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?
Debt collection... Can I place my home in a trust for a grandchild?
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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- Quote
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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.- Quote
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Re: 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?
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.- Quote
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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.- Quote
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