Legal Question in Real Estate Law in Minnesota

Five years ago an in-law asked a sibling and me to be "credit investors" in his company. We signed over power of attorney documents and he purchased 5 homes in our names - though he did have us sign the loan documents. A year or so went by without our hearing anything and then the housing marketing fell apart and my sibling and I started receiving calls from banks and the in-law abandoned us, saying he wasn't able to re-sell ("flip") the homes and that they were in our names and not his, hence not his problem. Eventually the calls stopped and we figured things straightened themselves out, with the exception of our destroyed credit scores. Now, this week, IRS investigators visited my sibling b/c it turns out the in-law formed an LLC and listed my sibling as the President/CEO. It also turns out that our in-law was involved with builders and loan agents in falsifying loan documents, home values, etc. My question is, to what degree can my sibling and I be held liable/accountable in this investigation?


Asked on 1/14/11, 9:02 pm

1 Answer from Attorneys
Daniel Reiff Reiff Law Office

Your question isn't one that can be answered here. The answer will almost certainly require quite a bit of work and almost certainly litigation. I recommend hiring an attorney immediately. The attorney will need to see all of your documents and will probably need to begin investigating right away.

Read more
Answered on 1/20/11, 6:17 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Minnesota