Posted on: 05th Feb, 2007 09:40 am
if property was transferred from the owner to another individual using Quit-Claim Deed can creditors take the property away from the quit claim owner when the original owner is deceased to collect monies owed to them. Is there a time frame that would be involved in this?
Hi Carol,
If the property was held as collateral for taking a mortgage by the original owner then the lender can foreclose and sell the property to recover his dues.
If the property was held as collateral for taking a mortgage by the original owner then the lender can foreclose and sell the property to recover his dues.
If property (not used as collateral) was transferred from the owner to another individual using Quit-Claim Deed can creditors (deceased owed several credit card companies) can they take the property away from the quit claim owner? Is there a time frame that would be involved in this? I was not aware until now that I had to file the Will in probate court; if filed with Probate can they then take the land?
no carol, credit card company cannot take the property for recovery of their debts as it was transferred to you before his debt. creditors can recover their claims only from the assets that the deceased had at the time of his dead. if the quit claim deed was properly notarized and recorded before his death, then it is a legal property transfer document.
Carol, I too feel that the creditors cannot take away your property.