Legal Question in Wills and Trusts in Iowa
My father who is 80 years old lives on his farm which he has put in Life Estate to my three brothers. Without our families knowledge we discovered my one brother who is deep in debt somehow managed to morgtage the farm not just his share but all three. My brother has called numerous lawyers and they all said the same thing it is illegal but its legal and since it made it through the court system there is nothing they can do about it. They said it should of never made it through the courts to begin with. So now another person legally owns the farm and the only way to get it back is to pay him several thousand dollars. So my brother is going through the process of getting the land back of course no bank will loan the money when they hear what it is for because there is no return profit coming in. My question is was it legal what my brother did and is there any way to resolve this mess.
2 Answers from Attorneys
It's hard to say without seeing all the documents in question. This is a very fact specific problem you have, but since your brother borrowed the money you're all on the hook if some creditor has rights in the farm.
You need to have a real estate attorney review all of the relevant documents. It would be impossible to provide you with any kind of answer without doing so.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
