Will I lose my house?

[FoolAndHisMoney]

Under new law the look back is 2 years. Under old and new law they can look back 5 years if your boyfriend transfers property such as a car, house and a boat and your boyfriend still uses the asset. This sounds like textbook fraud.

I'm not a lawyer, but if I was to guess I'd say the lawyer would ask you to transfer the property back and have your boyfriend sell it or get an equity loan to satisfy the tax man. Even if you are incorporated certain taxes such as sales tax or employment taxes that were withheld are TO BE PAID IN FULL OR ELSE! If my employer withholds my state, federal, ss, medicare taxes and files for bankruptcy they are priority debts and the governement can and will go after his personal holdings.

Call a good lawyer and please don't turn a financial mess into a legal mess.

Good luck!

[l8rd8r]

That house had no equity in it. We bought it with $5000.00 down in March 05 and transfer it in April 05. I understand fraud is hiding assets but, there was no asset since there was no equity at the time of the transfer.

[FoolAndHisMoney]

That house had no equity in it. We bought it with $5000.00 down in March 05 and transfer it in April 05. I understand fraud is hiding assets but, there was no asset since there was no equity at the time of the transfer.

Even so it still looks suspicious. If there is no equity then he didn't need to transfer it in the first place since the mortgage company technically owns it. I actually didn't think someone could transfer a house unless it was paid in full anyway. Your best bet would be to get a lawyers advice since this seems like some serious issues. Chances are that tax bill will survive a bankruptcy. Your boyfriend should get the house back and let it build up equity in years to come and pay the tax bill with it, so the tax bill doesn't follow him to the grave as it will.

[HopeinHorizon]

Ok... I am kind of confused, first you said you bought the property in May 2005 in the original post.

Then you just said you bought it in March of 2005 with 5k down, and transferred the property to you in April 2005. Along with this transfer, you took out a loan to pay off your boyfriend's mortgage and started one of your own on the property correct?

In the original post you said the reason, he was the only one on the note for the original mortgage is that your credit was too bad, and in one month that changed enough for you to go on the note?!?

I don't have any further advice, because people have really been giving you great advice, see an attorney, because if I saw discrepancies in the situation like I mentioned above... I would hate to see what the trustee would find, and I just went to my 341 hearing and saw people with those types of discrepancies drilled about them... You better make sure you get the facts and get them straight, and head to an attorney ASAP!

[l8rd8r]

May 2005 in his name and credit. Mines bad. One month later he sold the house to me for $1.00 and co-signed the loan.

You are correct my facts were not correct. We bought it in March, it was sold to me in April and filed as me on title. No new loan.
I agree an attorney is needed. Thanks all

[HopeinHorizon]

How did you transfer if you didn't get a new loan to pay off your boyfriends old mortgage?

[l8rd8r]

You don't need to get a new loan to sign the property over to someone. He's still the original creditor on the note but I own the property. The house is in my name only. As long as I maintain the mtg the bank doesn't care owns it. He is still on the note that I pay.

[HopeinHorizon]

I am just trying to get a clearer picture of what happend, because you said he cosigned a loan, what loan did he cosign then if no new loan was originated?

[l8rd8r]

OOps, I meant QUITCLAIMED not co-sign.

[HopeinHorizon]

While working in the default side of a lender... here is my answer, but maybe your state works differently, so I would consult with legal advice too...

A good lawyer could undo the transfer under the theory of fraudulant conveyance. In essence, the only reason you are changing ownership is to defraud a creditor. If you actually had money and bought the property from him at market value and you obtained a new mortgage, and paid his original note off, it might be a different story.

The good news is that most states have statutes of limitations for fraudulant conveyances which average around 4 years (some more, some less). After that time runs out, then the transfer can't be reversed by a judge, but since your boyfriend is planning on filing soon, it might not be good news...