Help

[ginger90044]

What is the name of your state? California.

Hello:

I hope someone can offer help/advice for the following situation.

My husband and I used our good credit to purchase a home on behalf of one of my sister's. My mother loaned her the down payment of 38k. The agreement was my sister would repay our mother once she got her business started and began earning money. Well, this never happened. My mom decided she wanted to sell the property and get her 38k back plus all profits. My mom was never a legal owner and she was never on the deed to the property. My husband and I retained all legal rights to the property for two years.

During the two year period I had some legal troubles and borrowed 30k against the property. Now that its been sold my mom wants me to repay her the 30k citing had I not borrowed the money she would have gained a larger profit from the sell. The net profit was $122,000. So far, we have given her 62k and after the capital gains tax is paid we plan to give her what's left.

My question is do I owe her the money legal or morally?

Thanks

 

[HomeGuru]

What is the name of your state? California.

Hello:

I hope someone can offer help/advice for the following situation.

My husband and I used our good credit to purchase a home on behalf of one of my sister's. My mother loaned her the down payment of 38k. The agreement was my sister would repay our mother once she got her business started and began earning money. Well, this never happened. My mom decided she wanted to sell the property and get her 38k back plus all profits. My mom was never a legal owner and she was never on the deed to the property. My husband and I retained all legal rights to the property for two years.

During the two year period I had some legal troubles and borrowed 30k against the property. Now that its been sold my mom wants me to repay her the 30k citing had I not borrowed the money she would have gained a larger profit from the sell. The net profit was $122,000. So far, we have given her 62k and after the capital gains tax is paid we plan to give her what's left.

My question is do I owe her the money legal or morally?

Thanks

**A: I cannot say this gingerly, is something wrong with you Ginger? did you even have to ask?

 

[ginger90044]

Not sure

**A: I cannot say this gingerly, is something wrong with you Ginger? did you even have to ask?

I might be wrong and please correct me if I am. Does your response imply that I don't ower her dime?

 

[HomeGuru]

I might be wrong and please correct me if I am. Does your response imply that I don't ower her dime?

**A: no, you do owe her her fair share.

 

[ginger90044]

fair share?

**A: no, you do owe her her fair share.

Okay, I see the point. Would her fair share also include the 30k i borrowed? My husband and I don't want any money from the sale, however, I don't feel I owe her the 30k.

 

[HomeGuru]

Okay, I see the point. Would her fair share also include the 30k i borrowed? My husband and I don't want any money from the sale, however, I don't feel I owe her the 30k.

**A: I don't know, you figure out what is fair and make the offer.