand this.
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Thu May 21, 2009 8:12 pm    Post subject: Like 0 Dislike 0 Hi bcook! Welcome to forums! I agree with George that if your mother is transferring the property to you only to save it from the creditors, then it will be considered as a fraud. Otherwise, you are the owner of the property and none of your mother's creditors can claim the property on her death. However, if there is a mortgage on the property, then you will have to refinance it and transfer it in your name. Feel free to ask if you have further queries. Sussane

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