Question - Property transfers


#1

I may be facing either foreclosure or trying to sell my house for what’s owed on it. My ex is not willing to help with the payments, and I cannot afford it alone.

My question is…I have other property (in my name only) that I would like to protect against any possible liens that may be placed on them due to losing my main home. Is it possible to quick deed that property into my son’s name…and would it be protected from any such liens? Or is there a time limit on transfers?

Thanks!


#2

If the lender for the mortgage on your home sues you personally for a deficiency (the loan is not paid off from the sale) your other properties could be subject to any judgements which may be entered against you. If you attempt to quitclaim the land to a family member it could be easily discovered as a preferential transfer to evade your financial responsibility and made void.