Need some advice please, regarding house ownership.

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

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

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

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

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

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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.

IMNeolution said:

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

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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.

IMNeolution said:

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

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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.

your relative could be lost without a trace

Afillix said:

your relative could be lost without a trace

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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.