I currently own a house along with my parents, since the deed was signed in 06, they have not allowed me to rent it out or live in the house. I wanted to rent it out splitting the rent 1,000 to them and 500 per month to myself. But they said that when they rent it out they will collect all of the rent on not give me my share. I was mortified, and I also found out about an equity loan they took out on the property in 05, which they did not disclose to me when I signed the deed. Now they say I'm going to pay, and receive nothing from them ever. I'm thinking they are going to let the bank foreclose on that 200k loan and I will get nothing, (the house was suppose to be my inheritance/future). They financed and gave my brother a 4000sq ft new home along with 8 acres. I got 1/3 of a house that sits empty due to their selfishness and greed. Can they foreclose on the property if my parents own other houses and land? Doesn't the bank consider their income/assets before doing so? I need help!
L
Contact a real estate attorney immediately. This is a serious problem and requires professional help.
Depending on the state,Foreclosure occurs at different rates of time.As far as I know foreclosures occur only on the property used to secure the debt.Foreclosure occurs only if the debt is not being paid.Check out your state laws on the web to see how much time you have and wiggle room you have.If your name is on the deed maybe you can sell.
No, the banks do not look at other assets and income when foreclosing. They look at one thing - is the mortgage getting paid, and are the owners living up to the terms of the mortgage contract?
Sounds like you have a lawsuit, especially if you are on the mortgage. Do you have any money in the property? If you are not on the mortgage, and have no money in the property, then I would let move on from this unhealthy situation.
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