Legal Question in Credit and Debt Law in Utah
Quit Deeds
My daughter and son-in-law got caught up in a property scan out of north carolina. they took many people for lots of money and lied to banks about everyones net worth and credit and over pay alot on property bought. this person could not pay the loans back so the banks are coming after the investors. they will probably want to put a lean on the home my daughter is buying.
my question is this: can a quit deed to myself from my daughter and son-in-law stop the lean against there house and what are the legal ramifications if we do this deed. what happens to there loan on the house? will they call the loan due?
would selling the house be a better way to go?
1 Answer from Attorneys
Re: Quit Deeds
A person who actually signs for a loan is responsible to pay it back. If you (or your daughter) did not sign any loan agreements, then you are not liable. They cannot lien your daughter's home if she did not sign either. They cannot get a lien without a judgment, which requires a court order. You should seek legal advice in your area.
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