Access to HELOC but No Control over Property. Is It a Workaround?

3 Replies

My wife and I recently where able to get a HELOC on the home her Parents have. The home was paid and unfortunately, her dad passed away. Her mother is still alive but moved in with her sister about 2 yrs ago. Since the sister takes care of the mom she has been handling majority of the business. Now, the tricky part is that the mom has told my wife the house is hers but she has not signed the deed over and still controls the property. With that being said, even though we have access to the HELOC with no problem we don't have much control over the property which we wanted to rent out to pay for the HELOC and we could have more leverage to invest. The sister is just willing to place someone in the house RENT FREE just for the sake of someone being there since the property is a hour and a half away.Is there a way to remove the sister out of the picture without stepping on toes too bad?

Any suggestions and advice is welcomed.

Have you and your wife had any conversations with the sister about the property yet?

Has her mother made it known to the sister that the property is in fact yours?

If not I would suggest those two things need to happen first and foremost.

Hi @Desmond Alexander ,

Without putting to fine a point on it, the problem you are facing is a family communication problem not a Real Estate problem. Generally speaking all parties with an interest in the property have to either agree on what to do or take legal action to force things to happen. Personally I don't get wrapped up in things like this with my own family because I have seen it explode leaving a trail. 

I wish you the best of luck in resolving it.

Mike Cumbie, Real Estate Agent in NY (#10401285310)
Originally posted by @Mike Cumbie :

Hi @Desmond Alexander,

Without putting to fine a point on it, the problem you are facing is a family communication problem not a Real Estate problem. Generally speaking all parties with an interest in the property have to either agree on what to do or take legal action to force things to happen. Personally I don't get wrapped up in things like this with my own family because I have seen it explode leaving a trail. 

I wish you the best of luck in resolving it.

Exactly, It's difficult to convince family the potential of something they don't understand. I am trying to obtain legal control of the property with mother in law and wife. Mother is older and doesn't make many big decisions like this.

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