Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
The judgement should not be on her name as she was not on the loan,
however since she was on the deed on the property, the lenders would name her as a defendant on the lawsuits, and if you did not file an answer opposing the foreclosure lawsuit,
they would obtain a simple judgment against the named defendants, as she never opposed the original complaint.
If she wants her name to be removed,
she may be able to file a motion to reopen the case, and argue that she had no liability to the loan and the judgment should be vacated.
my bigger question is this. we now own another home free of any mortgage. my understanding that any judgement could be placed as a lien against this new property and could be used to force us to sell and repay the judgement/s. Is it true that this can only happen if the judgement/debt is in both names and the new home is as well....if the judgement/s are only in one name or the other, and the new deed is in both, they can not force us to sell
and if she leaves that judgement as is from the original home/foreclosure they could attach that to the new home and have us made to sell to repay them?
The judgment is enforced could be created into a lien and force you to sell the property or remain on the property,
In your situation, which is common, consider creating a LLC, and quit claim the deed ASAP, so the property is not in any individual name and the property is no longer an asset that can be liened
we did hear of that...how likely or what are the average odds that a judge could overturn the ownership back to us, saying it was done strictly to protect the home
is it true about the debts/liens only being in one name, but the home in both, that it is safe from us being forced to sell
It is unlikely a Court would do that, if you think that is an issue put it into a trust
No, it is not true,
the judgment can be converted to a lien, and be placed on the home,
i dont know if that would be an issue or not, only read about that online
regardless of the names on the deed, as long as one person in on the deed it is an issue
You should put the property into a simple trust or corp, to get it out of your name, than you will have no problems
the lien on the home i understand, i understand that it would stay in place and have to be satisfied if we were to see or refi...but if we just plan to stay in the home there is nothing further that can be done on their end, right?
you are just saying the safest bet is to put it in an llc, rather then having it in our names and sit their with the liens on it
Or a trust,
i'm catching up to you
is one better then the other? any benefit to either
a corp is easier to create a trust may be safer, but is more expensive and you would need an attorney
do you believe legalzoom.com is good or reputable option? do you know approx cost creat a trust and can a car be put into a trust to protect it also?
legalzoom is fine, and is reputable, I know they do corps and trusts, but you would have to do a deed transfer as well
and can a car/car title be put in the trust also....i really know nothing about a trust or its purpose
a car title could be put into a corp not a trust
you would have to go to the local dmv and register the car into the corporation,
would home owners insurance be affected or need to be changed at all if the home is put into a trust?
would we be in charge of the trust?
no the insurance stays the same, you should contact them
you would be in charge of the trust
is this a living trust, trust or are they one in the same?
you also can assign a trustee who would be in charge as well,
in addition to me?
a living trust is fine,
their are several types of trusts,
a living trust would be best in your situation
ok, thank you for your help tonight,do you have a rough idea of the cost to creat a living trust, and a llc and to transfer the deed to the trust?
with everything without an attorney $600-$1000
how about with?
thanks for all of your help tonight
if you have any further questions please do not hesitate to ask
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