my daddy gave sureity to his friend for home loans from a bank 7 yrs back . . later his friend has transferred his house in his wife's name. now he says he has no money to repay the bank.now my daddy is being asked to repay the loans or our house will be sealed. The amount was for 60,000/-. daddy is financially weak. kindly help me as soon as possible.
2006-09-27 06:35:09 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
This is not something that can be resolved on Y! Answers or on the Internet.
It is not possible to transfer a house that has a home loan (mortgage) on it. And one cannot transfer a house or any other property to someone else (least of all a spouse) in fraud of creditors.
You need to consult a lawyer skilled in these subjects at once.
You do not say what country you live in, so I can't comment further.
2006-09-27 06:39:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I assume that you are not in the UK, but in the USA.
There may well be differences in our laws, but I am very curious as to how your Father's 'friend' could have transferred the house to his wife's name without affecting the sureity issue.
I am quite certain that under UK law that could not have happened, and I would be surprised if it was the case over there.
You are in a very worrying situation and I have a great deal of sympathy for you. However, it seems to me that the matter of the legitimacy of the transfer should be looked at first.
Is there any way in which you could seek a Court Order for the sale of the 'friend's' house? That would seem a much more fair and equitable solution.
You really need to seek professional legal assistance.
Best of luck with this - I hope it works out OK for you.
2006-09-27 06:45:15 · answer #2 · answered by aarcue 3 · 0⤊ 0⤋
I would have given you the amount you requested if I had been as rich as Bill Gates. Good luck!
2006-09-27 06:44:46 · answer #3 · answered by x_squared 4 · 0⤊ 1⤋
just say no to friends and family members
2006-09-27 07:38:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you need to contact a licensed attorney in your area.
2006-09-27 06:50:20 · answer #5 · answered by King of the Net 7 · 0⤊ 0⤋