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  1. #1
    Join Date
    Jun 2006

    Default Transfer Property when You Have Credit Card Debt

    My question involves real estate located in the State of:Ca.

    I live with my mother and she wants to transfer her property deed of her home over to me the problem is she is disabled, unable to work, and has credit card debts that she can no longer pay because she is unable to work.

    Is this going caused problems for her and me if she transfer the home I live in with her to me, and takes the property out of her name, due to the fact she has unpaid credit card debt. I'm assuming that the credit card company's will end up suing her

    The home is homesteaded in her name at the present time

  2. #2
    Join Date
    Jan 2006

    Default Re: Transfer Property when You Have Credit Card Debt

    that would depend on when she is sued. If it is viewed as a fraudulent conveyance intended to deprive the creditors of their rights to attach the property, they can seek a court overturn the transfer.

    Is the home paid for? If not, the mortgage lender will generally not allow such a transfer anyway unless you assume the mortgage, if that is even a possibility.

    Then you have tax implications to contend with.

  3. #3
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Transfer Property when You Have Credit Card Debt

    Note that if a court finds a fraudulent conveyance, the debtor (and the recipient of the property) should expect to lose any exemption they might have in the property at issue, in this context the homestead exemption.

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