My parents helped me purchase a starter home by co-signing on the mortgage.Their names were not on the mortgage but they kept both their names on the title.I continued to make payments and pay taxes on the house for the following 7 years.Throughout that time, I did run into some financial troubles after my wife left me with 4 kids to raise on my own They helped me out by paying my mortgage a few times.Fast forward 3 years i decide to remarry against my parents wishes and they decide to make my life a living h**l.They take me to court for grandparents visits, which they end up losing and as a result stop talking to me completely....Meanwhile they are still on the title and refuse to sell the property and will only agree to me buying them out.They were fully aware of my financial situation and know i could not afford to do that.Still they refused to sell,refuse to help with the payments,or taxes-(both their names were on the home insurance policy as well) ...to make a long story short-i had to refinance my home to get my x wife off the title after the divorce.The lender informed me that my parents,had to also give their consent since they are co-owners on the property.After not speaking to them for over a year, i had to bite my tongue and ask for their cooperation.My mom then delays making a decision for over 3 weeks-and as a result my credit drops,i get a horrible rate.At this point i am struggling to make ends meet so i take out whatever equity is in the home to catch up on past bills and get my feet back on the ground.Now 6 months later i lose my job due to downsizing and end up on unemployement.
Although i have been actively searching for a new job-i still have not managed to find anything yet.My wife has gotten a part time job and i have done some independent contracting in the meantime.Still we cannot keep up with all of the expenses and the mortgage.i receive a letter from the lender stating the house is in default.I call my parents to discuss what we are going to do with the property now that its in default and my mother tells me its not their problem anymore because they are giving me their share of the property as a gift.So in other words,i can have their share now that i am about to lose the property.....They also own a commercial property and a 2 other homes on their own.
Unless you know my mother you would not understand how vindictive she can be.I know that she is just doing this to punish me for not being under her complete control like i have been all my life.Can she get away with this? It almost seems like i have no choice than to just watch my life crumble around me.Do you see any hope in my situation here?
Tags: advice, asap