Legal Question in Banking Law in New York
I would like to know if we deed our home to our son (50 yr s old) for one dollar . With life occupation and we pay taxes etc. If he goes for a new mortgage for a retirement home land and build purchase thru a bank in Virginia( we are in Ny) can our house be taken if he fails mortgage payments and sold along with his first home?
1 Answer from Attorneys
That's a great question. If you give or sell your home to someone else, which includes your son, then you don't own it anymore. And so if the new owner gets into financial trouble, all of their assets, which includes the home, is potentially subject to creditor claims. So if you were still living there that might be a real problem. Fortunately there are many ways to get around this problem, and a lawyer would be able to set this up the right way so there's nothing to worry about.
Good luck.
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