"Personal property"!

[andrew070]

What is the name of your state? Ill (Joliet area)****************************.

I presently have a lawsuit filed against me... I own a home jointly with my girlfriend. There is an existing mortgage on the property in both our names. I have been told that I may not be able to remove my name from the Deed in order to protect the property from seizure. essentially; I was told because there is a mortgage, and the bank owns the home (until it is paid off) that I can't remove my name from the deed, that if the mortgage was paid in full I would be able to take my name off the deed. Is that correct? can someone explain? If so what can i do to protect my property? Any advice appreciated.

 

[JETX]

What is the name of your state? Ill (Joliet area)****************************.

I presently have a lawsuit filed against me... I own a home jointly with my girlfriend. There is an existing mortgage on the property in both our names. I have been told that I may not be able to remove my name from the Deed in order to protect the property from seizure. essentially; I was told because there is a mortgage, and the bank owns the home (until it is paid off) that I can't remove my name from the deed, that if the mortgage was paid in full I would be able to take my name off the deed. Is that correct?

Pretty much, yep.

can someone explain?

Pretty simple... your mortgage documents very likely (most do) have a clause that prohibits you from transferring a property or changing ownership while the mortgage exists.
And even if you could... it wouldn't help since what you are describing would be a fraudulent conveyance.

If so what can i do to protect my property?

Very simple. Pay the judgment.
I doubt that any RESPONSIBLE member of this forum would help you to avoid compensating someone for the damage you cost them.

 

[bigun]

Since you posted on a bk forum, bk must be in the back of your mind.
Talk with a couple of bk lawyers and see what they say.