Foreclosure in Austin>Question Details

Clowe105, Other/Just Looking in Dayton, OH

My home was foreclosed. My parents want to tranfer their property in my name. Will this cause me some problems?

Asked by Clowe105, Dayton, OH Fri Jul 6, 2012

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You need to hire a CPA before your parents deed the property over to you. You should also be aware of the Due On Sale Clause if the home is not paid for already. I am not a "CPA", however I will merely point out that its possible you could be taxed for the amount of the home if a CPA does not help you out. Uncle Sam only allows a certain amount of money to be given to a person each year from each parent. If you have some questions you can call me and I will explain in more detail.

Clint
512 799 6623
0 votes Thank Flag Link Thu Aug 30, 2012
Clowe, Real Estate Attorney & Accountant will be needed. If there is a loan then the lender will have a say in what can be done. Best wishes...
Bil
0 votes Thank Flag Link Fri Jul 6, 2012
If they have a mortgage it probably has a due on sale clause that would be triggered by the transfer.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jul 6, 2012
As it has been said I would consult a real estate attorney as they are the only ones who can give you a definitive answer. We can all speculate but as Realtor's we are not allowed to practice law and giving advice in this situation would be doing just that.

Plus there may be other tax implications that you really need to fully understand and the attorney can help in that area as well.

Best of luck to you.


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Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Fri Jul 6, 2012
It wise to speak with a real esate attorney to see what the implications are.
0 votes Thank Flag Link Fri Jul 6, 2012
Your particular situation may be fraught with potential problems. I recommend making an appointment with a real estate attorney in person. For a just a couple of hundred dollars, a good, local real estate attorney in your town could guide you through this process. They would provide a thorough understanding for you of what you may be facing and guide you through it safely.
0 votes Thank Flag Link Fri Jul 6, 2012
You definitely want an attorney to check this out. As previously mentioned, any creditors who find you have suddenly "come into wealth" may come after the property. While Texas has a strong homestead law, it might not be sufficient to protect you, whereas a trust set up prior to transfer may offer that kind of protection.
0 votes Thank Flag Link Fri Jul 6, 2012
I'd check with an attorney as you may have collectors looking for you and in this case, when this house is transferred to you, may be a large pot of gold to collect from you.
0 votes Thank Flag Link Fri Jul 6, 2012
As long as your parents home is owned free and clear and doesn't have a mortgage or equity line of credit on it this should present absolutely no problem. You should consult with a local attorney who specializes in real estate if you have any other concerns and they can simply and inexpensively take care of doing this for your parents.

Sorry to hear you're having problems and lost your home, I hope things start improving for you soon.
0 votes Thank Flag Link Fri Jul 6, 2012
I don't see where it would be a problem assuming the house has no mortgage on it. Speak to a lawyer to draw up the paperwork to do it.
0 votes Thank Flag Link Fri Jul 6, 2012
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