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I recently became disabled and have lots of medical bills from complications due to heart surgery, my income has gone from over $75,000/yr to about $9000/year. Some of the my bills are in collection, the only thing I have left is my home, if I were to quit claim to my daughter, would that prevent creditors from placing liens on the property because of my bills? There are no pending suits or anything like that at this point. Is there a better way to protect the property?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

a friend of mine invested in a property i owned which we were going to flip My name was on the deed to bank. Then I gave her another deed of Trust to property 3rd mort. The property was foreclosed on in 2007. now the 3rd holder is sueing me for her portion of the investedment.If awarded a judg.Can she lien proterty I have inherited with my two brothers

Like | Dislike | Share | Posted: Mon, 11/19/2012 - 09:34 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mosey,

If the third mortgage is in your name, then the lender has all the rights to come after you to recover the debts after the foreclosure of the property. If the lender gets the judgment, then he can obviously be able to place a lien on the property.

Thanks

Like | Dislike | Share | Posted: Mon, 11/19/2012 - 22:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think you cannot stop creditors from placing a lien just by quitclaiming property.

Like | Dislike | Share | Posted: Thu, 11/08/2007 - 01:35 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Quitclaim is not a solution here. If you want to quitclaim then you have to clear the lien before signing the quitclaim deed. And if you want to sell the property then you have to pay the lien at the closing. So I think you should better pay it off somehow.

Thanks,
Larry

Like | Dislike | Share | Posted: Thu, 11/08/2007 - 02:26 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pam,

Welcome to our forums.

Since you have incurred the debt, your creditor may seek a civil judgment against you or try to garnish your wages. Even if they do not seek a judgment, they have a claim on your assets since you have not been regular on your payments. You may try to transfer the property to a trust or to someone else but the creditor may claim that it is a fraudulent conveyance leaving the transfer aside. In this situation, the term "fraudulent conveyance" does not imply that it's a criminal act. Fraudulent transfer occurs under the following circumstances:

1. You transferred the property thereby intending to stop or prevent collection attempts from your creditors.

2. You transferred property to a third party and for less than it's worth and after doing so, you became insolvent, that is, a state wherein your debts exceed your home.

Good luck

Like | Dislike | Share | Posted: Thu, 11/08/2007 - 02:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my mother has cancer and will not live long and has no burial insurance. she has lots of credit card debt . she owns her home.so can she sign her home over to me so i will be able to sell it to pay her funeral expenses and not have the credit card people come after it. i wont be able to pay for her furneral without it.

Like | Dislike | Share | Posted: Mon, 08/18/2008 - 04:40 | Post subject:

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Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Jane.

Credit card debts are unsecured debts. So if they have not place a lien yet then the credit company cannot come after you for the due debts after your mother signs the deed to you. So ask your mother to quitclaim the property toy. By the way is it a mortgaged property?

Like | Dislike | Share | Posted: Mon, 08/18/2008 - 06:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If mother passes away with the house still in her name, can the creditors come after the house? We need money for funeral expenses. We need to be sure to have the money from the house for that reason.
Thank you for your help, Jane

Like | Dislike | Share | Posted: Tue, 08/19/2008 - 17:03 | Post subject:

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liaoyu03 | Joined: September 9, 2007 08:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, lender is not fool, they don't allow quitclaim on a home whoes owner have had a debt. so ,you cannot prevent your lender to places liens on your home by quit claim.

Like | Dislike | Share | Posted: Wed, 08/20/2008 - 03:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a voluntary repo on an auto ad the finance company wants to place a lien on my home until the difference of the auto's value and what they sold it for is collected ! Can this actually happen or is it just talk?

Like | Dislike | Share | Posted: Wed, 02/18/2009 - 14:48 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pillpusher,

I don't think the lender can place a lien on your property. I'm not aware of any auto mobile contract that gives the lender a right to place lien on your home. No one would put his house as collateral to purchase a car. But, they can sue you for deficiency. However, the laws vary in different states. Thus, it's better to consult an attorney in this regard.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 02/19/2009 - 02:45 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have 2 liens on the property I live in... my dads name is on the loan, his name is of course on the deed and so is my name and my sons. Can I quit claim my name off? how do I get the judgements to go away? it is credit card debt. Thank you

Like | Dislike | Share | Posted: Fri, 03/13/2009 - 23:46 | Post subject:

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jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi denise,

You can quitclaim your share in the proeprty to take your name off the deed. But as your name is not on the loan, you will not be held responsible for not paying it. You need to pay off the debt in order to remove the lien from the property. Why don't you go for a [url=http://www.mortgagefit.com/refinance.html]refinance[/url] (probably a cash-out one) and pay off the credit card debt? That seems to be an option you have with you.

