Posted by Mickey on December 03, 2006 at 20:25:52:
This family situation has worsened to the point of no resolve I think. I own 49% of the house and my mother owns 51% as per the Deed on the house. Although we co-own the house, my children and I are
the sole occupants (owner occupied). Before we entered into the home partnership on April 28, 2005 (when I closed on the house), my mother was the sole owner (although never lived here…she has rented the home out for the past 23 years and was 100% owner before our patnership. She paid the approximate $6200 in closing costs for me to enter into the
partnership and occupay the house. She pulled about $62,000 out of the house at that time and I took out a $190,000 mortgage loan (but she co-signed the note). Since moving into the house last year, I have always paid the full mortgage, property and school taxes, all upkeep and improvements on the house,homeowners insurance, and all utilities etc. I live here and I have paid everything from that point on.
My mother continues to want me to sign a quitclaim and says she will let me live in the house under a rental lease for as long as I want. I do not want to sign the quitclaim and dispose of my interest, time
invested, and all the work I have done. I feel I am under duress due to the emotional issues at hand and do not feel it is fair to sell me an interest in a house, have me and my children move in and acquire these kinds of debts and responsibility, and then resind on her “gift” and our contract approximately 1 year later.
What legal actions might she be able to take if I do not sign over my interest (which would cause me financial hardship to have to move again, relocate my son into a 3rd high school and/or have to pay the $10,000 annual tuition bill that this public high school qwould require if we are forced to move)?
I have no guarantee that if I sign the quitclaim and a rental lease that she won’t decide to terminate the lease and make us move anyway and/or decide to sell the house whereas I would get nothing since she
would then acquire the full 100% again.
Although I was considering singing the quitclaim, my mother’s rules/term seem to change on a daily basis. I do not trust her anymore than she trusts me. She is under financial currently and has her own
residence for sale currently. The home I currently occupy that we both co-own is worth approximately $400,000. According to the deed, if I own 49%
and we jointly owe $186,000 on the house, I figured that she owes me approximately $100,000 for my share if I insist on a partition lawsuit.
This is getting very ugly. She is trying to intimidate me into signing the quitclaim and when I mentioned partition lawsuit, she asked if I was
prepared to go to court and higher a attorney, financially. Since this appears a cut-and-dry legal matter due to what the deed says, I would
represent myself.
I am now faced with NOT doing what is “ethically” correct (regarding family) by just letting her
reimburse me for my labor and materials etc.,
I now feel that I should force the sale and get my legal share. It is a very sad situation. Sorry this is so long…I wanted to provide better details. Thank you for your time and advise.
M.V.
Briantheinvestor@nojunkyahoo.com wrote:
BTI has posted a response to your message titled
NJ Real Estate Partnership with my mother in CREOnline Legal Forum.
The posted reply can be found at the following URL:
http://www.creonline.com/legal/wwwboard7/messages/31926.html
If the reply pertains to an ongoing discussion, it is
requested you go to the above URL to post any response.
The posted reply reads as follows:
Dated : November 15, 2006 at 00:14:25
Subject: Re: NJ Real Estate Partnership with my mother
Mickey
Mama can’t do anything, as an owner you have the right to live there.
And if you buy the you can still live there story you will probably find
out differently.
She could file a partition suit but that is not likely, unless it is a
higher priced property.
You could buy out her share with a long term straight note, no
payments, due in 10+ years if she doesn’t need the money.
BTI
Access over 1 million songs - Yahoo! Music Unlimited.
