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Am going thru foreclosure and would like to protect remaining

assets from Bank of America...
Am going thru foreclosure and would like to protect remaining assets from Bank of America or one of their collection agencies if they don't get all the money they want when the house is sold at auction. We have a piece of property and three vehicles that are paid for that would like to protect. Should I transfer the title of these to my children though a bill of sale? Thanks, Jeff
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7/10/2013
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
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You can transfer title through a Bill of Sale, but keep in mind that after the foreclosure, the lender can take an "Asset Deposition" to find out where your assets are and they will inevitably ask you if you transferred any property within the last 6 months or so. Therefore, indicate on the Bill of Sale an amount which you can claim that your children paid you for the transfer,

 

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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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