What to do if I have an outstanding student loan that is in default that is still in the hands of the government and my mother wants to give me one of her houses?
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What to do if I have an outstanding student loan that is in default that is still in the hands of the government and my mother wants to give me one of her houses?
I do not have reportable income. Is there anyway they can come after the house or put a lien or anything they can do to disrupt the transfer of the property. I am not positive at this time that the government still has the loan and would that make a difference as well.
Asked on January 10, 2013 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Given your concerns as to an outstanding student loan that you owe on, I suggest that you and your mother consult with a Wills and trust attorney about creating a trust for your benefit where you would be the beneficiary and your mother the trustee and transfer title of the home to the trust. By doing such, the creditor would not be legally allowed to lien the home that you essentially get the benefit of.
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