Afraid of losing his house because of his huge taxi medallion loan, he followed his friends' advice: he took his name off the deed, leaving his wife as the only owner. MISTAKE: There is now a 6 year wait, during which the transfer can be challenged. If he files bankruptcy during that period, the Bankruptcy Trustee will sell his house. If the taxi lender gets a judgment against him, they might do the same.
Most Medallion Owners are feeling despair. No matter how hard they work, they cannot make their loan payments and also support their families. They see no hope and sometimes think there are no choices that can help them.