Legal Question in Real Estate Law in California
My parents (still married after 38 years) & have had their house for 18 years now.
About 5 years ago, my mother signed over the deed to my father. She is still a co-borrower for the loan but no longer on the deed of trust for the house!
Unfortunately, my mother that have ended in there being a possible judgement lien to be placed my mother's property.
Now,
My Question is: Can there be a judgement lien placed on my folks home becasue they are still married, even though my mother is not on the deed? &... CAN this case result in my folks losing their home?
If yes, then can my father, (currently on the deed), do quit claim to myself(daughter) or my sister, who are not involved with judgement at all?
Please reply with as much info as possible.
This is of the utmost importance to my family at this time.Thank You Kindly.
1 Answer from Attorneys
It astounds me how many people think you can hide assets from creditors just by deeding them to someone else. Do you really think the legislature and the legal system would let it be that easy to ignore your judgment debts? If you have enough other assets to satisfy a judgment, there is no reason to deed away property. If, once you deed away the property, you would no longer have enough other assets to satisfy the judgment, then that is called a fraudulent conveyance. The judgment creditor can have the fraudulent conveyance returned by court order, and both the judgment debtor, and sometimes the recipient of the property too, charged with the costs of the court action to get the property returned. On top of that, the person who tries to deed away the property may become liable the the state and IRS for gift tax, even if the property is later returned.
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