My question involves real estate located in the State of California:
Here are the facts:
Daughter and Mom refinanced home. Both are on the Note and Mortgage. Both have a trust and the deed is Tenants in Common with a interest division of 65% daughter's trust & 35% Mom's trust. Home is underwater by about $25k currently. Mom is undergoing med treatment for Stage IV cancer. Currently all costs are covered by insurance. Mom is worried about possible future liability and its effect on her daughter.
Question: If Mom was to quit claim interest to daughter and later bills arised that could not be paid, what could be the ramifications on the home?
Thanks so much for any replies