I was curious.I have a friend that bought property about a year and one half ago.He transferred the property to his son with a warranty deed right after purchase . Now he found out that he might have been sued having to do with debts he incurred a few years ago that he never paid.Can one of his creditors lien property he has already deeded away over a year ago? He is really worried and wanted me to help him find out if they would be able to do this.If you are absolutely sure of your answer please and answer but if you don't please don't answer.I would appreciate your thoughts if you know the state law about these kinds of issues..Thanks in advance.
2007-08-15 10:55:46 · 4 answers · asked by Outta K 1 in Business & Finance ➔ Credit
If he deeded the property to his son "before" any suit was filed, they cannot touch that property since it is no longer his.
If he deeded the property "after" a suit was filed, they may be able to go after the property claiming he was hiding assets.
2007-08-15 11:10:08 · answer #1 · answered by echo 7 · 1⤊ 0⤋
In advance I am not a lawyer but from a financial standpoint, They can only attach a judgement if their person owns it. If the judgement is a mortgage and has already been recorded against the property prior to the Deed it will have to be paid or they can foreclose on the son. Deeds do not clear off mortgages. To check you need to speak to either an attorney or a Title Company underwriter in Colorado. Look up in yellow pages.
2007-08-15 11:13:01 · answer #2 · answered by mink 2 · 0⤊ 0⤋
Did your "friend" have a mortgage on this property, then he can not give away the collateral for his loan.
IF a creditor want to pursue it they can go back and see why this move was made to begin with.
The ultimate joke is on your "friend" if that son is a minor.
2007-08-15 11:07:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Criminal Record Search Database : http://InfoSearchDetective.com
2016-04-11 10:57:45 · answer #4 · answered by Neva 3 · 0⤊ 0⤋