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11-18-2008, 10:33 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| | | FlyingRon you helped me before
What is the name of your state (only U.S. law)? South Carolina
Hi there I think my thread has been deleated by the default. So i am sorry fro the repitition.
In 2002 I gave my daughter (then age17) a small house in SC . It had no mortgage on it at the time.
In 2003 she (my daughter ) began to act like a teenager. "My friend" who is a real estate broker, suggested that we put a pretend mortgage the home with my friend being the mortgage holder, to protect it from my daughters boyfriend. (now husband with 3 children)
She had a mortgage drawn up with no payments just a balloon payment in 2018 for close to three times the value of the property.
In 2005 "my friend" and I had a falling out. We have not spoken since.
No insurance has been on the house and taxes became delinquent.
We just received a letter from her saying she wants to call in the loan. This was not a lis pendons(ms) just a "formal looking letter " telling us things to do like sell the house.
There was no paper work other than the mortgage. No Truth and Lending Act or RESPA.would thees laws apply to her. And there was no consideration.
Can my daughter get out of the "pretend mortgage"
What a mess!!
Last edited by fae; 11-18-2008 at 10:36 PM.
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11-19-2008, 04:08 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,487
| | | You may think it is pretend but if recorded it is real. The only thing that can possibly be a defense was who signed this mortgage and at what age were they? RESPA or TILA violations won't void the mortgage, and too long has passed to sue based on them anyhow.
My advice to you now is the same as before.
This is not a self-help situation. Get a lawyer. |
11-19-2008, 05:16 AM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| | Quote:
Originally Posted by FlyingRon  You may think it is pretend but if recorded it is real. The only thing that can possibly be a defense was who signed this mortgage and at what age were they? RESPA or TILA violations won't void the mortgage, and too long has passed to sue based on them anyhow.
My advice to you now is the same as before.
This is not a self-help situation. Get a lawyer. | I have an appoitment with two different lawyers next week. I am just trying to get as much information as I can NOW.
But I thought I remembered you said it would most likly not be valid.
Do you know the time frame in that TILA and RESPA violations become void?
FlyingRon I realize this is a serious problem. This is why I am still up at 5:00am. It's just my nature to try to stay as humerous as possible while under destress.
Thank you again |
11-19-2008, 08:12 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,487
| | | You generally have a year to complain about those violations. Frankly, those aren't going to help you even if you filed them in a timely fashion. |
11-19-2008, 10:03 AM
| | Senior Member | | Join Date: Mar 2006
Posts: 5,011
| | | The house was a gift and the loan was a gift, proper gift tax returns should have been filed. The mortgage was without consideration and should be voidable. Your "cleverness" has really messed things up and it will take an attorney to straighten them out. If there is any disagreement between the parties on what the facts are or what to do, litigation costs will be in the tens of thousands per party.
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When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) |
11-19-2008, 01:12 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| | Quote:
Originally Posted by tranquility The house was a gift and the loan was a gift, proper gift tax returns should have been filed. The mortgage was without consideration and should be voidable. Your "cleverness" has really messed things up and it will take an attorney to straighten them out. If there is any disagreement between the parties on what the facts are or what to do, litigation costs will be in the tens of thousands per party. | Thank you tranquility. Proper gift tax return were filed when the house was given.
However my "cleverness" was oviously not very clever.  I trusted a friend when I was under a tremendus amount of stress. Had I been clever I would not be here today.
Thanks again |
11-19-2008, 01:24 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| | | Is there an actual attorney in this part of the forum?
I read daily in the custody part and I think Ohiogal is an attorney.
No offence I appreciate any ones advise good or bad.
Thanks |
11-19-2008, 01:33 PM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,487
| | | Very few are lawyers, some of us did stay in a Holiday Inn Express last night.
You need a lawyer in the jursidiction (County most likely) that specializes in real estate matters. Even the "real lawyers" here are beyond the ability to do anything more for you at this point. This needs action by someone who can legally do so. |
11-19-2008, 01:57 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| |
Quote:
Originally Posted by FlyingRon Very few are lawyers, some of us did stay in a Holiday Inn Express last night.
You need a lawyer in the jursidiction (County most likely) that specializes in real estate matters. Even the "real lawyers" here are beyond the ability to do anything more for you at this point. This needs action by someone who can legally do so. |
heehee  Holiday Inn Express oh yea well I do not think you got much rest because you were up and about early this morning.
Thank you I needed a good laugh  |
11-19-2008, 03:29 PM
| | Senior Member | | Join Date: Mar 2006
Posts: 5,011
| | | Any "attorney" who gives "advice" without seeing the client is stupid beyond words. Anyonewho says anything beyond, "see an attorney" is wrong.
See an attorney for your question.
__________________
When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) |
11-20-2008, 08:57 AM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,471
| | | And if you liked the concept of a pretend mortgage, why would you not have made it payable to YOU?
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
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11-20-2008, 06:54 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 20
| | Quote:
Originally Posted by nextwife And if you liked the concept of a pretend mortgage, why would you not have made it payable to YOU? | nextwife that is a good question. My only defense is that I was going through ALOT at the time.
#1 My dad was in ICU for 8 weeks. (I am the child who takes care of my parents)
#2 Custody battle for my son.
#3 my daughter was involved with the antichrist (j/K)
ALL of this going on at the same time
I had been friends with "myfriend" for over 20 years. I was had literally been running on 4 hrs. max of sleep per night. When she said it would be a way to protect the home from the boyfriend I never considered making it payable to me. I barley had the brain power to make it through the day.
However I have retained an attorny who believes it will not be too painful.
So thank you all for your responce | |
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