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Home > What he is thinking????????????

What he is thinking????????????

December 30th, 2007 at 04:11 pm

Some of you may remember that my FIL approached us a few months back with the problem of needing a new roof put on his house.
He had given the house to my dh, and his other 2 sons 15 years ago when MIL passed away and now he does not have the money to have the roof fixed. He lives in Florida.

The cost was supposed to be $12,000. (It wound up costing less) Each son was to pay $4000. The problem was,the other two sons did not have $4000.
Their idea was for all 3 sons to take out a loan for the roof.
We decided to just deed our 1/3 of the duplex to the middle son with the lake front house and 6 horses. He could take our the loan and inherit the entire duplex someday. (FIL is 86)
So, that is what we did. We went to a lawyer and dh quit claimed deeded his share of the house.

Yesterday, we get paperwork from son #2 (BIL), the one that we quit claimed the house to. He is sending us loan papers to sign. Seems that he got a home equity loan for $50,000, due to be paid back in the year 2032!
He got the loan in all three of the brothers names, with my dh name being place first on the loan.
However, since dh knew nothing about this, he just sent us the papers to sign. What is he thinking? Does he really expect dh just to sign for a $50,000 loan on a duplex that he no longer has a share in?
I am really upset, but trying to stay calm. Dh is not upset, just says that he will not sign it. I really don't know what will happen, but I cannot believe BIL is trying to pull this over on us. He already got youngest brother to sign on the loan, but youngest brother has no assets at all, so the bank could never make him pay back anything.
I wish I knew what was really going on??

Posted in Uncategorized | 22 Comments »

22 Responses to “What he is thinking????????????”

  1. monkeymama Says:
    December 30th, 2007 at 04:18 pm 1199031480
    1199031480

    He is thinking he wants you guys to pay for it some way, some how. ?? & maybe you wouldn't notice? ??

    So sorry. How bizarre. & annoying.

  2. Ralph Says:
    December 30th, 2007 at 04:18 pm 1199031506
    1199031506

    Oh vay!

  3. Ima saver Says:
    December 30th, 2007 at 04:21 pm 1199031667
    1199031667

    But why $50,000, when the roof cost less than $10,000 to replace??

  4. scfr Says:
    December 30th, 2007 at 04:22 pm 1199031779
    1199031779

    Upsetting and just a little bit scary, I'd say.
    Not to upset you any more, but if it was me I'd take copies of everything and make notes about what I did (not sign, etc) and why (no longer have a share in the property, etc.) and file it away someplace safe. Why? Well, just in case the BIL decided to forge your husband's signature.

  5. Englishteacher Says:
    December 30th, 2007 at 04:24 pm 1199031868
    1199031868

    Yikes!

  6. Amber Says:
    December 30th, 2007 at 04:30 pm 1199032209
    1199032209

    You have every right to be upset, and how could the bank draw up these papers without consulting with your husband? I agree with scfr, make copies of every thing

  7. collegemomma Says:
    December 30th, 2007 at 04:48 pm 1199033315
    1199033315

    I would call the bank and tell them you never authorized this loan and you would like to be removed from all documentation. I do not believe they can do this without your authorization. Take note of when and who you spoke to at the bank. Also ask if they checked your credit and any other info like employment history without authorization. The bank could be in a lot of trouble if they don't correct it.

  8. monkeymama Says:
    December 30th, 2007 at 05:30 pm 1199035841
    1199035841

    scfr makes a very wonderful point. Heck, I would call the lender and say I didn't sign. I thought you had to get loans notarized anyway. ????? (oh yes, now I see what collegemama says. I think she is on to something).

    Why $50k? You said they spent a lot of money. Obviously they want to spend more. But like I said, put the tab on you...

    How scary!

  9. nika Says:
    December 30th, 2007 at 05:36 pm 1199036171
    1199036171

    Find the loan officers name off the paperwork, call him and send him a certified letter saying you never authorized the loan. Keep copies.

