I have a situation with an inherited home that both my sister and I jointly own. The home is completely paid for and has no current mortgages or liens.
My sister elected have no participation in the property and I have since taken over the home and all associated responsibilities. (Property taxes, repairs, improvements etc.)
[b:9359bcb520]PROBLEM:[/b:9359bcb520] My sister is currently experiencing some financial difficulties which may lead her to some legal action through the court system and eventually [b:9359bcb520]BANKRUPTCY[/b:9359bcb520] if things don't improve. Because we are joint owners of the inherited home, we are concerened that the court may attempt to levy an action against the home.
[b:9359bcb520]QUESTION:[/b:9359bcb520] My sister and I want to protect the home so we have discussed doing a [color=Red:9359bcb520][b:9359bcb520]QUITCLAIM[/b:9359bcb520][/color:9359bcb520] to relenquish her rights to the home. Will this then pass the title compleetly to me severing all of her interests and ownership of the property. Would this include it being used as one of her possible assets?
Would this protect the property from being subject to a lien due to her financial problems?
Are liens against mortgages rather than properties?
Any help would be appreciated