Legal Question in Real Estate Law in New York

Re: quit claim deed

I am not sure what the reason is for this transfer, but if it is without consideration it could be subject to attack on several grounds, including fraudulent conveyance and possibly preference (if your son files for bankruptcy). If your son has creditors with claims against him, the proposed quit claim deed is unlikely to prevent such creditors from trying to reach the property.

Another matter is the consent of the mortgage lender without which the ownership of the property may not be transferred.

Finally there are tax and estate planning/Medicaid issues to consider in such a transfer.

Consult an attorney to structure this transaction properly (to the extent the intent for the transfer is legitimate).

The above reply is in the nature of general information, is not legal advice and should not be relied on as such.

Re: quit claim deed

The bank can foreclose. The deed must be in the mortgage holders name. You can do a refinance and have the deed transfered to you. I will be happy to give you a free phone consult.

savy grant