Quitclaiming: loan with no asset
Posted: Mon Jun 20, 2005 3:59 pm
In 1997, CA debtor put FL mortgage in his name. His parents live there
and are current, pay mortgage, pay property taxes, etc.
In 1999, debtor quitclaimed FL property to parents (not notarized nor
recorded, far as he can recall) for no tangible consideration.
Today's valuations:
FMV: over $400,000
Lien: approx $100,000
Now, debtor wants to file bankruptcy on credit card debt. Mortgage
(never refi'ed) is current, not an issue. Is the house sufficiently
transferred, no longer an asset for liquidation purposes? If yes, how
can a secured lien on "D" be listed without a corresponding asset on
"A"? Am I looking at a battle here?
This would be a Woodland Hills case.
Thanks.
Very truly yours,
*/Hale Andrew Antico/*
Attorney at law
(800) 227-2947
_http://LosAngelesBankruptcy.net_
"I am easily satisfied by the very best."
-- Winston Churchill
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