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To simplify this my soon to be mother in law will be person A and I will be person B.
I Person B gave Person A $104,000 to put down on a house for myself and soon to be husband. We both finsihed school and could not qualify for a mortgage at the time. We signed contracts in March of 2012 and moved into our new home in September 2012. At which time Person A retired and moved in with us. Now one year later Person A wants to move to her daugthers in another city and is forcing us to sell.
Unfortaunately we both still can not meet the requriements to get a mortgage that we know of. Now Person A is also saying she is entitled to a portion of the equity. We owe 210 or so and the house is worth about 410 or so.
My question is since Person A is not related to me Person B and the is no rightof advancment if I can argue a resulting trust was created with Person A. Person A wants 30,000 to walk away and we feel we are getting taken advantage of.
Also in hindsight yes it was a dumb move we know that more interested in what legal recourse we have moving forward so we dont have to move since she has already listed the house against our wishes.
Thanks for helping to save our dream home!!!!
Amazing that someone who has just finished school, has poor credit, yet has $104,000 in cash sitting around.
Your whole story sounds as fishy as a boatload of catfish !
Many of these types of questions can turn on law of the particular state. And, The federal gift tax would be due or not, depending. The resulting trust theory is interesting, but pursuing it would be somewhat expensive. Paying the $30,000 might be cheaper.
First.......if party B gave A money to buy the home, how was the 104K documented with the lender? As a gift? Was there a gift letter where a statement was made no repayment was ever expected and all parties signed? Then, did party B arrange w Party A to be a straw buyer? Were the retirement plans in the works from day 1? Is party A going to get stuck with the capital gains taxes? And finally, was party B suppose to perform in any manner not addressed here (like purchase in one year)?
There are so many legal issues here from the mortgage perspective. Attorney time. Quickly!
First.......if party B gave A money to buy the home, how was the 104K documented with the lender? As a gift? Was there a gift letter where a statement was made no repayment was ever expected and all parties signed? Then, did party B arrange w Party A to be a straw buyer? Were the retirement plans in the works from day 1? Is party A going to get stuck with the capital gains taxes? And finally, was party B suppose to perform in any manner not addressed here (like purchase in one year)?
There are so many legal issues here from the mortgage perspective. Attorney time. Quickly!
Maybe it was a dowery
Anyways, OP never came back and has only 1 post
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