QUESTION
What will happen if I purchased my parents home without real estate agents through a cash out re-fi. and still 50% on deed?
Asked on May 15th, 2013 on Bankruptcy - Florida
More details to this question:
The title co. had us only do a 50% deed transfer at closing then they were to follow up the other 50% soon after and never did. My mother is now filing for bankruptcy in Florida. How do we now prove that the intent was for 100% and not show this as being her asset?
4 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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She needs to talk to her bankruptcy attorney. This transfer will need to be disclosed in her bankruptcy.
Answered on May 24th, 2013 at 1:06 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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You might be out of luck. Your intent may not matter, but the bankruptcy courts are looking at these things differently.
Answered on May 16th, 2013 at 2:46 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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Intent doesn't count. Sounds like you own half the property. If your mom owes money on the re-finance, and it's secured by the real estate, she may not have any net equity - but she has to report all assets and interests in property in her bankruptcy. If she has not yet filed, you may want to consult with an attorney to see what can be done to clean up the mess; but any transfer of property (especially to a family member) in the year before she files better be done exactly right and documented -and reported in her bankruptcy filing.
Answered on May 16th, 2013 at 2:46 PM
Deborah F. Bowinski
Your mother should retain bankruptcy counsel and should be asking her lawyer that question.
Answered on May 16th, 2013 at 2:46 PM