Transfer the house in another name?

lilangel_2

Hiya

Can someone help me pls? I would like to know if I can transfer my ownership of my house in to my mums name or put her name on my house or if possible sell the house to her for a stupid amount like £1. The thing is I'm in a bit of a pickle at the mo with debt and i know in a couple of months time that the credit card companies are gonna try and make an order for my home I really don't want to lose my home as I got two children. When I am back on my feet and back in work my mum will then sign it back into my name or I would buy it back from her for the amount she bought it off me. Can I do this do you think?

rsykes2000

Not possible.
If it was that easy, everyone would do it and no debt would ever be collected as we would all own everyone else's property

googler

If your mum was to take over your house with no payment changing hands for the transfer, then this only helps you out if she shoulders some or all of the financial burden - mortgage payments, insurance etc.

If she takes over the house, and you're still paying the same amount you're struggling with at the moment, it doesn't make any difference.

Why not just ask your mum or other relatives for a loan until you're back on your feet?

lilangel_2

I've got no problem paying my mortgage thats paid every month with no problems but because i've fallen out of work now for so long I've used up all my savings trying to pay my credit cards. my mum or other relatives don't really have the money i need to pay my credit cards. I'm really in a pickle I can't bear the thought of loosing my house it's in negative equity as it is i owe 69thousand and the house is only worth 60

Richard_Webster

t's in negative equity as it is i owe 69thousand and the house is only worth 60

Err, you have to pay off the mortgage in order to transfer the house to your mother....

If you didn't have negative equity, transferring it to her so your creditors can't get their money doesn't work as they can eventually get the court to set the transaction aside and then both you and your mother will have nowhere to go.

However, while house in negative equity creditors can't get anything out of it because the mortgage lender would take it all.

DVardysShadow

lilangel wrote: »

II'm really in a pickle I can't bear the thought of loosing my house it's in negative equity as it is i owe 69thousand and the house is only worth 60

If the mortgage is £69k, then you are laughing.

But if the mortgage is less than £60, then you have a problem

goldengirl28

i know its probuably a daft question, but have you spoken to the credit card companies about a payment plan?

I helped my sister with her barclay card last year and they froze the interest and settle on an amount she could afford as she was in quiet a mess.........it was hard work but once she made them understand that she simply couldnt make the payment, they helped out, i think her last payment is sometime this year.

She's in a pickle again, but thats a whole other story

BitterAndTwisted

Get on the DebtFreeWannabe forum and post your SOA (Statement of Affairs) on there. There are loads of people in a similar situations as yours with debts and you will get loads of suggestions as to how to deal with the credit-card companies. You might get away with making no payments or only notional ones until you're back on your feet.

googler

lilangel wrote: »

I've got no problem paying my mortgage thats paid every month with no problems but because i've fallen out of work now for so long I've used up all my savings trying to pay my credit cards. my mum or other relatives don't really have the money i need to pay my credit cards. I'm really in a pickle I can't bear the thought of loosing my house it's in negative equity as it is i owe 69thousand and the house is only worth 60

In which case, as the previous two have said, you need to talk to your credit card provider(s) to see what you can do about restructuring your payments.

You say 'fallen out of work' - are you full-time at the moment? I was reading my local newspaper website a few minutes ago, and one contributor was recalling his days of youth when he and his mates went out in weather like we're having at the moment with a pair of shovels and bags of salt, and found it quite lucrative to be clearing other people's paths and pavements for them. It doesn't look like there'll be a shortage of these opportunities anytime soon. Assuming you're fit and able....... every little helps.

googler

What skills and/or qualifications do you have?