exposure to foreclosure complaint
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exposure to foreclosure complaint
My sister and I are on the title to her townhouse, we never changed the title to just her name because of my sister’s ways. It was a verbal agreement that the townhouse was hers and I had another home (both purchased by my deceased parents 30 years ago)I recently found out that a complaint of foreclosure and breach of contract was filed from the townhouse’s association. What is my exposure to this, will I have a chance to explain to the court about my situation or will I more than likely have to pay 1/2?
Asked on May 10, 2009 under Real Estate Law, Arizona
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Nope. Verbal agreements do not apply to certain transactions. This based on the Statute of Frauds. The first and foremost is Land. You needed to quit claim the property to her or have her buy you out. Now, guess what? The foreclosure will wind up on your credit report.
Immediately contact a real estate lawyer to fix this situation (whether you need to cough up the money) or something. Your explanation "because of your sister's ways" isn't sufficent for a court. If your sister is in any way mentally incompetent, the court may actually require you to take over and be responsible for everything.
For a real estate lawyer, try www.attorneypages.com.
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