Well, I took your advice and called the bank officials about dh's name being on the loan that BIL took out to fix up FIL's roof.
She said that BIL orginally got the loan in his and his wife's name, but when the bank researched the property, it was in my dh's name, my BIL and my younger BIL
So according to her, my dh is liable for the $50,000 heloc!
That is her bank's policy!
She said not to worry, if BIL defaults on the loan, they would just take FIL's house. The only thing it would do to my dh is ruin his credit.
I don't know about you, but our credit is very important to us, plus my husband is a builder and MUST have great credit.
So next step, dh called BIL. BIL has never filed the quit claim deed my dh gave him. DH Just handed him the paper giving him his share of a duplex house.
BIL handed the phone to SIL, who said, sign the mortgage.
When DH said he would not sign, SIL threw the phone down, the BIL came on the phone and hung up on dh!
We are in shock!!
Now we don't really know what to do next. We called FIL, who told us that they are in the process of buying a $6000 horse, their 7th horse that they own. No wonder they need the money!!
UPdate about the BIL problem!!
January 2nd, 2008 at 05:47 pm
January 2nd, 2008 at 06:07 pm 1199297264
I would also call the loan officer again and get a fax number and address. Then I would both fax a letter and send a certified letter to the bank stating you have signed the deed over and should not be on the loan. And that you will not be signing the loan. Also let them know that if they receive the loan paperwork back with his signature to consider it fraudulent. Make copies of both and save with the paperwork. If the loan goes through you may have to sue them and possibly your BIL and SIL.
I'm sorry to hear about all your troubles with this, but I definitely wouldn't give in to them either.
January 2nd, 2008 at 06:12 pm 1199297559
My dh quit claimed his share of the duplex on Oct. 10th, which we thought was a pretty nice thing to do. The house is worth at least $150,000-$200,000 and it only cost $10,000 to put a new roof on.
We asked FIL why they had no savings?? He makes great money, but they spend every dime they have. It was BIL's idea to get a loan to fix the house. We said, no, we would pay our share in cash or quit claim the house over to BIL.
So, he made out pretty well!
January 2nd, 2008 at 06:22 pm 1199298139
Good luck, and I hope everything will be all right for you soon.
January 2nd, 2008 at 06:49 pm 1199299749
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January 2nd, 2008 at 11:18 pm 1199315936
Were I in your husband's shoes, I hope your brother would not mind if I ONLY chewed him a new one and then proceed to rip the contract in front of face.
I agree with others that this matter is serious and requires some proactive measures. For me, this would have been completely unacceptable.
January 2nd, 2008 at 11:55 pm 1199318136
I am so sorry to hear what your BIL is doing. That is terrible! I work in a bank and I really think that you need to push back on the bank's policy. If your husband didn't sign any HELOC paperwork, then he should not be held legally responsible. IF they say otherwise, I would let them know you'll be taking the issue to the Federal Trade commission.
Its my understanding that legally, multiple people may own a house and one individual may mortgage their share of it, but to include any of the other owners, the would need that other person' (your husband's)written permission agreeing to the debt.
I'm not an expert, but I would suggest speaking to the bank again. I would also specifically ask if they have your husbands signiture on any of the paperwork. Unfortunately, I've seen family fraud a lot in these cases. Make sure that your BIL didn't sign your husband's name to the paperwork. If he did, take the issue to the police. That would be a criminal act.
January 3rd, 2008 at 01:16 am 1199323010
I agree that it's time to speak with an attorney, even tho' that will end up costing you money. You could travel somewhere, meet with him or her face to face just once, and then handle everything by phone and Email.
I really question how the bank can hold your husband liable even tho' he never signed anything, but that would be a question an attorney would need to answer.
January 3rd, 2008 at 01:38 am 1199324290
January 3rd, 2008 at 02:42 pm 1199371327
January 3rd, 2008 at 02:44 pm 1199371446
January 3rd, 2008 at 05:29 pm 1199381394
That's how my ex did me. This was years ago before identity rules & regulations got so tight, but he just told them he'd drop by my work and have me sign the papers and bring them back. Only problem, he didn't, I didn't, I never even knew he borrowed the money! It was a total fraud.
Beware, Beware, BEWARE!!!
January 3rd, 2008 at 05:37 pm 1199381879
You told us earlier that your FIL blew alot of money after his wifes death with a new woman. Sounds like to me that he is totally irresponsible and that everyone is enabling his behavior.
LIke was said, earlier; document everything, send copies to the better business bureau, and get to a lawyer fast that knows Florida's law. Keep us posted. I'm sorry for the position that this has put you in. My husband has a family like that. Their motto is "what's mine is yours and what's yours is mine". I don't mind telling you that having me on the other side of this helps him because they play on their hearts. Stand firm Julie and even if your husband needs to use you as an excuse, so be it. You have nothing to lose. Good luck! We're all thinking about you.
January 3rd, 2008 at 11:31 pm 1199403101
I wish I had some advice, but I have no clue...good luck
January 4th, 2008 at 01:24 am 1199409883
There is NO SUCH BANK POLICY that says all parties titled to the house are liable for the loan WITHOUT having to sign loan papers. BULL! The bank knows this; that's why they just told you they are "changing their policy". They knows full well they can't do this to you. What they don't want YOU to know are your rights.
~Get a copy of the loan docs to see exactly what kind of loan was taken out. From those docs you might be able to get an idea as to whether the bank is going to sell the loan (the loan MUST conform) or keep it on its books.
~Ask to see a copy of the cancelled check. FRONT AND BACK. You'll want to know if your husbands name is on it and whether or not someone endorsed the check in your husbands name. Whoever signed his name can get hit with forgery.
~Pull you husbands credit reports! All 3 of them! DO this online and pay for it. No time to be cheap. You're looking for evidence of this loan and you're looking to see who pulled the reports. WHY? Because this is an actionable offense. NO ONE CAN PULL your reports unless you have given consent! THis is a great way to REALLY scare the crap outta that bank. Slam dunk lawsuit.
There's alot more we can tell you but is there any way you can tell us what bank this is? Banks have state charters, auditors of all kinds, etc, etc. Lots of ways to make them scream if you get my drift.
January 4th, 2008 at 02:21 pm 1199456483
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January 7th, 2008 at 03:15 am 1199675716
I would fight that bank tooth and nail. You signed for nothing. You are responsible for nothing.
January 22nd, 2008 at 01:10 pm 1201007443
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