In April 2009 my son , his girlfriend and I purchased a home together . I supplied the $150,000 down payment and we all signed on to mortgage and title . In December 2009 my son's girlfriend left the relation ship and the home after sharing mortgage payments with my son for 9 months . I left the home in June 2010 and my son reamains in the home but now has tenants to help meet mortgage payments . The 3 of us are all still on title and mortgage . She has since moved to Ontario and now wants to decalre bankruptcy as she has no income and no assets . She says she needs off mortgage and title and $25.000 or her creditors will come after us . Is this so and where do we stand ?
Asked 8 months ago in Victoria, British Columbia
Categories:
Civil Litigation
Contracts
Real Estate
Comment from British Columbia
Get a lawyer as quickly as possible and determine the status of the file as to all the legal and economic issues. Then deal with here demands immediately with the help of lega counsel. Jim Clapp
Posted 8 months ago
 |
 British Columbia lawyer
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You have a significant and difficult legal issue to sort out.
It is good that you come to this website as a start, however, this is not the kind of question that can be answered without some proper understanding of all the backround facts.
I suggest you prepare a chonology of exactly how you got to this point, and that you set out your story, in writing, in as detailed a fashion as possible. If you have the title and mortgage documents, copy them. find out the current balance on the mortgage, get a copy of your assessment notice, and try to get a decent estimate of the market value of the home. Find as many records as possible as to who paid what in the initial purchase, who paid what to mortgage and taxes, and who has paid any rent.
If you do all this ground work, and can present it to a lawyer in an organized fashion, you will save A LOT of money. These things are driven by paper, and records, and the person with the most paper is usually in the best position.
Then try to find a lawyer. Do not hesitate to ask them if they have experience in this area, and absolutely ask them how they charge, and how much they will charge you to at least look at this and give you initial advice. Get your financial arrangement with the lawyer clear, up front. Everybody is better off with that.
Posted 8 months ago
Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation).
Contact L. John Alexander, search
the Lawyer Directory, or use our free Lawyer Referral Service.
Comment from Ontario
Isn't the first order of business how title is held????
Posted 8 months ago
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British Columbia lawyer |
Well, yes, this will be a relevant and important fact. My point was however, that this is exactly how you should not address these issues. One fact, then go off and find the next bit of info, then another fact, then more advice. etc. etc. If you organize everything in advance, it will be more efficient, and productive.
Posted 8 months ago
Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation).
Contact L. John Alexander, search
the Lawyer Directory, or use our free Lawyer Referral Service.
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