| How to take title Tenant in Common vs Joint Tenancy - upcoming creditors looking for
What is the name of your state? CA
I am in escrow on a propertu in California, and want to know how to take title.
I have the option of taking title with my mom and dad and getting the loan with my mom and dad.
I know Tenant in Common can divide my interest. I am thinking of this type of title such that I can minimize the amount of possessions I show to the rest of the world.
I would take title to the property with 1% ownership (or so).
Can creditors make me sell the home if I owe anybody money (and they obtain judgement, etc.?)
How much right do they have to my 1% of the property if:
1) I take the loan with my mom and dad. I put the entire down payment in, and make the full mortgage payments monthly. I show the mortgage company and title that I own 1% of the house (Tenant in Common).
2) I take the loan with my mom and dad. I put a portion of the down payment in, and make the full mortgage payments monthly. I show the mortgage company and title that I own 1% of the house (Tenant in Common).
I want to protect my assetts and hence minimize my interest in the property. I do want the tax write off because I will be making the whole mortgage payment.
Please let me know how the credits can come after me in above situations.
Thanks for the help!  | 
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