Re: Father/Dauther on Title - Fathe - Posted by IB (NJ)
Posted by IB (NJ) on January 14, 2008 at 18:48:47:
Kristine are we Brother and Sister?..no wait my Dad is on number 4. lol - But out of respect (and love) I still call them all Stepmom.
But honestly, you’ve never helped someone out in real estate just because?
Yeah the Dad went with the GF but he’s in jail. What’s that tell you about HIS character AND judgment? Either way, if I was James, I’d just give a little advice and stay out of the way on this one.
Reminds me of something that fell in my lap today. A three family that has a delinquent tax lien attached. I reached out to the husband whose on the deed with his wife. He hasn’t kept up much with the property in the last couple of years. Thought the wife went back to the Jamaica and that her daughter (not his) was taking care of the property. He calls me today angrily after speaking with the daughter who told him that the wife sold her the property and she took a $150k loan out against it. He was upset that all this was done without his consent. I told him I would visit the courthouse and see what happened (I was going down there anyway and he lives all the way out in PA).
Here’s the kicker: the wife somehow got a POA as his attorney-in-fact. She then sells the property to the daughter for $340k. The daughter takes aa $150k loan out AND a $235k mortgage to buy and fix up the property (she didn’t fix a thing as the place is a dump). I checked the alleged signature of the husband’s POA against a mortgage he took out against the house a while back. They’re not even close to matching. All hell’s going to break loose tomorrow when I tell him. Didn’t want to tell him tonight as I’m sure his 70 yr. old heart won’t be able to last the night thinking about it (seriously). Lawyer notarized the POA so this should be interesting.