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C.Fortunato, Lawyer
Category: Real Estate Law
Satisfied Customers: 8023
Experience:  Expert in Landlord/Tenant Law. Licensed Real Estate Broker.
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If there is a judgement placed against me can a lien be placed on my Mothers home wh

Resolved Question:

If there is a judgement placed against me can a lien be placed on my Mother's home which I am named in her life estate?Also I have a time share can they place a lein on that? I could never pay the lein it is for millions for a foreclosed business, during the 2008 banking and economic fall.If the judgement is placed i will have to claim bankrucy
Submitted: 5 years ago.
Category: Real Estate Law
Expert:  C.Fortunato replied 5 years ago.
Hi JACustomer,
How are you named in your mother's life estate?
Is your name on the deed to your mother's home?
Customer: replied 5 years ago.
My sister and I are named on the deed yes . Mother is the life estate person in her death we get the house . I just had to move her in with me as she Fx her back. I will need to rent the house to pay expenses. i wanted to remove my name from the deed.
Expert:  C.Fortunato replied 5 years ago.

In that case:

1) What is the current market value of the house?

2) What is the balance on the mortgage?

3) Do you own another house that you are living in?

4) If yes, what is the current market value of that house?

5) If yes, what is the balance of the mortgage for that house?

Customer: replied 5 years ago.
The current value of her home is about 275 to300k. no mortgage on it. yes I have a primary residence that is 80% motgaged due to this court case and all our expenses trying to save our business. I no longer have any assesets except a small pension. My house is worth about 650k motgage is 485k. we had wanted to sell it and downsize but are afraid to do anything. Our lawyers say we have a good chance to win our case but am so unsure as we were told the hedgefund could not do this to us, but they have, they tell us in a perfect world we r in the right but I am so distrustful.We lost over 250k since 2008 trying to save this business that was all we had in the world.
Expert:  C.Fortunato replied 5 years ago.
Last questions:Was this house part of an inheritance, a gift, or similar transfer?If so, was there a "spendthrift" provision involved?
Customer: replied 5 years ago.
No it was done in 2003 on advice of my fathers lawyer as my father was terminally ill at the time. My fathers name was removed from the deed and my sisters and mine placed as life estate co ownwers our 3 names are XXXXX XXXXX and on tax bills. I have power of Attorney for my Mother and do her bills for her. I know at the time of this deed change the attorney told us that after 5 years which has passed, no lien could be placed in my Mothers name if she had incurred outrageous medical bills in her old age.But she could never be forced to leave the home,but her health has forced her to do so. Unsure if this is a spendthift provision.
Expert:  C.Fortunato replied 5 years ago.

No - a spendthrift provision would be available if the house was part of a trust.

With no trust, and no spendthrift provision, your judgment creditor can put a lien on the house that is in both your name and your sister's name. However, they would not be able to force the sale of the house while your mother is alive, because of the life estate.

What the attorney told you is correct about the result of transferring the house into your sister's name only. Removing your name from the deed can be deemed a "fraudulent transfer", and your name can then be put back on the deed.

I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer: replied 5 years ago.
What about the time share should I put it in my adult childrens names since they r the ones who use it anyway? Or is that fraud also?Thank you for your answer regarding my Mothers home. Our lawyer is a good attorney but just wanted to double check because of the way this is all playing out which I had been told by several attorneys was almost impossible. also how much of a lien one half? or one third? Why did you need to have my personal info on my private residence? Thanks Susan
Expert:  C.Fortunato replied 5 years ago.

Transferring the timeshare would have the same effect as transferring the deed to the house. Transferring the timeshare can also be deemed a "fraudulent transfer", and the transfer reversed.

Customer: replied 5 years ago.
Do you know what percentage of the house could the lien be placed on? third? half? all? remember IF the judgement is placed. which it is not now we have not had our first court date yet. The judement could be for 10x the value of the house they could lien my sisiter and Mothers share? Or just mine?
Expert:  C.Fortunato replied 5 years ago.
They can only place a lien on your share (1/2) of the value of the house.
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