Prayer for Me, my wife and our home.

[Remmy4477]

Could use some prayers.
7 years ago I bought the home I grew up in from my mom and dad. 2 years before this my folks bought a place out in NE. Well my sis was buying the place here but almost took it into foreclosure. Had it made it the folks would have lost both property's, they were tied into one! I found out and was able to get a loan, my folks cosigned on the note for me due to no credit. I took possession and all was good.

I signed the paperwork and after 5 years I paid it off ($45,000). I should note, I was adopted and was treated as such by my siblings and my mother (I could write a best seller on my adoption alone), dad accepted me and we were close, I lost him 3 years ago! Anyway all's been fine for 2 years. Then in March I was served with an eviction notice from my mom. I called her and asked what this was about? She told me I needed to buy out her half of the property. Told her I'd get back to her. Found a lawyer who looked at my paperwork and come to find out I held the property with mom as Joint Tenants, both having 50% interest in the property. Probably my fault for not having the contract looked at by a lawyer?
My options were to sell and split the $ 50-50 or buy mom out, at that time she wanted $50,000 for her share from me. We listed it for sale at $55,000. 50% after that and with everyones hand out would have netted me about $18,000 with all said and done. Real interesting she was willing to take $18,000 for her share of the sale but wanted me to pay her off with $50,000!

After 3 pitiful offers on the house not even close to 55K, I declined to sell, then I received 2 calls from mom and one from my brother, both threatening to sue me to either sell or buy them out. I talked to the lawyer again and he advised to stick to my guns and refuse to sell.

Been quiet since, till Friday! I received a letter from an attorney, some how the lawyer found a loophole for my mom and they were able to convert the property to a common tenancy without my knowledge thus screwing us on ownership. I checked and am screwed! The letter stated that I can either agree to sell (again at $55K) and we would split it 50-50 or face eviction due to this loophole. Or I can buy out her share at $27,500 this time around.

I spent the day on the phone trying to get a loan for the 27.5, called my credit union, wife's bank, the mortgage company who got me into this, a few realtors I know and it's all the same reply, They'll help me finance a 100K+ home to buy, that I cannot afford, but they cannot loan me the 27.5 to keep the home I live in that I can afford!! I don't have the collateral to even get a personal loan! Cannot use the property because of the legal issues! I just don't get it??

Me and the wife are at our witts end on this with no idea as to what to do?, were both in our late,late 40's and have no desire to start over again, and we'll be taking a great loss if we sell and will probably never have a chance to own a home again, prices out here in CO are tremendous! We bought into this thinking we would grow old here as that's what we wanted. Just a sad deal and sad circumstances!


So please say a prayer for me and my wife, were at a low point right now and could really use the Lords guidance on this and some prayers for peace!

Sorry it's a long one folks, we just need some prayers!

[DeputyDog25]

Well I truly feel for your situation and wish I could offer some sort of advice, but by putting it in the hands of the Lord, he can open and close doors when he wants to, so I will continue to pray for your situation, and that the Lord will open that door for you and give you peace while you wait.

[Scout800a]

When I want to talk to the lord I pray, when I want him to talk to me, read scriptures. If you look for help you will find it my friend. May the Lord guide you to a resolution.

[Kevinakaq]

I am not a religous man but i feel deeply for your troubles. Always saddens me when people that love each other have financial differences. Wish they could see you and your wife and the history between all of you and not the possession. Wishing you and your wife and your mother nothing but peace. I truly hope the path clears for all of you.

[Bo1]

Prayers sent for you and your family
Bo

[jmort]

Praying for the best possible outcome. Don't give upon getting a loan. Keep calling lenders, look on the internet. Rather than get evicted,get an appraisal and pay her half of the fair market rent, which is all she is due under the circumstances. I just know that the $$$ is out there, keep looking. You have 50% equity of the fair market value of the property is worth, not her pretend price. If the house appraises for less and she forces sale, you should be able to buy her out for half of the fair market value, not what she pretends it is worth. Let a judge force her hand if she does not accept half of the fair market value. You will prevail.

