Deficiency judgment of foreclosure

This is a discussion on Deficiency judgment of foreclosure within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; I have a few properties. Two of the properties are free and clear, whereas the rest have mortgages. I am ...

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Old Aug 21st, 2009, 04:39 PM   #1
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Default Deficiency judgment of foreclosure

I have a few properties. Two of the properties are free and clear, whereas the rest have mortgages. I am about to quit claim the two free and clear properties to my wife. If my other properties go into foreclosure, can the banks go after the two properties that I have quit claimed to my wife under a deficiency judgment? My wife has never had a mortgage and I got all my properties before I got married (so she is not on any of the mortgages).

The properties are all located in Florida
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Old Aug 22nd, 2009, 11:08 AM   #2
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Default Re: Deficiency judgment of foreclosure

They can sue you in court and if they win they can try to put a lien on them but if the properties are solely in her name they would likely prevail only if they can show you made the transfer solely to evade creditors...

There are various tax and gift issues that you should also have legal counsel review with you at lest briefly.
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Old Aug 25th, 2009, 04:15 PM   #3
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Default Re: Deficiency judgment of foreclosure

I'm not transferring them with the intention of going into foreclosure. What I'm asking is if I quit claim them to my wife today, and a year or two later I go into foreclosure, can they put a deficiency judgment lien on these two properties that I quit claimed to my wife.

I mean I can understand that if you transfer the properties a week before you do not start paying your mortgage, however what if you transferred it years before. How much time needs to pass before its not considered fraudulent?
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Old Aug 25th, 2009, 08:24 PM   #4
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Default Re: Deficiency judgment of foreclosure

At least a year...
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