All Forum Posts by: Danielle Scott

@Ronald Rohde Thank you for your input. If the property is foreclosed all of us lose and my credit (that I have worked very hard to get in the 800s) is ruined, putting me in a position to not be able to be approved for anything in the future. This is really the best option??

@Paul Younger - when I get a moment this week I might take you up on this offer. A small part of me wonders if I should just let it be and just inherit the house since I’m their only child, but that still leaves me renting for the next 20+ years 

@Dave DeMarco - Is there  a "catch" or anything else I should know about using this service? Usually they are income based and I have made over their threshold for the free type services in the past. 

@Carl Fischer - 185k unpaid loan balance, $1900 rent /month, about $100 expenses/month. I personally get no money, it goes to the LLC for rent and bills. If the account is ever short we all put money in to cover the shortage. Dad put the money down for buying the house and the construction loan then paid himself back in full when it was converted to a perm mortgage put in my name. We have all paid for some expenses over the years, mostly myself and my dad. Mom never contributed much until more recently. This was never about cutting them out of anything, I just want what was promised to me.

@Ned Carey - The no consideration for deed is an interesting theory and one I haven't though of yet. I will double check with the mortgage company about an LLC being able to hold the mortgage, but I highly doubt I will get anywhere because it requires their cooperation.

@Victor N. The quit claim deed was definitely fraudulent as the terms were most certainly not explained to me. I would have never signed anything that took away all my rights. You are 100% correct about the lawyer I consulted wanting the LLC operating agreement, but I cant access anything on the LLC that's not public record on the secretary of state website. Everything feels like a catch 22 here.

I have spoke to both parents in detail about why they did this to me and both of their answers always come back to they didn't want someone else to get part of the house if I was married, which is totally bogus.  The real reason is it was their last and only bargaining chip they had with me and used it as a means to control me.  When i didn't do what they wanted they used the house as a motivator. You do X or we will take the house away, etc. 

@Jessica Chow - I was told that in Arkansas the mortgage HAS to be in a person's name, not an LLCs so that's why it was done this way. Supposedly the mortgate can't be in the LLC and they aren't going to assume financial responsibility for the house, nor am I going to give it up with out some sort of pay out. I put a lot of time, money, and effort into that house!

@Carl Fischer - The house is appraised at 350k. I am 32 and have worked YEARS to get my credit in the 800s. Ruining it is not something I'm willing to do. The people who did this are my parents and I am doing everything I can to minimize their influence in my life, but it is difficult, especially as an only child.

@Bob Floss II - I have access to the property as I used to live in it but I am not a member of the LLC. They did use a real estate attorney. I tried contacting him already and he said he could not help me because it was a conflict of interest. It seems the attorney was representing them alone and not me. It's not that I don't want to pay for the attorney - I cant due to money reasons. All of mine is tied up with upkeep on the LLC owned house and rent here in TX. I will have to figure out a way I guess even if I have to sell my vehicle. I have heard a mortgage specialist mention the acceleration clause and may dig deeper into this. I would like to avoid suit if possible for multiple reasons. Thank you for your valuable input.

@Jessica Chow you are correct. And I would have dropped it a long time ago if my name wasn’t on the mortgage. I am financially responsible for the house because of this but don’t own it. Worst of both worlds. 

My family and I purchased a house in 2010 in Arkansas and put the original mortgage and title in my name solely. We decided to start renting it out, and all agreed to transfer the title to an LLC. The LLC was supposedly supposed to be split evenly in thirds, but the paperwork they had me sign (I was 23 and didn't know better or had any reason to think my parents would trick me) did not have me as a party of the LLC. I signed it not knowing any better, I believe it was a quitclaim deed. The mortgate remains in my name solely yet I am not a member of the LLC so I do not technically have ownership of the home. I was tricked. Over the years, there have been many fights about who is financially responsible for what and who has to pay for repairs/maintain tenants. I pay for half of repairs and maintain the tenants because if the mortgage is not paid on time and in full it's MY credit that's affected. My father made payments for two years while I was in school but the rest of the time I have made the payments or have had renters that I manage make them.

Fast forward to 2018 and I am living in a different state wanting to buy something here in TX. I can't because all my money is tied up in this house in a different state that I don't technically own. They will not add me to the LLC and will not sell the house, nor are they in a financial position to buy me out. I have consulted with a lawyer who suggested I gain access to the LLCs articles of organization or tax returns, which I can not get access to since I am not a member. The only LLC docs I can access are the ones on public record at the secretary of state. The lawyer looked at these with me and needs something different than what's available there. There HAS to be something I can do or a point of reference without paying a lawyer $250/hour which I can not afford. I am ready to begin my life without this house and financial obligation hanging over my head.

Any advice would be greatly appreciated.

@michael - I have looked at the lease repeatedly and it doesn't mention anything like that. It is functioning still but not like it should. Just wondering what I can do to get him to take action. Its frustrating being disregarded and my time wasted constantly.