Legal Question in Real Estate Law in Pennsylvania

Consideration

My wife is presenting me an option to get out of some personal debt. The option is that we take out a home equity loan which she will use to pay off my debt. I will never have any direct use of the money. In return I am to sign the deed of our jointly owned home over to her so she will have sole ownership. The consideration for this is the home equity loan which I will also have to repay in full.

My question, since I am repaying the equity loan not my wife am I still receiving consideration for the transfer of ownership?


Asked on 11/12/08, 3:38 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Consideration

You asked about a crazy scheme presented by your wife.

You have great cause to be concerned but not for the reasons you believe. The agreement she proposes would be adequate. But it sounds more like their is an ulterior motive.

You should have an attorney review the transaction for you, not for both you and your wife, but for you.

Regards,

Roger

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Answered on 11/13/08, 1:43 am


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