Like | Dislike | Share | Posted: Sat, 03/14/2009 - 00:28 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

MY FRIEND HAS BEEN PLACED ON DISABILITY DUE TO MULTIPLE MEDICAL PROBLEMS INCLUDING TERMINAL CA. SHE IS SOON UNABLE TO PAIN HER LOAN SHE TOOK OUT TO PAY OFF HER OTHER DEBTS AND HER 1 CREDIT CARD. CAN THEY TAKE HER INTEREST IN OUR HOME OR PLACE A LIEN WHEN SHE CAN NO LONGER PAY

Like | Dislike | Share | Posted: Sun, 03/29/2009 - 21:02 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi TROUBLED,

I believe they can put a lien on her interest in the home, if she fails to remain current on the property.

Like | Dislike | Share | Posted: Mon, 03/30/2009 - 01:07 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I OWN SEVERAL PROPERTIES ANY OF WHICH IS MORE THAN ENOUGH TO SATISFY THE SUM OF THE JUDGMENT IS IT ALL RIGHT TO TRANSFER ONE OF THESE PROPERTY TO MY WIFE

Like | Dislike | Share | Posted: Fri, 04/24/2009 - 13:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

IF I OWN ENOUGH PROPERTY OTHER WISE WOULD IT BE CONSIDERED FAUD

Like | Dislike | Share | Posted: Fri, 04/24/2009 - 13:21 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ROBERT!

Welcome to forums!

If you quitclaim the property in order to avoid creditors, it would be considered as a fraud and you will be penalized for it.

Sussane

Like | Dislike | Share | Posted: Sun, 04/26/2009 - 22:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I currently own a failiing business with a partnert. We are in the process of possibly letting it go. We still have 4 more years on the lease left and am scared the landlord might want to come after me. However, my wife and I would like to purchase a home. My parents have agreed to help with a downpayment. My wife currently is a homemaker and student therefore she will not be able to acquire the loan in her own name. Since I am the sole breadwinner I will have to apply for the loan jointly. Is there anyway to make this work where I can safeguard this home purchase. Meaning If we purchase the home and at closing I quitclaim the home to her is that still considered fraudulent transfer? Does the landloard have any way to come after the home if I quitclaim it to her after buying the home?

Like | Dislike | Share | Posted: Sat, 07/04/2009 - 04:57 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mani!

Welcome to forums!

If you quitclaim the property to your wife at the time of closing, the lender may want your wife to be a co-borrower of the loan. But you've mentioned that your wife is a home maker and thus, she won't be able to show any kind of income. A stable income is one of the major criterion to qualify for a loan. If she does not qualify for a loan, the lender will not allow her to own the property as a whole.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Sun, 07/05/2009 - 20:11 | Post subject:

indnracn2's picture
indnracn2 | Joined: July 4, 2009 04:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

my wife has excellent credit. so even if we both jump on the loan or i co-sign the loan the lender may not let her own the home as a whole. I thought the lender is concerned with the asset of teh home and the borrower. If she becomes the whole owner but they have me as a borrower with my name on or off the title how would that affect the lender. I am sorry i am very new to purchasing and this will be my first home so i am jujst curious the best way aroudn this?

Like | Dislike | Share | Posted: Sun, 07/05/2009 - 23:58 | Post subject:

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indnracn2 | Joined: July 4, 2009 04:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

i forgot to mention indnracn2=mani sorry i wrote the original post with out signing u8p for this valuable site

Like | Dislike | Share | Posted: Sun, 07/05/2009 - 23:59 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi indnracn,

A lender is concerned about both the collateral as well as the borrower. Lenders always want that the owner of the collateral and the borrower of the mortgage should be the same person. This helps in safeguarding the interests of the lender. If the collateral is in your wife's name but the mortgage in your name, the lender won't be able to takeaway the property in case you default the mortgage. This is because the property is in your wife's name.

Take care.

Like | Dislike | Share | Posted: Mon, 07/06/2009 - 02:45 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi indnracn!

Welcome to forums!

If you are presently not into any kind of litigation, then purchasing a property and transferring it to your wife won't be considered as a fraud. But you won't be able to transfer the property, once you are involved in a litigation.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 07/23/2009 - 22:28 | Post subject:

indnracn2's picture
indnracn2 | Joined: July 4, 2009 04:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

ok that makes alot of sense sara thank you. so then the real question comes back to me is how would really prove fraud. I mean if I am currently not in any litigation, and purchase a home and quit claim it over to her and say in 6 months get sued would it really be considered fraud?

Like | Dislike | Share | Posted: Mon, 07/20/2009 - 01:45 | Post subject:

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