Remmy4477
07-14-2014, 11:01 PM
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!
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!