81 year old mom needs help!

[Karenjm]

What is the name of your state (only U.S. law)? Minnesota
I will try to make this simple. My mother put myself and my sister on the deed to her property after my Dad passed away. After a few years she took a mortgage out on her proptery, both my sister and her husband and my husband and I had to sign the loan. Since then my sisters daughter ran up my moms credit cards in excess of 20,000.oo. My mother is an easy mark always trying to make everone happy. I found out and told my sister who in turn called me a liar and a family fight took place. Mom didn't get paid back and now my sister has not talked to any of us in 2 years. A ballon payment is due and my sister will not sign off the deed (in Mn you can't just remove them) I hired a laywer and she would not respond to the certified letter(she did sign for it) My question is this: I know she won't sign for a new loan, or sign off, so will she be be liable in any way if my Mom has to let the house go into forclousure? Or can we force a sale using my mom, my husband and I. Thanks for any informationWhat is the name of your state (only U.S. law)?

 

[HomeGuru]

What is the name of your state (only U.S. law)? Minnesota
I will try to make this simple. My mother put myself and my sister on the deed to her property after my Dad passed away. After a few years she took a mortgage out on her proptery, both my sister and her husband and my husband and I had to sign the loan. Since then my sisters daughter ran up my moms credit cards in excess of 20,000.oo. My mother is an easy mark always trying to make everone happy. I found out and told my sister who in turn called me a liar and a family fight took place. Mom didn't get paid back and now my sister has not talked to any of us in 2 years. A ballon payment is due and my sister will not sign off the deed (in Mn you can't just remove them) I hired a laywer and she would not respond to the certified letter(she did sign for it) My question is this: I know she won't sign for a new loan, or sign off, so will she be be liable in any way if my Mom has to let the house go into forclousure? Or can we force a sale using my mom, my husband and I. Thanks for any informationWhat is the name of your state (only U.S. law)?

**A: sounds like your family needs to take sis to court.

 

[FlyingRon]

You do understand that all of you are going to trash your credit if you default on this loan regardless of what alleged improprieties have occurred here? Minnesota technically gives recourse to the lenders to come after any or all of you for the deficiencies after the foreclosure, but it's got enough restrictions on it that often they don't pursue it there.

If mom let sis use the credit cards, she's was misguided. However, it is mom who will have to deal with that. Unless there was some agreement to repay, its as just an ill-advised gift. Of course the whole idea of putting the two of you on the deed to begin with was a dumb idea for both mom and your part.

Yes you can take a partition action, but it's going to take a lawyer. You're best bet is to negotiate with sister (possibly through a neutral party) where her liability is released in exchange for her ownership share.

Then with BOTH of you off the deed, and if mom is indeed over 62, she may be able to now get a reverse mortgage to handle the arrearage on the house.

 

[Karenjm]

I do understand that our credit would be trashed, I had planned on signing off the deed. I think that my sister will do the same if she knows what will happen.This is the exact information I needed to get the ball rolling on getting her to do it. Thank you so much.