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Weird deal as my in-laws sell the MIL's house
2016 Oct 31, 8:22am 13,014 views 34 comments
by CL follow (1)
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Strategist
@
2016 Nov 2, 3:33pm
Either sister loaned the money or not. The sale cannot go forward without resolving this first.
Hello mess.Mostly correct. however, a recorded lien will almost certainly count as proof that the loan was real. Sister will be under no obligation to prove she actually loaned the money, the lien without a release is proof.
The other heirs could stop the sale by filing a law suit. The sister would have to prove she loaned the money.
truth will find you
@
2016 Nov 2, 3:52pm
The other heirs could stop the sale by filing a law suit. The sister would have to prove she loaned the money.
anyone can file a lawsuit about anything, but unlikely to win. A notarized recorded lien is literally the 100% gold standard of proof that a loan existed.
Strategist
@
2016 Nov 2, 3:55pm
The other heirs could stop the sale by filing a law suit. The sister would have to prove she loaned the money.
anyone can file a lawsuit about anything, but unlikely to win. A notarized recorded lien is literally the 100% gold standard of proof that a loan existed.
My guess, they will work something out.
truth will find you
@
2016 Nov 2, 4:03pm
My guess, they will work something out.
likely. When my grandfather died 40 years ago, his live in girlfriend sued for "unpaid rent" as he had lived with her for several years. No lease. nothing in writing, she just sued for rent for literally nearly a decade. Who knows what their arrangement really was, maybe he paid for all the utilities and food. If she was not being paid rent she was owed, why not kick him out after say a year?
Anywho, as the rest of the family got tired of waiting, they negotiated with her. I can't think of a claim much less likely to win in court, but she did tie it up for a year or two.
CL
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2016 Nov 3, 10:23am
All the acronyms is part of what's confusing.
We call those "ACNs". :)
90% of my acronyms are "in-law", and the other 2 are CPA and Power-of-Attorney. Figgered I was doing you all a favor by avoiding the full words.
Thanks everyone!
Ceffer
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2016 Nov 3, 10:35am
Sounds like the estate is going to wind up lawyer fee food and all be consumed as the relatives walk away with nothing except hating each other forever, as per usual usual.
CL
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2016 Nov 3, 11:33am
as the relatives walk away with nothing except hating each other forever, as per usual usual.
It's an all too common occurrence.
Y
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2016 Nov 3, 12:33pm
if you could provide an address of a similar size house and lot within a couple blocks then you get much closer to the accurate market value. Zillow it for starters.
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The MIL has now moved into a facility, which is a desirable outcome overall. As is common and predictable, there were some disagreements and acrimony related to the POAs and what they mean, and whether the daughter entrusted with financial type duties was performing them as well as she could have, charges mostly leveled by a lone sibling who seems to have paranoia issues in general.
So, he made a move wherein he had a lawyer draft a new POA, which of course, superseded the CPA daughter from the POA, and left him as both the medical and the financial
attorney-in-fact. (I know these only are in play if the MIL were incapacitated, yet the momentum and the MIL's acquiescence has made it de facto responsibilities)
Since the brother lives somewhat close, the MIL has settled into her old folks' home and the rest of the siblings are scattered throughout the country, the brother who has seized control is now anxious to sell the house so as to avoid maintenance and needless visits. He arranged a sale with a friend for around 200k, and all seemed ready to go. However, he discovered that the Recorder's office had some weird docs on file that said that his sister (the one he has been aggressive towards) was specified as the mortgagee, with a dollar amount specified at $62,500 with 7% interest per annum. The docs have been on file since 1999.
Any idea what my father-in-law could have been thinking? I talked to the SIL, and she gave me some vague story but I still don't see what benefit my FIL might have received by having these drawn up.
Thanks in advance for your insights!