Is there any legal document to protect my 1/2 of inherited house w/out putting my name on deed with other heir?

Deal Score0

I don’t want to be liable with my irresposible brother by putting my name on deed. I won’t sell it now and kick him out even as it makes most sense. He hasn’t worked in few yrs and house is in disrepair/MESS so not worth too much.(I am not rich at all,have no pocket $ but I can’t kick him out) He expects to stay & I don’t entirely trust him not to screw me later so I am taking chance to deed him house & he does right thing later if he sells & gives me my 1/2 inheritance. Also 2 cars from my Mom(Mustanng/Caddy)I know he wants both (I drive him b/c his dl suspended) but I think I’ll tell him I want one to sell so I have a little $ . I don’t trust him to insure house/maintain etc & that’s also why I don’t want my name on deed to protect my husband/kids from lawsuit etc if something goes wrong there. He won’t be able to get a loan/mortgage to buy me out so is there a promissory note or legal doc. that can make him acknowledge I am 1/2 owner and he has to pay me what he owes me for 1/2 house if he should sell–minus any improvements if by some miracle he suddenly gets motivation and fixes it up. (We also split a 401k which he took $ out to live on while he sleeps all day) There is also a need to do this all soon as probate up in few months and lawyer told me I need to wrap up soon and tell him what plans are for house (that’s another long story but basically,yes we must do this fast so I don’t have much time to decide. He has me do everything with calling lawyers etc so he’s just waiting I guess for me to tell him what I’ve learned and I need to protect myself. I don’t think I have time to make myself the holder of a mortgage for my 1/2 that bro will have to pay to me as my husband suggests. Bro may not go for that anyway and I know he won’t pay every month but as long as later if he sells I don’t get cut out completely I’m ok w/ not seeing $ now or for years. Also if he were to marry someday couldn’t his wife just take over house and keep it all so long as I don’t hold motgage or 1/2 deed? That’s why I need some legal note to protect my interset w/out kicking him out. And yes, I know I should and he’s taking advantage but I’m stuck between that rock/hard place. PLEASE help. Any advice that may resolve my nightmare will be cherished(We are 37-me and 38 yrs old by the way and Mom died over 2 yrs ago) Thank you very much

  1. Reply
    May 4, 2011 at 4:23 am

    Apparently you are going through probate. The presiding judge will make a decree with both your names on the property which your probate attorney will give to you to have the decree recorded in you and your brother’s name.

    You will not have a choice as to if your name is on the deed or not unless you indicate to your attorney and thus to the probate judge that you want nothing to do with the property therefore leave your name off the property decree.

    About the cars, it would be better it you found some place to keep them if they are to become yours in the probate proceedings.

    With your name on the deed your bother may not sell or refinance the property without your signature. Failure to obtain your signature would be real estate fraud.

    Tell your attorney that you do not want your brother to reside in the house, thus there might be something he can relate to the judge about your fears of your brother.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  2. Reply
    May 4, 2011 at 4:28 am

    All it really boils down to is that unless your name is added to the deed you can not have any rights to the property.

    By failing to add your name to the property you will be forfeiting your half and letting your brother have 100% ownership.

  3. Reply
    Jeanne R
    May 4, 2011 at 5:13 am

    Dear JJ,
    I know that this situation is very difficult, however you are not doing your brother any favors by continuing to enable him like your parents did. It is time for you to give him the gift of being a grown up who has dignity and is responsible for himself.
    In the meantime, if there is any money left in his half of the 401(k) money then he will have to use that money to buy you out now. Or at least buy as large a portion of your 50% ownership as possible. Take both of the cars to make up any shortfall. Hopefully that 401(k) money and the cars are enough to buy you out of this mess entirely. If not and if you insist on going through with the scenario that you have outlined above, you need to, at least, protect yourself and your family. Go to Virgin Money and have them draw up the paperwork for a sale from you to him with mortgage that you will hold and that Virgin Money will service for you. (First Trust Deed) This is a true legal mortgage with all of the same responsibilities and protections as a loan from a bank. The only difference is that “you” are the bank. The terms of the mortgage can be anything that you want since this is a “private mortgage” between the two of you. In the mortgage you will listed as the lender and hold the mortgage His name will be on the deed as the owner but you will also be listed on the deed as the mortgage holder, not as the owner. You will not be liable for any judgments against him and you will be the first one paid if the house is sold. These are points that MUST be in the mortgage.

    1. The duration of the mortgage-how long he has to pay you off whether the house is sold or not. The collateral for the mortgage is the house. You MUST have a firm pay off date or else you will be living this nightmare for the next 50 years.

    2. The payoff amount of the mortgage. (How much you will get and by what date, including some interest on your money that he is using. Make no mistake, by living in that house he is using your money and you should make some interest on that money. ” if he should sell–minus any improvements if by some miracle he suddenly gets motivation and fixes it up.
    No, you will not be sharing any of the cost for the repairs since he is living there rent free, he will have to pay for all of the repairs himself or else he needs to pay you some rent.

    3. You need to understand that ultimately, at some point, you may need to foreclose on the mortgage, kick him out, and take the house back. I know that you are trying to be a loving sister and help your brother but he is not being a loving brother to you.

    I know that you are a “caretaker” personality, I am also and dealing with those we love can be VERY difficult. But you need to put your immediate family first. You parents did not leave you this inheritance to be a curse. They wanted it to be a blessing for you and their grandchildren. In order to make that happen, you will need to toughen up a bit and stand up for yourself before your brother destroys your marriage.

  4. Reply
    a p f
    May 4, 2011 at 5:16 am

    Get your attorney to get the judge to force a sell of the home. The land the home is on is worth probably more empty but he living in it says it is repairable. That way at public auction you get something for your 1/2 interest and no headaches from your brother after its sold.
    Also ask your brother which car he wants and let the judge rule.

    Leave a reply

    Register New Account
    Reset Password