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Updated over 6 years ago,

User Stats

50
Posts
6
Votes
Danielle Scott
  • Houston, TX
6
Votes |
50
Posts

LLC Title Related Issues

Danielle Scott
  • Houston, TX
Posted

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.

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