[GoodOlBoy]

Will be praying for you buddy. This is a hard nasty situation. The flip side is that if you can come out on the other end of it you can always rent the second place out. I agree you should stick to your guns, and keep looking. you can find financing somewhere out there. If nothing else try to refinance for the WHOLE kit and caboodle, then turn around and dump whatever above and beyond you picked up back into the loan to offset the balance and interests on it. Just don't tell them you are going to do that ahead of time. Finance companies and banks don't like to lose interest that way.

GoodOlBoy

[buckwheatpaul]

Remmy, The one thing that you feel like you should be able to count on is your family....I have seen this same thing happen time and time again by greedy family members....you and your family have my prayers and hope that this issue works out in your favor.....

[knobster]

Prayers and positive thoughts coming to you and yours.

[nekshot]

Remmy, sometimes the people closest to us do the nastiest things! I pray for God to open doors for you and for His wisdom to guide you in this situation!

[RED333]

WOW, from your own family, prays to you and yours.

[MrWolf]

See if you can get a lender to consider it a new purchase as the new deed would be in your name only. You should be able to get credit for your ownership as your contribution. Might have to get creative. Prayers to you and your family that everything works out.

[500MAG]

Will certainly pray for you. I have always felt its best to be specific when praying to The Lord and knowing you and your wife's first name would be good. My wife and I adopted two boys last year and we try our best for them to be treated the same as our two other children. It a shame that someone would adopt a child to treat them that way.

[Remmy4477]

500mag----PM sent

[Remmy4477]

Thanks to All! Were still praying for the best possible outcome!

We found one mortgage company who can almost pre-finance us on a home but one problem! I'm 2 points under on my credit score for what they can do. We have a truck payment and a couple of very small loans, on time and good standing, just 2 points[smilie=b:

Kind of looking at just getting out of the save part and sell, make mom happy, Last time doing it!!! And get an apartment? for a year???

Might even put us in a better situation down the road some?? Prayin and a thinkin!

[GoodOlBoy]

2 points.... that's a real shame.... We will keep praying for you on this end buddy.

GoodOlBoy

[Remmy4477]

Update time!
Well had to sell a few toys to get some things moving forward with our situation. Still in the same home, so far. It went on the market earlier this week, so far 2 showings. No offers as of yet.

Lending agent had me pay down a few lines of credit I had. She's more than confident this will boost my score. Now the only obstacle left is selling our home. Being as I own half of it my names on the deed so in order to qualify for the loan I need to sell and have my name off the deed. Then we can look for a new home to buy with a loan in our pocket.

But there's a catch 22 so to speak in all this!

First problem, it about broke us paying down the credit lines, but we took the leap of faith.

Second, When the house sells (cash deal) and a contract is signed, we have at best 2 weeks to vacate the property if were lucky?? I might be able to buy us some time on this but chances are slim?

third problem trying to find a home we can jump into with a very short time line. Not so sure that will happen? LOL I think I must be going nutz!!!

Wife is already looking at apartments, Did you know a 6 month lease is more expensive than a year lease??? Funny it's almost easier to sell your home and buy another than it is to get into an apartment! I know I'm Nutz!!!

My wife has more faith than I'll ever have, tryin though! Still needing those prayers. Were closer to something than we were earlier in the month, so that's a plus.

Just have no ideas as to what?

Kind of hate this whole thing and what's going on. Very hard on me giving up something I worked my butt off to pay for, believing in the end it would be mine. It has also been a learning experience about me and how I grew up and was raised.
The family issues with me being an adopted child. Remembering things that should have never have happened when I was younger, memories I buried away. This has brought it all back up in full force. Kind of weird how a real estate nightmare can do that to you when it's dealing with family?

My wife pointed it out to me today, She said your blessed. Blessed in the fact I was able to find my Birth family, getting to know my real mother before she passed away. Finding my real father and becoming good friends with him, getting to know my real siblings. She said I pulled off a miracle with all that!

She's something else, my wife. As she put it today, our home is where our hearts are!

I just needed to vent some. Been a wild ride so far.

Thanks for the prayers everyone! It means a lot for me and my wife!

Thanks All!