Legal Question in Real Estate Law in Florida
Property in LLC
My exwife and I own a rental property that we transferred to a LLC. She is facing foreclosure on another property she owns. Is the LLC property at risk of having a deficiency judgement if she is foreclosed? What can I do (can she use quitclaim deed to transfer prop. to me?)
1 Answer from Attorneys
Re: Property in LLC
It could depend on when the property was transfered to the LLC. If a judgment holder convinces the court that she transfered the property for purposes of avoiding a debt that could be considered a fraudulent transfer. There are several things the court will look at in making a determination like that.
As for a Quit Claim. If the property has already been transfered to the LLC then SHE can transfer it to you in a Quit Claim.
Transferring property and other assets in close proximity to a judgment can generally be a bad idea. I suggest that you get with an attorney to further discuss the possible issues.
You did not list a zip code, but I am available by phone or email if you want to further discuss your options. My initial consultations are always free, and my rates are reasonable.
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