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how to transfer w/ judgements involved - Posted by CL
Posted by CL on June 13, 2004 at 11:21:51:
My 78 yo Dad owns home free and clear but has two judgements filed against him. They are not liens, or are they? Can he transfer or give the property to my sister and I (as my parents had planned)I was told that a judgement does not necessarily mean the property has been attached. We would like to keep the home, and our Dad would like to give it to us. We are in NYS Thanks!
Re: how to transfer w/ judgements involved - Posted by Charles K. Clarkson (TX)
Posted by Charles K. Clarkson (TX) on June 13, 2004 at 13:11:21:
In Texas (AFAIK) judgments are not liens. I file suit against just about all my delinquent tenants. About a week after I win a suit, I go back to request a signed Abstract of Judgment. I then cross the street and file that judgment with the county. The defendant will have a cloud on any title on real estate (and other property) in that county for the next seven years.
The judgment has to be satisfied before the title (or is it the deed?) is transferred to a new owner. Judgments may also affect the ability of a defendant to get a bond, insurance, and other loans.
Assuming NY has similar laws to TX, you have a few of options.
Wait until the judgment filing expires and do the transfer quickly. The judgment holder may not renew. In my county it only costs $14 to file and I never miss a deadline, but you may get lucky.
If you go this route and take possession of the house now, without a change to ownership, realize that the home may no longer be exempt and may be subject to a Writ of Execution. Which, in TX, allows the constable to dispose of non-exempt property to satisfy a judgment. I just filed such a writ last Monday.
Find the judgment holder and have a third party contact them to purchase the judgment at a deep discount. Many judgment holders will jump at this opportunity. There’s a chance that the holder will inform the IRS the forgiven amount is income to your father. Once contacted, the judgment holder may be alerted to what is happening. Especially in a small town.
Your Dad might(?) be able to file bankruptcy to get out of payment of the judgments and still retain ownership of his home. Talk to a qualified attorney.
Your Dad could be responsible and actually pay the judgments. Perhaps with a home equity loan.