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    CLMoore's Avatar
    CLMoore Posts: 1, Reputation: 1
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    #1

    Jun 16, 2007, 09:45 AM
    Lien and deed
    My 80 year old mother has been served with papers demanding payment of a debit over $50,000 for a motorhome she co-signed for over 10 years ago.

    As a co-signer can a lien be places on her Texas home that she owns free and clear (she is the only one on the title)?

    Can she deed her home to me to avoid a lien being placed on her home? If we sign the deed paperwork today, how long until her home shows under my name?

    Also, will there be any tax consequences to either side?

    Thanks.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 16, 2007, 10:53 AM
    Yes if she co-signed on a debt, she owes the money.
    BUT, you need an attorney to see if the debt is collectible thought he courts. She will owe the money to the day she dies, but there is a statue of limitation on the debt. But it will depend on what the other part to the loan has been doing, making payments, making promises to pay or what.

    Yes most likely they can get a lien on her property ( can not force her to sell normally but will get the money when the property is sold)

    But no you really can't transfer the deed to cheat them out of their legal right to place a lien on the property, that is fraud, and is criminal so both the 80 year old mom and you could get into legal issues for fraud in trying to hide the property for just this reason.
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