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Need some advice please, regarding house ownership.

Discussion in 'BlackHat Lounge' started by IMNeolution, Sep 4, 2012.

  1. IMNeolution

    IMNeolution BANNED BANNED

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    Hello,

    I need some advice on what I can do.

    Ok, so, I'm 20+ and I live with my parents.

    Now, I earn most of the money in my house and I give my parents most of the money.

    Now, I want to take a business loan from bank and bank is ready to give but..

    Bank wants me to put the house on mortgage.

    But..

    The house is in my parents name AND my relative name, here is the problem.

    My parent want to help me and is ready to transfer the house ownership to my name, but my relative is not.

    The thing is, we owe my relative $50,000 and my relative will not transfer the name back until we pay them.

    But the value of the house is $300,000

    So, my legal question is, do my relative have the right to not transfer the name back, when we owe them $50,000 while the value of the house is much more, more to that, they won't even let us take loan until we return them their money, they won't sign the paper, can we do anything legal against them ? What should I do , I just need the house in my name so I can take loan from the bank.

    Thanks
     
  2. SavyCon

    SavyCon Regular Member

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    What do you need the loan for? I can give a better response once I know that.
     
  3. zigato

    zigato Jr. VIP Jr. VIP Premium Member

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    It depends on what country you are from. You should consult a lawyer in your own country, not online marketing people from various nations.
     
  4. IMNeolution

    IMNeolution BANNED BANNED

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    Disappointed :(, I thought I would get good advice from this forum.

    Totally off topic, taking loan for what is another question, my question is how I can get back the house ownership to my name or to my parents name from my relative name when they are not agreeing until we pay them.
     
  5. SEOWhizz

    SEOWhizz Power Member

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    What you seem to be saying is you want a business loan, and the bank wants to secure it on a property which your parents have joint ownership with a relative, but you want to transfer the ownership to yourself. In normal cases (where I live) you would need agreement from all owners (if it's joint ownership) for a transfer.

    I think you should have already figured this out, but you'll either need to find $50k to pay off the relative or find another way to get a loan.

    Disclaimer: I am not a lawyer, and you should take advice from a property (or real estate) lawyer in your country.
     
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    Last edited: Sep 4, 2012
  6. JimmyWong

    JimmyWong Registered Member

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    Sure. I'll provide you with an alternative perspective.

    Why don't you buy your own house, instead of using your families assets as collateral? Why should your relative transfer the deeds. You owe them $50 k.

    You're 20+ (I interpret this to be approaching your thirties) and you claim to be the main provider of the household. So instead of sorting out this mess you could be putting your own property on the line instead of taking your own family with you.

    The whole situation sounds like a potential clusterfuck of the highest degree, and it's time you manned up.
     
  7. tman1943

    tman1943 Newbie

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    You could do several things The first is have your parents take a second morgage out on the house and pay off the relative with that money. And then be free to do what ever they want with out there relatives say so. The next, Ask your relative if they would take a second position on the lein of the house, and then the bank would go through with the loan and be in first position on the lein. Either of these options would work . Check em out !! Good Luck
     
    Last edited: Sep 5, 2012
  8. Afillix

    Afillix Regular Member

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    your relative could be lost without a trace ;)
     
  9. markkk

    markkk Junior Member

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    but now that people know he does have a problem with the relative, there are irremovable traces all over the place, my friend. ;)