Change of child custody order: prostitution and DUI's

[HRZ]

I missed the post about mortgage of $500 a month ..the principal remaining on mortgage needs to be factored into the net value of property to owners .

 

[DustinB15]

Your math is sloppy...if you own 50% of a property worth about $300,000 with no debt against the property senior to your interest then your share is worth about $150,000 ...how any of the owners secure funding to buy out the other is a different kettle of stew.

And quite frankly if you offered in writing a buyout of $50k and he rejected same I'd be keen to paper that the offer was rejected and no longer on the table ...oral offers/deals as to real estate are most unlikely to hold up.

Mom and Dad have multiple options to secure loans to buy you out ...one question is do you have financial resources to get loans whatever to buy them out ...assuming a Solomon like buyout of $ 150,000?

Dads role as a lousy parent or a lousy money manager in your view is not relevant to the buyout issues

He won't leave the property or want me to buy it out right that I know and I don't want it. I just want out and be able to buy a house somewhere else. he put a refinance loan of $140k several years ago and still owes $138k. The property was paid off. My grandfather bought it cash in the 60's. My estimate was after fees, debits, courts etc I could get around $70k or maybe a little more. That's why I thought $50k was fair.

 

[HRZ]

THe property is NOT paid off if he borrowed what now is $138,000 against it .

IF the property has a fair open market value of $300,000 as you post, minus 10% for a pile of selling costs that's 270k and paying off the note at 138 leaves 132...and 1/2'of that is 66...and in that light a 50 K buyout seems reasonable ...but what's reasonable may be in eye of beholder and perhaps Dad prefers to,spend money on lawyers .

You have no right to,force him to,do things your way and sometimes the best strategy is to offer what he does NOT want to do...

 

[HRZ]

PS by deed SM co owns the 50% with Dad

 

[DustinB15]

PS by deed SM co owns the 50% with Dad

Yea I know. But things are going south with her parents so she wants to move back. If we partition it neither of us will be on the property. If they buy me out then great. If not it's going to get worse. It's just a bad situation.

 

[DustinB15]

I appreciate your input. Thanks

 

[LdiJ]

Your math is sloppy...if you own 50% of a property worth about $300,000 with no debt against the property senior to your interest then your share is worth about $150,000 ...how any of the owners secure funding to buy out the other is a different kettle of stew.

And quite frankly if you offered in writing a buyout of $50k and he rejected same I'd be keen to paper that the offer was rejected and no longer on the table ...oral offers/deals as to real estate are most unlikely to hold up.

Mom and Dad have multiple options to secure loans to buy you out ...one question is do you have financial resources to get loans whatever to buy them out ...assuming a Solomon like buyout of $ 150,000?

Dads role as a lousy parent or a lousy money manager in your view is not relevant to the buyout issues

He did say that the mortgage payment was 500.00 a month (which means there is not a large mortgage) so the equity is not the full 300k.

 

[stealth2]

That is the real beef. We went down and I was out in deed 50% undivided rights joint owner (or something like that) my issue is how he turned on us after his wife came back and wanted to kick us off after I gave him a year of no responsibility. We've been living in the house a year and no contract exsists. I don't think he can move in the house if he wants. My custody case is priority A, the house is B. But it's extremely draining with both. I believe that's the motive with him. So I lose focus.

Then refocus on what"s important. Hint: not the house.

 

[DustinB15]

Then refocus on what"s important. Hint: not the house.

I am, I still need a house for 3 kids though. One having CP we have a lot of stuff. I said above Custody is pirioty A, house is Pirioty B.

 

[LdiJ]

I am, I still need a house for 3 kids though. One having CP we have a lot of stuff. I said above Custody is pirioty A, house is Pirioty B.

You are a 50% owner of the house. You have every right to live there. Your father cannot throw you out of the house.

 

[stealth2]

I am, I still need a house for 3 kids though. One having CP we have a lot of stuff. I said above Custody is pirioty A, house is Pirioty B.

I would sort out a different option for housing. ASAP.

 

[DustinB15]

I would sort out a different option for housing. ASAP.

I should rent the house to my bio mom and really make things interesting....lol

 

[HRZ]

But Child's mother seems aligned with Dad to force issues....perhaps B needs to be under control so you are free to focus on A .....have you considered buying D/SM out of entire package ? SHe is equal co owner with him....seek to divide the enemy ?

 

[DustinB15]

But Child's mother seems aligned with Dad to force issues....perhaps B needs to be under control so you are free to focus on A .....have you considered buying D/SM out of entire package ? SHe is equal co owner with him....seek to divide the enemy ?

My dad is super attached to the property. He will never move. I don't want to own it anyway. To many bad memories. I would rather just be bought out and move. I think he thinks if he helps her I'll be spread so think he can catch me slipping. Maybe he's right. But I think it all comes down to the deed so one way or another I can force some kind of buyout or just force the entire property to be sold. I'd rather just get bought out and leave so he can stay on the property.

 

[DustinB15]

At the time of his split with his wife he hated her so he was just happy he had somewhere to stay. Now that he's cuaght up on whatever bills he had and they are cool again I'm the third wheel.