Legal Question in Civil Litigation in California
I could really use some help , need to know what to do about a situation I have thats very upseting . i co own a house with my sister, it was inherited fr
My grandparents when my grandma died, ok well 7 ywars agoy sister had seeious issues with her daighter and needed to send her to a school for troubled teens , it was costly so ahe aaked me if i would sign a papers to have the hpuse aa collateral so she could get a loan to pay the facilty , i was wary of doing it but wanted to help her and my niece and it dis help her , saved her life i live in the house she coes not and its paid for outright no mortgage npw of course it jas a loan on it , i am not on the loan , as part of the deal for the loan my sister has to keep taxes paid , which she has not , i have not got any compemsation fpr risking my home , she paid some taxes in the past but stopped paying i was not able to pay any taxes nor did i agree to , my question is she is threatening to not pay her payment on her loan what is my legal recourse . She got a 100,000 dollar loan on our co owned house i recieved none of that money , what are my rights ? Need advice asap . If i dont have this house i will be homeless , i have sporadic work not eough to pay my regular bills , myself and my mom and son will all be homeless pleqae help .
2 Answers from Attorneys
You obviously signed the loan papers. The house is collateral on the loan. You are probably on the hook for the money. You won't get any compensation for risking the home. You may be able to get a judgment against her but she may still not pay.
You need to get the taxes caught up. You could consult with a bankruptcy attorney to see if you could save house and get rid of the debt. If you don't pay on the loan, they will enforce the collateral...it really does not matter that you got nothing of the $100,000, you signed the collateral agreement/ loan papers. You probably should sit down attorney with you paperwork and see what can be done ...
You may have signed yourself off of title. No institutional lender that I am aware of will loan money with only one coowner's signature. I suggest you have an attorney thoroughly review the matter.
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