Legal Question in Credit and Debt Law in New York

live in ny with my wife---im only one on promissary note but she was on the deed----as she will be 57 took her off the deed with a quit claim in order to to do a reverse mortgage in the near future now that im nearing 62---im retired and she makes 42000---shes a cosigner on my sons college loan---could the quit claim be considered a fraudulent conveyance


Asked on 1/05/10, 6:29 am

1 Answer from Attorneys
Locksley Wade Law Office of Locksley O. Wade

Spouses are allowed to do many things than unmarried people. No it is not a fraudulent conveyance and you could have still done a reserve mortgage with her name on the deed and without her name on the note as long as she signs a document stating that she has no objections. Besides, even if her name is off the note and the deed a bank may still require her to sign saying that she has no objections to the reverse mortgage. Remember, she is there forever and they are not kidding when they say "till death do us part." Good luck.

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Answered on 1/12/10, 1:26 pm


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