Sunday 27 January 2013
Your Questions About I Can't Pay A Loan
David asks…How do we get away from a collateral loan?My dad owe's $500,000 and he used our house as collateral. Our house is worth $850,000. Can he sell the house to me for $1 and then say he can't pay the loan?? That way I will have the house and the loan would be wiped out because we can't pay it. Is this possible?admin answers:It's called a straw man transaction. It would place your deed behind the mortgage in ownership position; and probably trigger a due on sale clause that would cause
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