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family inheritance and a quagmire

  • Thread starter Thread starter spinster
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S

spinster

Guest
What is the name of your state? Indiana:confused:

My mother died in June. She left approximately $100,000.
My brother is "handling" all the business.
He invested much of her money in four apartment buildings and says we can all have income from them or he'll buy our share.

He also was laid off a high powered job (bank president) 16 months ago. He claims to be worth, totally, $4 or 5 million.

In June, his wife was diagnosed with a catastrophic illness, bone cancer. I think his company insurance has run out. He's worried (I gather) about losing his half a million dollar house and other assets. He transferred ALL the property to my name, he said. He says he's handling it. He says I'm worth half a million (??) and owe big debts, too.

He's now beginning a mortgage company. This month, he borrowed almost all my savings, $4000, to cover a "temporary cash flow problem." He just bought a $36,000 truck, but I have gotten a phone call and a letter, two institutions, saying MY credit has been turned down. The letter said because of nasty stuff like "garnishment, attachment, foreclosure, repossession, collective action." I talked to him about the last letter, but his wife was going for 18 hour surgery the next day. He said he knew nothing about it, that it must be some kind of "identity theft." I believe he did know.

I am scared senseless. I'm pretty poor, but I've never been turned down for a loan in my life. I think my credit may be wrecked. Worse, I suspect I'm guilty of tax evasion.
I can't afford an attorney, and I'm scared to hear what he/she might say.

I stupidly gave my brother POA. I need to revoke that but don't even know how.
 


kwalla

Member
Pull your credit reports from TransUnion, Experian and Equifax. You are entitled to a free report after you have been denied a loan. That would be a great way to start figuring out what is happening to your credit.
Once you do that, you should come back to the boards and post what you found. There are some great people here that can help you clean up your report.
 

abezon

Senior Member
You can revoke the POA simply by writing "I revoke the POA I gave my brother," and signing it & having it notarized. Then you need to send the revocation to everyone you think your brother has shown the POA, & to him. Send the copy to him by personal service (Sheriff's office will do it for about $50.)

After you get the credit report, talk to us again. You probably need to file some sort of charges with the police and start a lawsuit for breach of fiduciary duty for the way your brother has behaved as executor and as your attorney-in-fact.
 

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