Financial Question Please About Debt and Lein On Property?

Question

I live in Colorado and just bought a piece of property on time from the owner.I paid a nice down payment but they put my wife's name on it by accident and filed it with the county.I told them not to put her name on it but they did a quick claim deed on it where she donated her interest to me when we bought it.the very same day,but her name was recorded as buying it with me. She has creditors looking for her and she owes a lot of money .My question is with me paying on the property and it only being in my name with her transferring her interest in the property to me..can anyone lein it although the land owner still actually owns the land and uses that ownership as collateral? Any info that you can provide I would appreciate it.Please if you don't know and you are guessing please let someone answer it that knows..Thanks in advance.

Answer 1

In most states, a continuous marriage affidavit can protect a primary, homestead residence. Examine the quit claim deed to be sure it says "corrective deed" and the closing agent should record the affidavit. Typically, unless your property is located in a community property state, creditors that file a judgment and/or lien on 1 of the 2 married persons it will not hold up in front of a judge, even if she had title, you cannot be forced to pay debt from your homestead primary residence.
Consult with your attorney or underwriter on how to best protect yourself.

Answer 2

Etta hit the nail on the head and the quit claim won't help. Many married couples do transfer real property out of one of the couple's names if there are some financial troubles. This falls under the realm of the fraudulent transfers act because the debt was incurred before any of this happened (I'm assuming). So yes, if a judgment is obtained and not paid, it is possible for them to place a lien against the property. Colorado is not a homestead state so it is much easier to place this lien as opposed to trying to obtain one in places such as Florida or Texas. Good luck.

Answer 3

I agree with what Etta posted.

I just wanted to add that if a suit was filed against her before her name was placed on the deed and then removed, they may have a legal claim that she is hiding assets.

If there was no suit filed at that time, and the quit claim was properly worded and filed, they cannot do anything with that property.

I also agree with Etta, speak to your attorney IF that attorney knows real estate law. If real estate law is not your atty's strong suit, find an atty that practices real estate law.

Answer 4

Federal income tax liens influence after-gained real property. So if a Federal Tax Lien became recorded against your spouse in 2004, and, by utilising the way, they're helpful for ten years and then they may be renewed for yet another ten years etc, and your spouse gained in her very own call in 2008, then that real property could have become situation to the FTL the 2nd her deed became recorded in 2008. in this occasion, her FTL is helpful via 2014, and so if she desires to sell or refinance her homestead, then the lien must be paid in complete with accrued pastime thereon. If she is a co-proprietor of the homestead with you, then the FTL impacts her pastime interior the homestead and not yours, yet she could nevertheless could desire to pay off the lien to refinance or sell the homestead by way of fact of that encumbrance. i'm hoping this enables. you ought to communicate to a tax accountant or lawyer to confirm if there is any probability of mitigating what your spouse owes the IRS, or to confirm if there's a fee software that they could comply with. solid success.