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Old 07-13-2005, 09:15 AM   #1 (permalink)
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Join Date: Jul 2005
Posts: 1
Unhappy realestate, property dispute

My family is currently entering litigation with my uncle. originaly there was an agrement between my father and my uncle, stating that my uncle would aquire a mortgage under his name to purchase a home, but the home and all of the expenses would be my fathers. for 15 years this was the case. Until recently my uncle decided he would retire by cashing out the equity on my fathers home he cashed out 100,000 from the equity of the home. this adds years to the mortgage, currently he does not want to make any payments on the home, All payment stubs for the reinstated mortgage are sent to him recently i found that he hasent made any payments in three months we recently aquired a lawyer to settle this as a family,but things have just gotten worse.i have several doubt about what my father should do. should he continue with the law suit, or if there is another way to hadle this, and if we do go into litigation over the mortgage and the home how much of a chance is there that we would win. and if we win whats to stop them from going into bankruptcy and not paying a dime to my father. anyone with any advice or expierance with something like this please repond it would be greatly appreciated. in NJ

Last edited by burner627; 07-13-2005 at 09:23 AM.
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Old 07-13-2005, 11:37 AM   #2 (permalink)
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Join Date: Jul 2005
Posts: 4
Question Dad v. Uncle

If your uncle is not willing to budge or acknowledge the agreement then court may be the only way to go.

Things to think about they may come up:

Was the agreement that they had in writing?
Did your father make improvements to the home/property which increased the value of the property?
Was this agreement in exchange for something?

I know of people who have filed bankruptcy to avoid judgments and I don't think there is anything that can be done to stop someone from doing just that. You may want to consult a bankuptcy attorney for more info.

You will most likely need counsel when you go through with the lawsuit against your uncle.
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