  10. nance Says:
    December 30th, 2007 at 06:50 pm 1199040630
    1199040630

    I would definitely call the bank, and probably call the law
    yer who did the quit claim paperwork, and have him send a letter to the bank.
    My son-in-law's brother got a loan using my son-in-law's Social Security number. SIL didn't know anything about it until his brother defaulted, and they came after SIL!
    I would not trust that this will just be forgotten if your husband doesn't sign. Follow up, and let the bank know that you have no intention of signing a loan for something you don't own.

  11. terri77 Says:
    December 30th, 2007 at 07:28 pm 1199042912
    1199042912

    You gave him your share and he does this? I would not let that pass quietly.

  12. luxliving Says:
    December 30th, 2007 at 07:31 pm 1199043070
    1199043070

    I concur with the rest of the wise folks on here. My ex-husband (back in another lifetime it seems) forged my name to a loan. I woke up one morning to find my vehicle repossessed. I called the police thinking it had been stolen as I had no knowledge of any loan. A NIGHTMARE. One that took my Dad promising to get downright litigious with the bank and ex's parental units before the bank gave me back my (loan free, I'd already paid for in cash) car!

    Cover ya'lls boohoodie Ima!!


  13. katwoman Says:
    December 30th, 2007 at 07:44 pm 1199043874
    1199043874

    No one just gives out a loan. First you need a social security number and some sort of collateral. From your post you say your BIL took out a home equity loan. Against what property? Your FIL's house that you quit claimed? In that case did you use an atty familiar with FL laws? Was the quit claim notarized and registered? Is your husband off the FL property tax record for this house? BTW, who even paid the taxes for this house all the time it was deeded to your husband and his brothers?

    Looks like you'll be dealing with more lawyers in the near future.

    Something else you can do is to put a freeze on your husbands (and your own) credit with the credit bureaus. Since you finance your own houses this won't be a problem unless you're in the market for any other loans. Lord knows I wouldn't want any surprises!

  14. Ima saver Says:
    December 30th, 2007 at 09:49 pm 1199051382
    1199051382

    We had to use a georgia lawyer since we live in Georgia. I am going to talk with my husband tonight and have him (probably me) call the bank officer already. If dh name is on the loan, it seems like it would have been on the check too. Something funny is going on here!

  15. Broken Arrow Says:
    December 30th, 2007 at 11:35 pm 1199057714
    1199057714

    Wow. I'm glad I don't have family like that. Seriously, that's just crazy.

    Oh, and there's no way that I would do such a thing. Yes, even if my mother begged me and my father threatened to beat me. No way. Maybe that seems heartless, but you know what? They're the ones being heartless, and you're just standing up for what's right and protecting yourself.

    So, I say stand up and protect yourselves!

  16. Nic Says:
    December 31st, 2007 at 12:02 am 1199059344
    1199059344

    Sneaky. Is he a politician?

  17. Ima saver Says:
    December 31st, 2007 at 12:11 am 1199059886
    1199059886

    No, he owns a tile setting company.

  18. Ima saver Says:
    December 31st, 2007 at 02:52 pm 1199112739
    1199112739

    I called the bank this morning. It seems like that is the way they do business. The lady said he got the loan in his name and his wife's name. but when they checked the property, the house was in the 3 guys name, so they are liable for this loan. Even tho my dh never signed, he is liable. His brother never filed the quit claim deed and there is nothing we can do until the deed is filed.

  19. collegemomma Says:
    December 31st, 2007 at 08:36 pm 1199133411
    1199133411

    If that's the case, then I'd have your DH call his brother and say he's not signing the documents so he better go file the quit claim deed and have the paperwork redrawn after it gets filed.

  20. Ima saver Says:
    December 31st, 2007 at 08:41 pm 1199133678
    1199133678

    We called and left a message last night but BIL never called back. I had no idea you could get a loan and put some one else's name on it!! This could really hurt our credit score.

  21. JanH Says:
    December 31st, 2007 at 09:43 pm 1199137414
    1199137414

    That is so fishy that that particular bank could issue a loan to a guy who didn't even apply for it! I am like the others. I would make sure no one forged his name on the final papers. Wow.

  22. baselle Says:
    January 1st, 2008 at 05:13 am 1199164389
    1199164389

    Wow - someone got caught using property equity as an ATM. My worry is that if BIL's bank just does this as a business practice, blithely ignoring names on titles, have they done this before?

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