obtaining a mortgage for rental property purchase from father

[emtp]

You did not make mortgage payments. You made rent payments. Remember your father treated it as a rental and you have been the tenant. Your father made the mortgage payments.


And your father isn't stealing the house from you. It is legally his house. He already owns it so how do you steal something you already own?

That's what I've been trying to explain to my wife, a lot of emotions are involved. Just trying to come to a peaceful solution. GOOD HEAVENS!

 

[justalayman]

I have answered them look at pervious posts. Moving on

you didn't address the bankruptcy question and you all but admitted you cheated your wife out of her share because "she isn't too bright"


Maybe your current wife is afraid she'll get the same deal.

 

[emtp]

you didn't address the bankruptcy question and you all but admitted you cheated your wife out of her share because "she isn't too bright"


Maybe your current wife is afraid she'll get the same deal.

My previous wife had no intentions on her her share. If she was so concearned about it she would have brought it up at the court house when we were signing the papers? she left the marriage moved out got remarried. BK was done after the quit claim as far as I know, that was 10 year's ago, I barely remember details of life two day's ago. IRS hasn't been at my door as far as I know. My current wife isn't going anywhere , If I could have reversed time I would have married her first. FYI regarding my current wife, she left a multi millionaire and asked for nothing

 

[tranquility]

I'm hardly trying to cheat or defraud as some people are suggesting, I pay my taxes and file them appropriately.

No, you aren't. You are claiming either 1/2 or all of the house (Still not quite sure.) is yours. You should be deducting the interest paid on schedule A. Are you? Of course, with the amount of debt and probable claim, you would not as the standard deduction would probably be better for you. How about the interest on the free loan you got? Did dad report the imputed interest? Did you issue him a 1099 for it?

You did cheat. Maybe you are so ignorant of the law to not defraud as you had no intent, but, people (including the government) were hurt by how you handled things with your dad.

hell had i'd know all this madness would have been the horizon I would have never have quit claimed the deed to father.

And, you may have had to get rid of some equity in the BK and some to the wife in the divorce. Dad would have paid more in taxes and you/dad would not have been able to refinance with those sweet, sweet rates. Your situation may not have been better without the madness. You may not have been living in the house at all with dad having equity.

The refinance, he took the money as we did some upgrades to the house. (1.) He loaned me the down payment which has been paid back( 2.) yes I was married, separated after 2 years/ divorced final n 04 (3.) verbal agreement with father stating house is mine (4.) buy house outright and need $90,000. House valued as of today @420,000 balance on first is $210,000.

Was the loan for the down payment listed in the settlement agreement on the purchase of the house? If not, that would be mortgage fraud too. I bet there was no written agreement for the "loan" and dad signed a letter saying it was a "gift", right?

Wife would have equitable rights to the property. The loan(s) were taken out during the marriage and the payments made with community property.

A verbal "agreement" with father stating house is yours violates the statute of frauds. Also, it does not give rise to any legal claims that can be made by you. And, may be without consideration.

You cannot get any money out of this deal without an attorney who MAY want many thousands to come up with a strategy to prosecute or for dad to gift you the property. Even if he gifts you the property for the removal of his debt, that would be treated as a sale and it would be a taxable event.

BK was done after the quit claim as far as I know,

That's why you perjured yourself in the BK filings. You did not include your rights to the house (Whatever portion you feel of it was yours.), on your documents. If the house was upside down at the time, you may not have harmed your creditors. But, that is not for you to decide.