–0-1516585534-1165198742=:75635
Content-Type: text/html; charset=iso-8859-1
Content-Transfer-Encoding: 8bit
Thank you. This family situation has worsened to the point
of no resolve I think. I own 49% of the house and my mother owns
51% as per the Deed on the house. Although we co-own the house, my
children and I are the sole occupants (owner occupied). Before we
entered into the home partnership on April 28, 2005 (when I closed on the
house), my mother was the sole owner (although never lived here…she
has rented the home out for the past 23 years and was 100% owner before
our patnership. She paid the approximate $6200 in closing costs
for me to enter into the partnership and occupay the house. She
pulled about $62,000 out of the house at that time and I took out a
$190,000 mortgage loan (but she co-signed the note). Since moving into
the house last year, I have always paid the full mortgage, property and
school taxes, all upkeep and improvements on the house, and all
utilities etc. I live here and I have paid everything from that
point on. My mother continues to want
me to sign a quitclaim and says she will let me live in the house under
a rental lease for as long as I want. I do not want to sign the
quitclaim and dispose of my interest, time invested, and all the work I
have done. I feel I am under duress ddue to the emotional issues
at hand and do not feel it is fair to sell me an interest in a house,
have me and my children move in and acquire these kinds of debts and
responsibility, and then resind on her “gift” and our contract
approximately 1 year later. This What legal
actions might she be able to take if I do not sign over my interest
(which would cause me financial hardship to have to move again, relocate
my son into a 3rd high school and/or have to pay the $10,000 annual
tuition bill that this public high school qwould require if we are forced
to move)? I have no guarantee that
if I sign the quitclaim and a rental lease that she won’t decide to
terminate the lease and make us move anyway and/or decide to sell the
house whereas I would get nothing since she would then acquire the full
100% again. Although I was considering
singing the quitclaim, my mother’s rules/term seem to change on a daily
basis. I do not trust her anymore than she trusts me. She is
under financial currently and has her own residence for sale
currently. The home I currently occupy that we both co-own is worth
approximately $400,000. According to the deed, if I own 49% and we
jointly owe $186,000 on the house, I figured that she owes me approximately
$100,000 for my share if I insist on a partition lawsuit. This is
getting very ugly. She is trying to intimidate me into
signing the quitclaim and when I mentioned partition lawsuit, she asked
if I was prepared to go to court and higher a attorney,
financially. Since this appears a cut-and-dry legal matter due to
what the deed says, I would represent myself.
I am now faced with NOT doing what is ethically correct
(regarding a family) and let her just reimburse me for my labor and
materials etc., I now feel that I should force the sale and get my legal
share. It is a very sad situation. Sorry this is so long…I
wanted to provide better details. Thank you for your time and
advise.
M.V.Briantheinvestor@nojunkyahoo.com wrote: BTI has posted a response to your message
titledNJ Real Estate Partnership with my mother in CREOnline Legal
Forum.The posted reply can be found at the following
URL:http://www.creonline.com/legal/wwwboard7/messages/31926.htmlIf
the reply pertains to an
ongoing discussion, it isrequested you go to the above URL to post
any response.The posted reply reads as follows:Dated :
November 15, 2006 at 00:14:25Subject: Re: NJ Real Estate
Partnership with my motherMickeyMama can’t do anything, as an
owner you have the right to live there. And if you buy the you can still
live there story you will probably find out differently.She
could file a partition suit but that is not likely, unless it is a higher
priced property.You could buy out her share with a long term
straight note, no payments, due in 10+ years if she doesn’t need the
money.BTI
--------------------------------------------------------------------------------Access over 1 million songs - http://pa.yahoo.com/*http://us.rd.yahoo.com/evt=36035/*http://music.yahoo.com/unlimited/">Yahoo!
Music Unlimited.
–0-1516585534-1165198742=:75635–
DeleteReplyForwardSpamMove…
Previous | Next | Back to Messages Save Message Text | Full Headers
Check MailCompose Search Mail: Search MailSearch the Web
Move Options
[New Folder]
Forward Options
As Inline Text
As Attachment
Reply Options
Reply To Sender
Reply To Everyone
Mail Shortcuts
Check Mail Ctrl++C
Compose Ctrl++P
Folders Ctrl++F
Advanced Search Ctrl++S
Options
Help Ctrl++H
Address Book Shortcuts
Add Contact
Add Category
View Contacts
View Lists
QuickBuilder
Import Contacts
Synchronize
Addresses Options
Addresses Help
Calendar Shortcuts
Add Event
Add Task
Add Birthday
Day
Week
Month
Year
Event List
Reminders
Tasks
Sharing
Synchronize
Calendar Options
Calendar Help
Notepad Shortcuts
Add Note
Add Folder
View Notes
Notepad Options
Notepad Help
Advanced Search
Advanced Search
Copyright © 1994-2006 Yahoo! Inc. All rights reserved. Terms of Service - Copyright/IP Policy - Guidelines - Ad Feedback
NOTICE: We collect personal information on this site.
To learn more about how we use your information, see our Privacy Policy