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I have a house going tax foreclosure in 5 days but I don't…

Customer Question
I have a house...

I have a house going tax foreclosure in 5 days but I don't want the foreclosure in my credit, is it too late to create an LLC and transfer deed to that LLC trust ?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

None

Lawyer's Assistant: Where is the house located?

Ohio

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Dayton

Submitted: 4 months ago.Category: Legal
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Answered in 19 minutes by:
3/30/2018
Lawyer: Attorney Wendy, Lawyer replied 4 months ago
Attorney Wendy
Category: Legal
Satisfied Customers: 1,397
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. Unfortunately, transferring the home into an LLC, in addition to likely being impossible to do without first satisfying any tax liens or mortgages, will not remove the tax liability that you incurred as owner prior to any transfer. In other words, you likely couldn't effectively transfer ownership without first satisfying the tax lien and if you did the lien would attach to both your personal credit as the original owner and responsible party and also would attach/follow the property to the LLC. It would not be clean title and it would not eliminate the mark on your personal credit.

I wish I had better news for you but I hope this information is helpful. If you need further assistance, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Lawyer: Attorney Wendy, Lawyer replied 4 months ago

I wanted to check back in to see if there was anything else with which I could help you regarding this issue.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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