What is the name of your state?MIWhat is the name of your state? MI
This is my daughter's mess. She is over 21 and I am being a mother hen and trying to get information that may help her. She did not/will not ask for help. She and a business partner (read former-boyfriend) bought an old burned out house for $6,000 and were planning on renovating it. She lived in the finished apt, with one unfinished apt vacant. Seems "partner" got side-tracked and the house sat for 12 years. Daughter lived in it, but Weasel would never work on the house because he got distracted on another house they bought.
While I believe this initial outlay was from a credit card of my daughter's, the $6,000 because she had good credit and the "weasel" did not. They were going to have lots of $$$$$$ and have people working for them. Yep, and I am a millionaire. Over the course of 12 years, much debt was incurred. It seems that most of this debt is/was in my daughter's name. I think they borrowed $$ to work on the house and the $$ went to "weasel's" other projects. Both my daughter and "weasel" hold other jobs. Weasel lives in an apt furnished by his employer, so he did not need to live in the house.
My daughter let it slip to me a couple of years ago that she was going to take out a second mortgage for $40,000 to pay off bills. There was a first mortgage on the house now of about $30,000 owed jointly by she and weasel. I begged her to see an attorney about this and not add unsecured debt into the house. I don't know how the bank loaned so much $ on a piece of crap. I understand Weasel did not sign for the second-mortgage, just my daughter. Weasel says the house is worth $130,000.hahahahahahahahah
If it gets $80,000 it will be a miracle. Weasel got the hots for his ex-wife and decided to leave for Florida a couple of months back supposedly permanently. That house was finished in no time at all. He finished the roof and siding. My daughter has worked on the house all the time she is living in it. My husband has been helping her now that Weasel is gone. My daughter said that Weasel gets the FIRST $28,000 from the sale of the house. Then the loans are paid off and she gets what's left. Well, there will be nothing left. And I KNOW that Weasel will not get anything off the top. The 2 mortgages will be satisfied first. His name is on the deed/title to the house.
I've advised my daughter to get an attorney to look at this mess, but she won't. I know all this is not going to turn out well for her. She became a type I diabetic (insulin dependent) about the time this all started with the house and weasel. She is single, with health problems, and works overtime so she can put $$ into this house.
Any advice, words? I know, I know, My daughter is a twit when it comes to this. She is so determined to show me that she is not wrong, that it doesn't ring a bell to her. Her father and I have no $$ invested in this fiasco, although he has helped with labor. By his own free will. Apparently Weasel thinks he will get the FIRST $28,000 when this house goes up for sale and is sold. I figure that he may even sue my daughter if this $$ is not available for him. She thinks he will be telling the real estate folks and banks how to run the show. Thank you for any help. A distressed Mom & Dad.
PS. I already know when they were handing out common sense, she got short-changed. She does have a good job and sometimes works 7 days a week with insulin shots and blood checks everyday. I tried talking her into bankruptch and letting the dump go (before they fixed it up) and she would not. It turns out that Weasel did, though.
This is my daughter's mess. She is over 21 and I am being a mother hen and trying to get information that may help her. She did not/will not ask for help. She and a business partner (read former-boyfriend) bought an old burned out house for $6,000 and were planning on renovating it. She lived in the finished apt, with one unfinished apt vacant. Seems "partner" got side-tracked and the house sat for 12 years. Daughter lived in it, but Weasel would never work on the house because he got distracted on another house they bought.
While I believe this initial outlay was from a credit card of my daughter's, the $6,000 because she had good credit and the "weasel" did not. They were going to have lots of $$$$$$ and have people working for them. Yep, and I am a millionaire. Over the course of 12 years, much debt was incurred. It seems that most of this debt is/was in my daughter's name. I think they borrowed $$ to work on the house and the $$ went to "weasel's" other projects. Both my daughter and "weasel" hold other jobs. Weasel lives in an apt furnished by his employer, so he did not need to live in the house.
My daughter let it slip to me a couple of years ago that she was going to take out a second mortgage for $40,000 to pay off bills. There was a first mortgage on the house now of about $30,000 owed jointly by she and weasel. I begged her to see an attorney about this and not add unsecured debt into the house. I don't know how the bank loaned so much $ on a piece of crap. I understand Weasel did not sign for the second-mortgage, just my daughter. Weasel says the house is worth $130,000.hahahahahahahahah
If it gets $80,000 it will be a miracle. Weasel got the hots for his ex-wife and decided to leave for Florida a couple of months back supposedly permanently. That house was finished in no time at all. He finished the roof and siding. My daughter has worked on the house all the time she is living in it. My husband has been helping her now that Weasel is gone. My daughter said that Weasel gets the FIRST $28,000 from the sale of the house. Then the loans are paid off and she gets what's left. Well, there will be nothing left. And I KNOW that Weasel will not get anything off the top. The 2 mortgages will be satisfied first. His name is on the deed/title to the house.
I've advised my daughter to get an attorney to look at this mess, but she won't. I know all this is not going to turn out well for her. She became a type I diabetic (insulin dependent) about the time this all started with the house and weasel. She is single, with health problems, and works overtime so she can put $$ into this house.
Any advice, words? I know, I know, My daughter is a twit when it comes to this. She is so determined to show me that she is not wrong, that it doesn't ring a bell to her. Her father and I have no $$ invested in this fiasco, although he has helped with labor. By his own free will. Apparently Weasel thinks he will get the FIRST $28,000 when this house goes up for sale and is sold. I figure that he may even sue my daughter if this $$ is not available for him. She thinks he will be telling the real estate folks and banks how to run the show. Thank you for any help. A distressed Mom & Dad.
PS. I already know when they were handing out common sense, she got short-changed. She does have a good job and sometimes works 7 days a week with insulin shots and blood checks everyday. I tried talking her into bankruptch and letting the dump go (before they fixed it up) and she would not. It turns out that Weasel did, though.
