Transfer On Death Deed And Credit Card Debt

[Phinehas]

Hi Mr. Paisola.

My mother-in-law lives in Ohio and shares her home with her two unmarried sons(who have lived in their parents' home since birth and are now in their 50's.) Her husband passed away a few years ago. At the time she signed an Affidavit of Surviving Spouse to transfer the property solely into her name, she also completed a Transfer on Death Deed naming her live-in sons the grantees. She currently has an enormous credit card debt - over 25,000 on one card alone. She makes no effort to pay off this debt and has only been submitting minimum amount payments at best for decades. My question is this: When she dies, will/can the credit card company be able to collect on the debt by placing a lien on the property or lawsuit? What if the sons do not notify the credit card of her death and just continue to pay the minimum every month to keep them off their backs? They will probably remain in the house until their deaths. Thanks for your reply.

[Bidziil]

Good Afternoon Marty,

Thank yu for writing to me regarding your case on your mother in law's home.

My first question is What in the hell are 2 grown men doing living with their mommy.  They need to grow up!

Ok, now that that is out of the way, Here is what I think you should do.

1.  Realize that the credit card is only UNSECURED DEBT.  That means that there is no way to lien the property or sue her if she is dead.

2.  Make sure that there is NO EQUITY in the home before she dies.  I will not go into details on this.

3.  Most likely the only way that the credit card company will even have a chance to get paid when she dies is if they hire a probate attorney to file a claim on the property.  The first thing that he will see, is that the kids have title to the home(which should be done PRIOR to death) and he will see a tangled mess.

4. Finally, have her keep making payments on the account at the minimum level 25-100 per month.

So, this is good news in that the kids get the home and can kick back and freeload forever.

WOW!

PLEASE leave feedback on the site. If there is anything that I can do to further assist you, please feel free to contact me.

Regards,

Robert Paisola

CEO

Western Capital Financial Services

www.mycollector.com

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