More details to this question:
I found out that my mother had listed me and my sister on her property deed. I was told that I shouldn't file since they will actually be able to go back 4 or 5 years and possibly take her property. How long do I have to wait? I am currently past due on my 1st and 2nd mortgages.
12 ANSWERS
It is possible for the trustee to go back as far as six years to challenge any transfer of property that was intended as a fraud on your creditors. However, there is no need to wait, if you have not engaged in any transfers intended to defraud your creditors. I cannot tell, from the information you provided, whether a trustee would seek to challenge your actions. I recommend that you talk to a bankruptcy attorney for more specific advice.
Answered on May 15th, 2012 at 3:26 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Depends on the value of the property and whether you live there amongst other things.
Answered on May 14th, 2012 at 10:10 PM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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You really need to sit down with an attorney to discuss the options. Being on the title creates a problem, as does transferring the title back if you are a joint owner. You should check the exact title held by your and your mother. If it is an enhanced life estate, you might be OK, but you need to find out.
Answered on May 14th, 2012 at 9:50 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Don't change the title or transfer the property away from your name. This is most likely a situation for chapter 13 instead of chapter 7. If you are behind on your 1st and 2nd you can pay the arrears in a chapter 13 plan.
Answered on May 14th, 2012 at 8:44 PM
John R. McNeal
You don't have to wait.
Answered on May 14th, 2012 at 8:40 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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Bereliani Law Firm, PC
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I would need more information to answer this question. I'm assuming the issue is that your mother's property has equity. A couple things - are you on there as a signer or power of attorney or she's gifted this to you? It makes a difference if you have interest in the property or not. I don't understand the necessity of you waiting to file. They only care about transfers in terms of "have you transferred any properties/cars out of your name in the last 3-4 years" not when people transfer things into your name. The only issue with things getting transferred into your name is whether the property has equity that needs to be protected from the Trustee liquidating and whether that equity can be protected or it's over the allowed protection limits. I would recommend speaking to a bankruptcy specialist.
Answered on May 14th, 2012 at 8:37 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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The Statute of limitations on a fraudulent conveyance is 4 years. The question is when they took you off the title, not when you were put on. You need to discuss this issue with a competent bankruptcy attorney.
Answered on May 14th, 2012 at 8:34 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It is possible that you do not need to file a bankruptcy if all you need to address are your two mortgages. The case law is changing as we speak on the issue of deficiency. I highly recommend that you talk to an attorney who is experienced in both bankruptcy and real estate to see what your options might be.
Answered on May 14th, 2012 at 8:30 PM
I normally do not say this but see a bankruptcy lawyer for this one. Your predicament is why putting someone on title is a bad idea for estate planning.
Answered on May 14th, 2012 at 12:20 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Being added to the property deed does not make you liable for the mortgage. If you are a signatory to the mortgage loan(s), then you will be liable. To stop the bank from foreclosing on your house, you can file for bankruptcy at any time before the foreclosure is complete.
Answered on May 14th, 2012 at 12:01 PM
I would need to look at all of the details to give a definitive answer, but most likely (depending on how the deed is titled), your mother may be able to deed the property back to her name only. The key here is that you yourself can't transfer the property (because then the "lookback" provisions will come into play), but your mother can transfer the property, assuming it is titled as "her name or your name" and not "hername and your name") Again this is a cursory opinion based on the very limited amount of information you have provided me. I would urge you to make an appointment with me or another lawyer in your area to discuss this in more detail before taking any kind of action.
Answered on May 11th, 2012 at 1:29 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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This type of thing is subject to negotiation. It depends upon the trustee and the type of bankruptcy filed. You must list any interest in real estate that you own. The trustee may be willing to let you buy back the interest you have, at a fraction its value. Real estate values have gone down drastically. If you file a chapter 13, it may not matter at all. If you file a 7, you can probably work out a deal with the trustee. One of the beauties of bankruptcy law is that matters like this do not become contested until someone makes them contested by filing an adversarial proceeding. You should not wait to file a bankruptcy if you are in trouble now.
Answered on May 11th, 2012 at 1:22 PM