Posted on: 09th Nov, 2012 09:50 am
A family member (brother) provided $10,000 of a $13,000 downpayment for a house. Due to his poor credit and no job his name was not place on the loan or deed. He now claims the house is his. The $10K came from a worker's comp settlement.
He now has mental issues and lives in the house but claims my parents are the renters of the home. Parents came in with $3,000 of the down payment. They have all lived in the house for 15 years (parents and brother)
The house is in the name of my sister who handles my parent's financial matters. (Yes, this is a mess)
What interest does the family member have to the how?
He now has mental issues and lives in the house but claims my parents are the renters of the home. Parents came in with $3,000 of the down payment. They have all lived in the house for 15 years (parents and brother)
The house is in the name of my sister who handles my parent's financial matters. (Yes, this is a mess)
What interest does the family member have to the how?
Who ever is on title to the property at the moment is the legal owner. Of course you can get lawyers involved and litigate who paid for what and have a judge decide. Also, how was the funds of the 10k transfered. Was it a gift, or was it going to be used as down payment from the brother since he could not be on the loan? Was there a gift letter used from the brother? If it was a gift, I see no recourse, as he is also not on title. If it was a portion of the deposit and brother was to be part owner, then that would be a family matter that needs to be resolved in or out of court. Good luck. Remember who is on title, is the current legal owner, unless there was some fraud involved.
>>The house is in the name of my sister
Then the house belongs to her - nobody else.
Then the house belongs to her - nobody else.
There is something called continuity of obligation, so depending on who is making the mortgage payments every month, it can be argued they have an ownership interest in the property. This would depend on which state the home is in.
