Legal Question in Real Estate Law in Illinois

quit claim vs legal deed

I have a home in AZ that is going to be a short sale. I own a home in Il with no mortgage. I don't want to have a lien put on my Il home, or lose it. Can I deed my house to someone in the family as to not have this happen?


Asked on 12/22/08, 4:25 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: quit claim vs legal deed

If you deed your house in an attempt to avoid a collection attempt that could be deemed a fraudulent conveyance which won't benefit you. However, when arranging a short sale, you should be able to negotiate terms that result in the lender agreeing to not pursue a deficiency. This will cause tax liability on your part, but it is not unusual for a lender to agree to this.

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Answered on 12/23/08, 3:28 am


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