Who ownes a home? the person on tittle or the person on loan? please help!!!

Question

I owe a home and some one is about to sue me so, I gave title to a family member. I'm not on tittle no more but i'm on loan. Can they still come after me? please help! need a lawyer advise but have no money to contact one. Does anyone know??

Answer 1

I'm not an attorney, but I do believe it's the person on title not the person on the loan papers.  But if you recently quit claimed off title in an attempt to "hide" your assets from the lawsuit, it may not help.  You probably really need to seek legal advice.  I wouldn't feel safe in your situation.

Answer 2

I'm pretty sure the person on title.  The title is the legal document and if your name is on it, then you are probably the legal owner of the property, even if you are not paying the loan.

Answer 3

If you have a mortgage on the property then the bank or building society that has given the mortgage owes the house until it has been paid off.  If someone is going to sue you and you are in the UK go to the Citizens Advice Bureau and they can help you and give you access to a solicitor.

Answer 4

The person on the title, but they can go back 5 years, if you did not sell the property in the last 5 years they can go after it and press fraud charges against you and whoever else participated in the fraud.

Answer 5

The loan has nothing to do with who owns the home. The owner is the person on the title.  

Answer 6

The person on the title

Answer 7

The person on the title owns the house.  However, what you did was to commit a fraud and the transaction will be reversed by the courts if your creditor gets a judgment against you.

Oh, and you will owe gift tax on the value of the house.

Answer 8

What you did (transferring title to hide an asset from a potential creditor) is a "fraudulent transfer," and there fore invalid.  Your relative is the owner on paper only.  You are still the actual owner and the person who is about to sue you can go after the house.

Why people think they are the first person to ever try to "pull the wool" over the court's eyes constantly amazes me.  What you did is common.  It almost never works.

Answer 9

first, if your on title, then you own the home, the note of the mortgage is the financial responsibility to repay the loan, one can be on the note, but not in title.

You may have a larger issue at hand here though.  You better seek legal counsel asap, as in some states it is illegal for you to deed out of title if you know your being sued (defraud creditors) and they will be able to prove this, especially if your deed has been recorded already and it can be proved that you knew about the pending legal action.  You really don't have a choice in this matter, you better find the money to get an attorney, depending on your state, this has the potential to be a very sticky situation