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  1. #1
    Join Date
    Aug 2009
    Posts
    2

    Default Deficiency Judgment of Foreclosure

    My question involves a foreclosure in the State of: Florida

    I have a few properties. Two of the properties are free and clear,
    whereas the rest have mortgages. I am about to quit claim the two
    free and clear properties to my wife. If my other properties go into
    foreclosure, can the banks go after the two properties that I have
    quit claimed to my wife under a deficiency judgment? My wife has never
    had a mortgage and I got all my properties before I got married (so she
    is not on any of the mortgages).

    The properties are all located in Florida

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Deficiency Judgment of Foreclosure

    If you transfer the properties to render yourself fully or partially unable to pay your known debts, knowing that the transfers will frustrate your creditors' efforts to be made whole, you run the risk that the transfers will be set aside as fraudulent conveyances and that you and your wife will lose any exemptions you might otherwise enjoy. I suggest consulting a bankruptcy lawyer before you act.

  3. #3
    Join Date
    Aug 2009
    Posts
    2

    Default Re: Deficiency Judgment of Foreclosure

    Mr. Knowitall,

    I'm not transferring them with the intention of going into foreclosure. What I'm asking is if I quit claim them to my wife today, and a year or two later I go into foreclosure, can they put a deficiency judgment lien on these two properties that I quit claimed to my wife.

    I mean I can understand that if you transfer the properties a week before you do not start paying your mortgage, however what if you transferred it years before. How much time needs to pass before its not considered fraudulent?

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