Expert: John - 11/21/2007

Question
: My parents helped me purchase a starter home by co-signing on the mortgage.Their names were not on the mortgage but they kept both their names on the title.I continued to make payments and pay taxes on the house for the following 7 years.Throughout that time,i did run into some financial troubles after my wife left me with 4 kids to raise on my own They helped me out by paying my mortgage a few times.Fast forward 3 years i decide to remarry against my parents "wishes" and they decide to make my life a living hell.They take me to court for grandparents visits, which they end up losing and as a result stop talking to me completely....Meanwhile they are still on the title and refuse to sell the property and will only agree to me "buying them out".They were fully aware of my financial situation and know i couldn't afford to do that.Still they refused to sell,refuse to help with the payments,or taxes-(both their names were on the home insurance policy as well) ...to make a long story short-i had to refinance my home to get my x wife off the title after the divorce.The lender informed me that my parents,had to also give their consent since they are co-owners on the property.After not speaking to them for over a year, i had to bite my tongue and ask for their cooperation.My mom then delays making a decision for over 3 weeks-and as a result my credit drops,i get a horrible rate.At this point i am struggling to make ends meet so i take out whatever equity is in the home to catch up on past bills and get my feet back on the ground.Now 6 months later i lose my job due to "downsizing" and end up on unemployement.
Although i have been actively searching for a new job-i still haven't managed to find anything yet.My wife has gotten a part time job and i've done some independent contracting in the meantime.Still we cannot keep up with all of the expenses and the mortgage.i receive a letter from the lender stating the house is in default.I call my parents to discuss what we are going to do with the property now that its in default and my mother tells me its not "their problem anymore" because they are giving me their share of the property as a gift.So in other words,i can have their share now that i'm about to lose the property.....They also own a commercial property and a 2 other homes on their own.
Unless you know my mother you wouldn't understand how vindictive she can be.I know that she is just doing this to "punish" me for not being under her complete control like i have been all my life.Can she get away with this? It almost seems like i have no  choice than to just watch my life crumble around me.Do you see any hope in my situation here?

Answer
Victor,
Don't give up hope now, since all you been through.  There is a lot you can do here.

BTW- Sorry to hear all of this you been through.  Hope things pick up for you.

Anyway, Lets see here.  Many options here.

Since they are on the title and you wish to sell, you can take your parents to court and force them to sell.  A court would require them to sell.  You will need a real estate attorney for this.  Make sure you get the right to decide on offers.

Since your parents are not on the loan, and just because they have helped with payments, means nothing.  The name on the loan is the person that has to repay the loan and taxes.

As for the giving to you as a 'gift'.  You will need this quit claim in writing and notary.  See an real estate attorney on this.  
Go to site below for more info on Quitclaim:
www.YorkPAhome.com

click on:
Favorite Links

go down to:
Quitclaim

As for Foreclosure, there is a lot here.
Best if you go to:
www.YorkPAhome.com

click on:
Favorite Links

go to:
Foreclosure Options - avoid foreclosure

You will find a lot of help and info there.  Something for everyone.

You may also, wish to sell your house.  You will need a good realtor for this, one that can stop any Foreclosure while selling.

Good Luck,
John