assignment and then include in BK

[mich]

I have a house that is in my daughters name but I took over everything (payments and upkeep) several years ago when she moved out of state and just allowed her to get the tax deductions. It has sat on the market now for sale for 18 months with no buyer interest. I rented it but just had to evict. I now have put it back on the market for sale at a very low price just to break even.

my question is if she can somehow give me the property so that it is in my name (assign). can I then let it go into forclosure /include it in my BK when I file in 6 months from now. I can not buy as my credit has already tanked due to my other properties being in pre-forclosure. This payment is eating me up and I cannot even claim it on my expenses for the means test. but
I cannot let my daughter take the credit hit for my error in judgement of buying this house in her name. I live in AZ
thank Mich

[cool33097]

I believe you have to get a loan first, but I would also speak with a lawyer. How are the payments at the moment? Current?

[mich]

yes, all payments are current as I don't want her credit jeopardized
but i can't keep coming up with the huge monthly payment.

[b_girl]

Maybe a quitclaim deed will do the trick for you. I went to a mortgage forum recently (mortgagefit.com) about a real estate question of mine and they were pretty helpful...you might try them. Here's the link to the property transfer forum:

http://www.mortgagefit.com/propertytransfer/index.html

[HHM]

Unless your name is actually ON the mortgage, the answer is no.

A quitclaim deed is merely a transfer of any interest in real estate that the seller has, but it does not change who is obligated to the bank to pay the mortgage.

[AngelinaCatHub]

Unless your name is actually ON the mortgage, the answer is no.

A quitclaim deed is merely a transfer of any interest in real estate that the seller has, but it does not change who is obligated to the bank to pay the mortgage.

[BROKENN]

I was thinking preferential and/or insider also...... is that correct? I would sell if I could

[HHM]

Exactly, it will change who owns the house, but the mortgage is a separate object. He can claim “rent” on his paperwork. I’m not sure if it would be in his best interest in assuming an asset even though it is not wanted and un-sellable with this market. He could do what he brought up and sell it at a discount just to get rid of the payments, but the seller would be clearing the daughter’s mortgage. ‘Hub

P.S. I'm now not sure he can declaire rent as he is paying same or mortgage where he lives now. The Trustee may look at his 'favor' of paying on that house as an "insider preferential payment". I'd dump that house best I could. 'Hub

Maybe I misunderstood, I got the impression that the daughters name is on the mortgage, i.e. using her credit to buy the house but he makes the payment and manages the property. After all, the daughter can't get the Mortgage Interest tax deduction unless her name is on the mortgage.

If SHE quitclaims the deed and allows him to let the house go, that does nothing to protect her or her credit from the foreclosure.

[BROKENN]

Ohhhh...
Then it is really the daughter that needs to get her stuff handled. Like rent it out or sell.
I reread mich and agree

[AngelinaCatHub]

Ohhhh...
Then it is really the daughter that needs to get her stuff handled. Like rent it out or sell.
I reread mich and agree

Yes I read into this post that Mom is going 7 and simply wants to help daughter out to get rid of the house. The daughter is on the hook for the mortgage, and Mom merely is paying rent in the form of the mortgage payment and insurance, etc..

[mich]

thanks all, the answer is what I expected. Although the mortgage is in my daughters name but I have made all the mortgage payments since the beginning (2 years). I need to just try and sell it even at a loss to get rid of it. no way possible to include it in my BK thanks...