My Sister and I inherited a house... I would like the money ASAP

[Iluvjuliana]

My mother gave my sister and me a house. When she signed he house over to us it's value was 150,000.00 the plan was for her to move into the house and pay us $400.00 monthly until she got a loan for her half then she would buy us out. The problem is that she is always late making her payments monthly and she still has not been able to get a loan. She has had some bankruptcy issues causing the loan delay. Please tell me how you think I should handle this? I have two kids and would like to buy a home of my own. I would like the money ASAP . Please help I am desperate.

[sandyclaus]

Originally Posted by Iluvjuliana My mother gave my sister and me a house. When she signed he house over to us it's value was 150,000.00 the plan was for her to move into the house and pay us $400.00 monthly until she got a loan for her half then she would buy us out. The problem is that she is always late making her payments monthly and she still has not been able to get a loan. She has had some bankruptcy issues causing the loan delay. Please tell me how you think I should handle this? I have two kids and would like to buy a home of my own. I would like the money ASAP . Please help I am desperate.

I'm confused about the parties here. Who was to move into the house and pay $400 monthly to whom?

Is there any written documentation of the agreement? Is there a stated time limit on when the person is to perform (obtain the loan and buy you out)?

[Friend In Court]

Originally Posted by Iluvjuliana My mother gave my sister and me a house. When she signed he house over to us it's value was 150,000.00 the plan was for her to move into the house and pay us $400.00 monthly until she got a loan for her half then she would buy us out. The problem is that she is always late making her payments monthly and she still has not been able to get a loan. She has had some bankruptcy issues causing the loan delay. Please tell me how you think I should handle this? I have two kids and would like to buy a home of my own. I would like the money ASAP . Please help I am desperate.

If your mother in fact deeded the house to you and your sister, she no longer is the owner and cannot get a loan on it. It is unclear from your post why she should be applying for a mortgage on it or what impact she has on the loan application if you and your sister own the house.

If you and your sister own the house, you two need to apply for the mortgage yourself. Your mother would be out of the picture.

[Iluvjuliana]

Originally Posted by sandyclaus I'm confused about the parties here. Who was to move into the house and pay $400 monthly to whom? Is there any written documentation of the agreement? Is there a stated time limit on when the person is to perform (obtain the loan and buy you out)?

my sister asked to move into the house and paid me $400.00 . This was a verbal agreement 8 months ago an I trusted her. How do I if this?

[sandyclaus]

Originally Posted by Iluvjuliana My mother gave my sister and me a house. When she signed he house over to us it's value was 150,000.00 the plan was for her to move into the house and pay us $400.00 monthly until she got a loan for her half then she would buy us out. The problem is that she is always late making her payments monthly and she still has not been able to get a loan. She has had some bankruptcy issues causing the loan delay. Please tell me how you think I should handle this? I have two kids and would like to buy a home of my own. I would like the money ASAP . Please help I am desperate.

Originally Posted by Iluvjuliana my sister asked to move into the house and paid me $400.00 . This was a verbal agreement 8 months ago an I trusted her. How do I if this?

You do realize that if she has a recent bankruptcy, there's no way that she is qualifying for a loan, right?

If you are counting on her getting a loan to buy you out of your half of the house so that you can use that money towards your OWN house, that's not happening anytime soon.

[Iluvjuliana]

Originally Posted by sandyclaus You do realize that if she has a recent bankruptcy, there's no way that she is qualifying for a loan, right? If you are counting on her getting a loan to buy you out of your half of the house so that you can use that money towards your OWN house, that's not happening anytime soon.

What do you suggest?

[sandyclaus]

Originally Posted by Iluvjuliana What do you suggest?

Normally, I'd suggest reducing your agreement to writing, but I have a feeling that your sister won't go for it.

Perhaps instead of waiting for her to buy YOU out of your share of the house, you could make an offer to buy HER out of her share instead. You'd have the house you always wanted, and you wouldn't have to worry about dealing with her missed payments. AND the whole issue with sharing the house would no longer exist.

If she doesn't go for it, there's always the possibility of filing a partition suit and having a judge decide, but those suits are usually long, messy, and expensive. In the long run, it probably wouldn't do much more than what you have now going for you, except that it would have the Court's endorsement - and your sister would STILL be having issues with bankruptcy and paying to buy you out of your share of the house.