I live in the state f Virginia... In the process of a divorce.. My husband and I signed a tool with my father in which we obligated to his debt to the bank to pay his mortgage. We were living with him. M father had good credit but not efficient income to cover the mortgage.. the bank asked if we would send an agreement toshow that we would be contributing to my fathers house payments. We did however the tool does not obligate us to the house payment, however; is this a legal tool that effects the obligation to my father or each other. I can provide the contract
Optional Information: Country relating to Question: United States State (if USA): Virginia Already Tried: Just trying to see what we are dealing with a divorce support or is this separate from the divorce. The tool is to the loan mitigation officer at the bank form the three of us. It states Dear _______ this is to acknowledge receipt of the loan modification terms for the residence of my father at the street address My father will be contributing $2200.00 per month to the budget. We also understand and are certifying that we will be contributing $3500,00 per month at minimum to my father s hous
Hi
That is not a contract with anyone. What you sent was a letter stating that you would be contributing to the house payments, so that the mortgage company could count that as "additional" income. In essence, you are not obligated to anyone for that money or to pay the mortgage. It would be the same as if you were an employer who wrote a letter stating that there was income and then the job was no longer available.You are not bound to stay with your Father. That is not a contract with him or the bank.Please note that if you need more information, you can use the Reply to Expert to Continue the Conversation. Otherwise, I would appreciate positive ratings so that I get credit for my time and information. This will NOT close your question. It will remain active for future follow ups.If you cannot see where to Rate me, please let me know so I can report it to the administrators of the site.Thank you.
The later was signed by the three parties, however we obligated to help my father.. This allowed my father comfort to move forward with the bank. dont we have a obligation to my father. He will be left in a bind
You really have no obligation to your Father, unfortunately. If you would have signed a contract with your Dad stating that you would pay the additional amount for a certain period of time, then you would have a legal obligation to himAs it stands, it is the same as if he had a job that paid a certain amount and now no longer has that job.If he wanted to sue based on a verbal that was given from you and your spouse for a certain period of time, he could do that. And he could use the letter to bank as evidence that you made a promise. But it will be a tough win for him because you only supplied a letter of "additional income" to the bank. You did not supply a written promise to himI wish it was better news for you.Please note that if you need more information, you can use the Reply to Expert to Continue the Conversation. Otherwise, I would appreciate positive ratings so that I get credit for my time and information. This will NOT close your question. It will remain active for future follow ups.If you cannot see where to Rate me, please let me know so I can report it to the administrators of the site.Thank you.
In the letter we did say to my father that we would pay and have been paying him for year.. Just because we divorce can my spouse just walk away from this.. It states in the latter that we will be contributing x amount to his payment. My father understood everyones intentions before obligating himself to the bank. All three of us signed agreement. this man is 84 years old. Does this agreement allow us to set him up for failure.. Checking with VA contract laws everything seems to be included to warrant it as a contract
HiIf in the letter you state to your Father that you will pay - then that is an obligation to him. However, if it is a letter addressed to the bank that says you will be living there and your Father will have that "additional income" then there would be no legal obligation to him. You Father is obligated to the bank, based on that additional income he got the mortgage. It would be the same thing as if he had a job and then lost it. Unless he had a CONTRACT with the employer that he would be employed for a certain amount of time then the employer would not be obligated to him, even though they attested he - at that time - had that incomeSo, unless you have entered into a contract with your Dad stating that you will live there for a certain amount of time and give that money there is no obligation to him.Please note that if you need more information, you can use the Reply to Expert to Continue the Conversation. Otherwise, I would appreciate positive ratings so that I get credit for my time and information. This will NOT close your question. It will remain active for future follow ups.If you cannot see where to Rate me, please let me know so I can report it to the administrators of the site.Thank you.
My father had a chance to sell the home prior to the modification.. My husband insisted that he pay the bank because his intentions were to buy the house.. He made this promise to do so however not in writing, The only tool that was in writing was verified to the bank. However, he made a verbal prior to this to my sister and the financial advisor
HiWell, as I said, if your Father wants to sue he can on a verbal with the evidence to the bank that there was a verbal agreement and now you witnesses..Please note that if you need more information, you can use the Reply to Expert to Continue the Conversation. Otherwise, I would appreciate positive ratings so that I get credit for my time and information. This will NOT close your question. It will remain active for future follow ups.If you cannot see where to Rate me, please let me know so I can report it to the administrators of the site.Thank you.
Experience: General practice of law with emphasis in family law