Legal Question in Real Estate Law in Illinois

quit claim from parent-child

I want to quit claim my real estate property with mortgage to my child,with bad credit. Can the property be subject to debt collection or judgement in court?


Asked on 10/20/06, 3:24 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: quit claim from parent-child

Yes. Such a transfer would also most likely violate the terms of your mortgage. This would allow your mortgage company to demand the full amount of your loan due immediately.

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Answered on 10/27/06, 1:16 pm


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