Legal Question in Real Estate Law in Illinois

Giving a gift before home foreclosure.

Hello!

I live in Illinois which I understand is a 'recourse' state. My retirement portfolio has been devasted and I may lose my home to foreclosure in a few months.

If I gift my remaining portfolio (~$100,000) to my daughter, will the lender later have recourse to this money?


Asked on 11/22/08, 3:50 am

1 Answer from Attorneys
Motty Stone Law Offices of Motty Stone

Re: Giving a gift before home foreclosure.

It depends. Generally if you try to gift away everything before a foreclosure suit, the creditor can still recover the assets.

But without a bit more information on the timing of everything, you might still be okay. Please feel free to give us a call if you want to talk.

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Answered on 11/23/08, 4:45 pm


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