Blaze Posted October 31, 2010 Report Share Posted October 31, 2010 My mother, who lives in New Mexico, wants to put her house in my name. I live in Texas and unfortunately, I owe quite a bit on several credit cards that my husband and I stopped paying on when he was laid off in '05, and we are not in a position to pay them off at the present time. From what I understand, I would have to be sued in order for a creditor to take anything from me and a lot of things are exempt, but if they did sue, could they take my mother's house? (Her house is worth a lot more than we owe, if that matters.) Can anyone suggest a good online source for finding answers to this question? Link to comment Share on other sites More sharing options...
Guest usctrojanalum Posted October 31, 2010 Report Share Posted October 31, 2010 If you are about to be sued and fear that judgments may be placed against you, do not put any pieces of real property into your name. Not even worth taking the risk. Link to comment Share on other sites More sharing options...
BoscoMama Posted October 31, 2010 Report Share Posted October 31, 2010 Look into putting her house into a trust if she doesn't want it in her name alone. It would not be wise to put it in your name if you have a possibility of being sued. Link to comment Share on other sites More sharing options...
cjb3 Posted October 31, 2010 Report Share Posted October 31, 2010 Look into putting her house into a trust if she doesn't want it in her name alone.yep, a land trust ASAP!!!do an internet search....very easy to do if the property is paid for. Link to comment Share on other sites More sharing options...
Blaze Posted November 1, 2010 Author Report Share Posted November 1, 2010 Thanks to all for the advice. I don't think I'm going to be sued, but I want to make sure my mother's house isn't in jeopardy "just in case", and I will look into the trust. Link to comment Share on other sites More sharing options...
donqII Posted November 2, 2010 Report Share Posted November 2, 2010 Thanks to all for the advice. I don't think I'm going to be sued, but I want to make sure my mother's house isn't in jeopardy "just in case", and I will look into the trust.What is your SOL.If you can wait for that to run out then I would imagine you would be ok, even if sued after. Link to comment Share on other sites More sharing options...
Blaze Posted November 17, 2010 Author Report Share Posted November 17, 2010 We had to stop paying on bills in 2005 and 2006. TX has a 4yr. SOL on most debt, so I think we are about in the clear. Link to comment Share on other sites More sharing options...
lheart Posted November 17, 2010 Report Share Posted November 17, 2010 I would be absolutely sure that you are in the clear before you allow the house to be in your name. While they may not "take it", they may place liens on the property to secure any judgement. The balances on those bills will determine whether they will pursue you or not. Link to comment Share on other sites More sharing options...
Blaze Posted November 18, 2010 Author Report Share Posted November 18, 2010 Yes, I thought of that, and I wouldn't want to have my name connected to that house if there was any chance of a lien or other action concerning that house because of me. Link to comment Share on other sites More sharing options...
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