Hi! My name is April Blair. I have a real estate question that I need some help with. My parents filed for bankruptcy in early 2009 and lost their home. I purchased a house that they could live in and they have been making the payments. I would like to get the house back in their name. I don't want there to be problems with their bankruptcy. I did this as a short time solution so that they wouldn't be on the streets or something equally as awful. I have to claim their payments to the mortgage company this year as income. This is treated like a rental property even though it doesn't totally fit the bill. I have heard that I need to work up a land contact in order for them to be able to claim the interest on the house next year and not mess up their bankruptcy. Or should I just quit claim it over to them? Or is there a better solution? I am not sure which road to take. Thank you so much!

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 Tags: bankruptcy, land contract, quit claim, transfer ownership

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