My wife and I want to transfer ownership of our home to a relative. We own the home clear and free without a mortgage; the home is worth $180,000. If me or my wife has a judgment in the amount of $4,300 filed against them will they be liable to pay the judgment amount if the relative takes out a $25,000 home equity loan after we transfer the deed in the relatives name?
Asked on 9/13/16, 12:24 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
If the judgment has been recorded it will probably be registered as a lien against the house and thus create a potential responsibility to the relative.
Answered on 9/13/16, 1:06 pm
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