Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > BANKRUPTCY and DEBT COLLECTIONS > Debt Collection

Register FAQ Tags Members List Social Groups Search Today's Posts Mark Forums Read Layout

Notices


Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old 05-25-2012, 09:57 AM   #1
egashley
Junior Member
 
Join Date: May 2012
Posts: 3
Debt collection... Can I place my home in a trust for a grandchild?

I lost two houses in housing crash. One was short sale. One was sold for less than payoff. Chase is now seeking me for the 70K shortfall. Can Chase put a lien on my current house? Can I place my home in a trust for a grandchild that will pass to her upon my death to prevent a lien?
egashley is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-25-2012, 10:41 AM   #2
AFFA
Top Level Member
 
AFFA's Avatar
 
Join Date: Dec 2009
Posts: 23,006
Default Re: Debt collection... Can I place my home in a trust for a grandchild?

I wish to inform you that a lien cannot be put against a living trust but any assets that are transferred into the trust can have a lien placed against them. Further, if the debt is against the person who created the trust or against the person who is the beneficiary of the trust, then a lien cannot be placed against the trust. The trust is considered as a legal entity separate and apart from the individuals involved.

AFF
AFFA is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-25-2012, 11:09 AM   #3
egashley
Junior Member
 
Join Date: May 2012
Posts: 3
Default Re: Debt collection... Can I place my home in a trust for a grandchild?

I live in Colorado so this applies to me here? If so,I will seek an attorney to set up a living trust for my granddaughter. What else should I tell my attorney to make sure I protect my assets? I just want my granddaughter to get my house/land free and clear after I die. Thank you.
egashley is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-25-2012, 11:45 AM   #4
Friend In Court
Top Level Member
Country:  
Friend In Court's Flag is: United States
 
Friend In Court's Avatar
 
Join Date: Apr 2011
Location: Midwest
Posts: 16,464
Default Re: Debt collection... Can I place my home in a trust for a grandchild?

Quote:
Originally Posted by egashley View Post
I lost two houses in housing crash. One was short sale. One was sold for less than payoff. Chase is now seeking me for the 70K shortfall. Can Chase put a lien on my current house? Can I place my home in a trust for a grandchild that will pass to her upon my death to prevent a lien?
All depends upon how the 'shortfall' is treated. If Chase has obtained a judgment for the deficiency, then it becomes an automatic lien against title. If not, then you may be able to place the property in a trust. I would see an attorney right away in light of your circumstances.

I disagree with the preceding answer by AFF because once a property is placed in the right kind of trust, it cannot be reached by a creditor against one of the beneficiaries of the trust. See a lawyer is my recommendation, and one who writes revocable and irrevocable trusts.
Friend In Court is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 05-25-2012, 01:06 PM   #5
egashley
Junior Member
 
Join Date: May 2012
Posts: 3
Default Re: Debt collection... Can I place my home in a trust for a grandchild?

Thank you for the info. Is there anyway I can find out if there is a judgement against my property already before seeing an attorney? Thank you.

Was just told by an attorney I can't hide my assets but could transfer title to someone out of the country; I can't do that. So sounds like Chase can file a judgement and put a lien on my house that will follow me and anyone that inherits it.
egashley is offline   Reply With Quote


Did you find this post helpful? Yes | No
Reply

Bookmarks

This thread has 4 replies and has been viewed 1701 times


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:


Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
Debt-Collection Watchdog Faces Debt-Collection Grievance WSJ Law Blog Law News 0 05-14-2015 04:00 PM
International debt collection - Australian debt collection agency Morrow Debt Collection 2 05-09-2014 03:31 AM
Overseas debt collection -- US collection agency, Norwegian bank flier10 Debt Collection 1 01-03-2011 01:39 AM
Debt collection...stay at home mom no income Unregistered Debt Collection 4 09-22-2008 04:48 PM
Trust or no Trust (I purchased a home with my partner) Unregistered Civil Litigation 4 04-10-2008 12:22 PM




All times are GMT -4. The time now is 07:14 AM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2018 by LegalJunkies.com