Posted on: 07th May, 2012 06:18 pm
My partner bough our home and my mom cosigned it. She is on the deed and title. My mom lost her job and cannot pay her bills. Should my partner process a quit-deed to get my mom's name off the property in case she decides to go bankrupt?
basically, we do not want my mother's financial situation affect our house.
basically, we do not want my mother's financial situation affect our house.
Hi Slodowy!
Welcome to forums!
Your mother can sign a quitclaim deed and transfer the property to your partner. But it should also be kept in mind that she shouldn't file bankruptcy within 1 year of property transfer or else the bankruptcy trustee may bring back the property in her bankruptcy estate.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother can sign a quitclaim deed and transfer the property to your partner. But it should also be kept in mind that she shouldn't file bankruptcy within 1 year of property transfer or else the bankruptcy trustee may bring back the property in her bankruptcy estate.
Feel free to ask if you've further queries.
Sussane
Hi Slodowy,
To know all about bankruptcy filing, check out the given page:
http://www.mortgagefit.com/know-how/filebankruptcy.html
Thanks
To know all about bankruptcy filing, check out the given page:
http://www.mortgagefit.com/know-how/filebankruptcy.html
Thanks