T
twindaughter
Guest
re: Condo_Izing a Family Owned Duplex
What is the name of your state? Michigan. My mother is nearing 80 years old and is an identical twin. About 15 years ago she and my aunt purchased a piece of property together and built a duplex. It is on 100 feet of frontage on Lake Huron. My mother recently put her side of the property in the names of her three children. Her side has been paid off for quite awhile. We just found out that my aunt remortgaged her side to the tune of $50,000 to pay off her daughters credit cards. She came over to my mom's and had her sign something, the loan, and my mom signed without knowing what it was or that it was done based on my mom's equity. What we would like to know is it possible to condoize this property or should we have separate deeds? In other words, we would like to separate this side from my aunt and her children, legally. What will this depend on?
What is the name of your state? Michigan. My mother is nearing 80 years old and is an identical twin. About 15 years ago she and my aunt purchased a piece of property together and built a duplex. It is on 100 feet of frontage on Lake Huron. My mother recently put her side of the property in the names of her three children. Her side has been paid off for quite awhile. We just found out that my aunt remortgaged her side to the tune of $50,000 to pay off her daughters credit cards. She came over to my mom's and had her sign something, the loan, and my mom signed without knowing what it was or that it was done based on my mom's equity. What we would like to know is it possible to condoize this property or should we have separate deeds? In other words, we would like to separate this side from my aunt and her children, legally. What will this depend on?