We sold our house 15yrs ago to finance the purchase our sons business.We bought another house and put it in our sons name as a security for the business which is in his name but we have lived in this house for over 15 years . He has been paying the mortgage as part of repayment for this through the business account. His business is now in danger of being declared bankrupt. We are a retired couple and would like to find out what rights we have to the house and what options we have. We have no where else to live this is now our home.
2007-11-16 05:48:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I don't think there's much you can do, it's under his name and he has been paying the mortgage.
2007-11-16 05:57:18 · answer #1 · answered by Amy 4 · 0⤊ 0⤋
I'm very sorry for your situation.
However, you will lose "his" house. You lost all control the second you put it in his name.
This is why a parent should NEVER, NEVER, NEVER put the kids names on the title of YOUR property. If you want to do this for tax purposes (not the case here), there are better ways.
Also NEVER co-sign for ANYONE. Especially family.
If he declares BK, he MAYBE able to keep the house. He should fight hard for this.
He should also, as a matter of principle, make sure that you have a place to live.
2007-11-16 06:52:12 · answer #2 · answered by Anonymous · 1⤊ 0⤋
My guess is you have no leg upon which to stand. If you trusted your son enough to put your financial well-being in his business and it failed, your financial well-being has gone out the door along with his business.
Always insure that any investment you make (yes, this was an investment) is going to be secure if you need the money.
2007-11-16 05:55:28 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
Your situation requires professional legal advice. Please contact a reputable real estate attorney. You have too much at stake to depend on yahoo answers. No offense to anyone answering here.
2007-11-16 05:56:20 · answer #4 · answered by Christiane 3 · 0⤊ 0⤋