Posted on: 22nd Jun, 2009 12:52 pm
Hi,
I bought two properties some time ago and one of them is completely paid off. The other one I haven't paid in 6 months because I lost my job and I think is going to go to foreclosure. None of them are my homestead. My question is, can I do a quitclaim deed for the one that is paid off and transfer it to my boyfriend in order to avoid the Bank to take it to pay my debt off?
I bought two properties some time ago and one of them is completely paid off. The other one I haven't paid in 6 months because I lost my job and I think is going to go to foreclosure. None of them are my homestead. My question is, can I do a quitclaim deed for the one that is paid off and transfer it to my boyfriend in order to avoid the Bank to take it to pay my debt off?
muca, does it sound like anyone on the other side of the transaction would want you to do this? how about this....since you'll eliminate yourself from that transaction, maybe the bank can add to you to a different loan that you have nothing to do with so that they can collect from you for the debt you've not paid....sound good?
no you may not do as you wish. transferring title to another party while you are in the midst of what will probably be a foreclosure would undoubtedly be viewed as a fraudulent transfer.
no you may not do as you wish. transferring title to another party while you are in the midst of what will probably be a foreclosure would undoubtedly be viewed as a fraudulent transfer.