Posted on: 29th Nov, 2006 05:00 pm
I lost my job 4 years ago and had to get on state support. Just prior to being approved I incurred thousands of dollars of hospital bills. Most have been forgiven. Since I own my condo and it is paid for, can I quit claim it to my 15 year old son so no one can place a lein on it?
Can I quit claim my condo to my 15 year old son to prevent creditors from placing a lein on it?
hi chava,
i don't think this is possible.
first, if you are quit claiming the lien property to your son. then, it will just transfer your share of interest in the property to your son. it will not transfer the mortgage liability. after transferring the interest, you are the only person who is liable for the debt.
so, signing a quit claim deed cannot protect you from creditors. neither does it affect your title. its better try to set up a planned budget and clear off your debt by paying them asap.
there are already some threads where we have similar type of discussion. please refer those ("can quit claim deed transfer mortgage debt?" and "will quit claim protect my home from creditors?" ) to make the concept more clear.
thanks
i don't think this is possible.
first, if you are quit claiming the lien property to your son. then, it will just transfer your share of interest in the property to your son. it will not transfer the mortgage liability. after transferring the interest, you are the only person who is liable for the debt.
so, signing a quit claim deed cannot protect you from creditors. neither does it affect your title. its better try to set up a planned budget and clear off your debt by paying them asap.
there are already some threads where we have similar type of discussion. please refer those ("can quit claim deed transfer mortgage debt?" and "will quit claim protect my home from creditors?" ) to make the concept more clear.
thanks
Hi,
I agree with helping user here. The only way you can get rid of your debts is by paying them off and not running away from it. As said by helping user, try to plan a budget and pay off your debt ASAP.
Thanks,
Allan
I agree with helping user here. The only way you can get rid of your debts is by paying them off and not running away from it. As said by helping user, try to plan a budget and pay off your debt ASAP.
Thanks,
Allan