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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31782
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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my home was forclosed on in 2008. I also lost my vehicle same

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my home was forclosed on in 2008. I also lost my vehicle same year. My parents were able to purchase my home from bank so that I could keep my home and still make payment to them. The loan is for a rental property and interest rates are higher so my Dad would like to refinance and put my name on the home with him as a cosigner. My question is could the people that I owed for the home or the people that I owed for the vehicle somehow come after my home if my name is XXXXX XXXXX bank loan as a part owner?

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.


Yes, doing this could expose the property to your creditors because the mortgage lender and the vehicle lender still has the right to seek a deficiency judgment against you for the balance of the loan after the property/collateral was sold and applied to the balance.


As long as you're name is XXXXX XXXXX the property, you are safe, but if your name goes onto the property, it can open it up for liability.

Roger and 5 other Real Estate Law Specialists are ready to help you
Customer: replied 5 years ago.

do you have any other suggestions as to how I canget anything in my name. ? Change my name?

Changing your name won't help as that doesn't erase the fact that you're still the same person.


Other than paying off the debts, bankruptcy is the only quick way to dispose of these debts, but I understand that bankruptcy isn't usually favored by anyone.


Also, South Carolina has such long statutes of limitation - 6 to 20 years - that waiting the creditor out is possible but will take a while.