Posted on: 21st May, 2009 10:59 am
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
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!
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!
manoj, i don't think that is the concern here.
bcook, what creditors are you referring to? hers? yours? please elaborate.
bcook, what creditors are you referring to? hers? yours? please elaborate.
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?
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.
otherwise, you are not responsible for debts owed by another party.
you'd be wise to get some legal advice.
she is paying on all her debts, except for a home in florida that will foreclose in the next 60 days.
sounds like you are safe.
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.
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
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