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hollywoodinjax · Joined: 20 Jun 2011 Posts: 4 1.83 Dollars($)

I am trying to protect myself and setup some Estate Planning.
I have a Rental Property that currently does have a mortgage. Can I Quitclaim deed that property to a Trust or other family member while there is a Mortgage still tied to that property?
Also, secondary, does that Quitclaim Deed protect that property from any Judgments I may get in the future?

jheard · Posted: Mon Jun 20, 2011 11:50 am Post subject:

You may quitclaim the property, but you may trigger a due-on-sale clause in the mortgage. Contact the mortgage company and get permission to transfer the property in writing.

Assuming you correctly follow all legal formalities, transferring the property to an Irrevocable Trust, or other legal entity such as an LLC, may protect you from judgments.

hollywoodinjax · Joined: 20 Jun 2011 Posts: 4 1.83 Dollars($)

that is what i was afraid of. if i dont file with the county, does that not make the Quitclain legit?

chrisgummerson · Posted: Mon Jun 20, 2011 12:40 pm Post subject:

Also, you should look into homestead exemption for your primary residence. This protects homeowners from certain creditor judgments from attaching to your primary home. You can contact a title company for the form.

Posted: Tue Jun 21, 2011 7:07 am Post subject:

i just got off the call with my mortgage company and they said it was no problem to do a Quitclaim dead and they just ask for it to be faxed into the Accounting records area to update their records.

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