TILA’s The Name, Modifications The Game

I will say Iam sorry first for this being so long….I bought my first home in 1994 I divorced in 1999 and he quiet claimed the deed to me we split all expenses I paid my half he filed bankruptcy on his and of course I got stuck with his half then…paid both of our debt and raised two kids with no child support…..

In 2005 my oldest child who has always said she was not leaving home (who knew she really ment it!) Had my one and only grandchild, her and the baby’s daddy took over payments on my first home. They were together a little over 7 years and silly me listen to them and refid my home for extra money for them and at this time moved out and bought me another home…

my secound home was financed with the guy i worked for and I paid him direct. Thier is no paper work filed on this anywhere so it looks as if i own my secound home stright out with no mortage, it is a mobile home so I put my name as well as my daughters name on the title.  My daughter and her boyfriend then split up and I was trying to help her as well as pay my bill. My company sold out in January and I took a cut in pay along with all my other expenses increasing my daughter and grandbaby has moved in with me and my son now and I am paying for both homes. 

I have a arm on my first home and the payment has now increased and I can no longer pay for both homes….can I file a quiet claim deed to my secound home and leave just my daughters name on it and let them forclose on my first home without them trying to take my secound?

Annette

————

Hi Annette,

On the surface that doesn’t sound like the best option.  First, transferring assets to others for the sake of telling creditors you’re broke falls under the category of fraudulent conveyance.  Second, depending on state law, your primary residence may be protected in whole or in part from creditors.  In Florida for example, a homeowner could file bankruptcy and keep his/her primary residence even if it was free and clear. 

I’m reminded of the proverb: “The wicked flee when no man pursueth: but the righteous are bold as a lion”.   So, my inclination is to stand and fight; that is, as long as the fight is by the book and for a worthwhile cause. 

You know that refinance in 2005 was on your primary residence at the time.  Now they stuck you with a crummy ARM and the rate is adjusting upwards.  If thirty-six months has not yet passed since it closed, and there was a technical violation which provides relief under the TILA’s extended right to rescind, then your rate won’t be going up.  As a matter of fact, with the assistance of a knowledgeable TILA attorney and given that an actionable error existed that afforded you that remedy, your rate and monthly payment could be modified to be lower than ever. 

Thanks for the questions and you need to talk to an attorney.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.