Legal Question in Credit and Debt Law in California

Re: quit deeding

Huh? What? You received a summons and complaint and, instead of calling a lawyer, you decided on your own to sell your house for less than fair market value? Did you respond to the summons and complaint? It may still not be too late for you to call a lawyer.

Re: quit deeding

The creditor, assuming they are successful in their lawsuit and obtain a judgment, may move to set aside the sale as a fraudulent conveyance, and/or go after the proceeds of the sale (which could be cash, or even a note you might have carried back on the sale). The creditor would probably go after this even if you sold it for full fair market value just because of the timing, so you will probably need to be prepared to defend the disposition of the asset no matter what. Less than Fair Market Value could be an issue for you.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.