All Forum Posts by: Danielle Scott

@Ashish Acharya PM'd

@Mike H.

Going to talk to an accountant friend later today. Any specific questions to ask to get clarification on this? 

@Mike H.

" Unless your parents were managing the property and finding those roommates, your monetary contribution was the full amount you paid. Mortgage, taxes, insurance, repairs." 

This is also what I thought. Just wanting to get out of this situation whether they refinance it in their names or sell it. I'm trying to get out of it what I put in, hence the reason for trying to come up with my total amount invested. They're saying the money from the roommates I had (and managed and had to deal with) doesn't count towards the grand scheme of what I put into it. I disagree for the reasons above. 

Will look into the cash for keys option if the CPA/lawyer route doesn't work out. Thank you for the suggestion. 

@Mike H.

I've also worked very dilligently to get my credit into the 800's. Not willing to let a foreclosure ruin my financial life for the indefinite future. Have already called the bank and there is no option besides stopping payment and letting them foreclose. I will hire a lawyer before ever considering this route.

@Mike H. It is, isn't it? Thanks for your response. I quitclaim deeded the house over to the LLC after the loan closed. At time of closing it was in my name alone. I didn't know what I was signing and at 24 and just after my parents helped me buy this amazing house I didn't think they were trying to screw me. You live and you learn. I have made them aware this wont continue to go on the way things have been going and they will be getting the mortgage out of my name and reimbursing me for the money I have put into it by the end of the year or I will hire a lawyer.

 I have consulted with several lawyers and they have all said to gather my bank records and determine what I put in it. Therefore, the roommate question. They paid a significant portion in rent and I'm trying to determine if I can use the money they paid to factor into my contributions since they were roommates and not tenants. 

I have posted about this issue before and got some assistance on the matter but ran into another snag. A brief synopsis

Parents and I purchased a house together in 2011 and put into an LLC which we were supposed to be equal parters, while leaving the mortgage solely in my name. I was 24 and was taken advantage of - not the smartest decision on my part. I found out two years ago they left me off the LLC and I never owned the title to the house house. I do not own a house I am financially responsible for. Not asking for advice there - just wanted to give a brief backstory to preface my next question.

I paid the mortgage, repairs, upkeep, etc out of my personal bank account for 6 years. I did have roommates for part of that time that I chose to get to live with in order to help pay for repairs/pay the mortgage down. Also paid extra towards the mortgage principle. I am trying to calculate my expenses I have put into the house during this time for the mortgage and upkeep, but things get muddy because I chose to have roommates. The question is: how is the money that was paid by them  factor in? Do I just take the mortgage I paid and subtract any roommate payments I got? I got these roommates thinking I could pay the mortgage down quick and be mortgage free in 15 years but that was definitely not the case. Legally speaking, can I include their rent money towards the total of out of pocket expenses i've had for the house?  For example if the mortgage was $1500/month and I paid $1000 and a roommate paid $500, how would I report that month's expenses? There has got to be some value in the inconvenience of having a roommate in this particular situation especially since I got one trying to pay down a mortgage for a house I thought I owned. 

I am a landlord that is renting out of state and have found myself in somewhat of a pickle. Somewhat unfamiliar with the tenant side of things so thought it wouldn't hurt to ask here.

Background:   Long story short - I've had a horrible landlord whom I reported to the owners of the property. They decided to fire the old landlord and now it seems unclear whom will be the new landlord from now on. One of their friends is managing it until they can find someone more permanent. I have not received any paperwork past an addendum to a section of our lease stating the owner can designate in writing a new place to remit payment to, so nothing addressing a new landlord. I'm assuming they're waiting to find a permanent replacement. They have me paying them directly instead of the old landlord now. I paid the old landlord a substantial $1700 deposit prior to moving in last summer and am concerned about the refund of that deposit and any other small little things I haven't thought of that come along with a new landlord mid lease.

What should I ask the owners for as far as a lease addendum or other with the new landlord?

Any special considerations I should be made aware of with a change of landlord mid lease?

Will the refund of the deposit change at all with a new landlord mid lease?

@Ronald Rohde - I never dreamed I would get this much valuable advice from all of you, especially lawyers. I am going to give it one more go with a AR lawyer with some new documentation I dug up. If that doesn't work, It seems like the best option is to just deal with it until I inherit the house inevitably. One that doesnt ruin my credit or gain me lots of debt

Sounds like my only option is to either deal with the situation I'm in and do nothing or push forward and spend a lot of money/ruin my credit also.  Extremely frustrating!

@Jonathan Herron -

 1. No, they didn't give me anything since this was under the premise of us all being partners. I remember signing it at the bank not at a lawyers office.  This would never fly now that I'm in my 30s and know a thing or two but I was young and naïve.

2. I never met the attorney representing the LLC and was not told he only represented my parents and not me. I thought he represented all of us. I could possibly get into my parents email account and try to attain the operating agreement but it's not definite. It seems from all that have posted that this is what's really needed to get the ball rolling. I have already reached out to the bank that had the original mortgage and where I signed the quit claim deed and the people who do the LLCs taxes. They do not have copies or claim not to. My dad agreed several years ago to put my name on the LLCs bank account. Maybe I could get info this way with my name on the bank account?

There was some mention of a due on sale clause with the transfer. Would that hold any weight here?