How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Scott Your Own Question

Scott
Scott, MIT Graduate
Category: Homework
Satisfied Customers: 3040
Experience:  MIT Graduate (Math, Programming, Science, and Music)
3546829
Type Your Homework Question Here...
Scott is online now
A new question is answered every 9 seconds

I have an issue. There are two brothers who mortgaged a

Customer Question

Hi i have an issue. There are two brothers who mortgaged a house together one of them paid the initial payment while the other one could not afford it at that time. once the other one started working he started paying for the installments as well as did maintenance work in the house on his own cost. The brother who paid the initial installment took out another mortgage and invested that money in a scam business and lost his money. The people who they borrowed money from now want to take possession of the house. what can be done?
Submitted: 11 months ago.
Category: Homework
Expert:  ivorylounge replied 11 months ago.

are both registered on the deeds for the property?

Customer: replied 11 months ago.
no only the first brother is registered who paid the initial amount
Expert:  ivorylounge replied 11 months ago.

what is the second mortgage company proposing to do? Repossess?

Customer: replied 11 months ago.
Two brothers, Tony and George, decide that, in the face of current property prices, they should pool their resources to buy a house together. They find a suitable property, and Tony pays for a surveyor’s report on it. As this is satisfactory, the sale goes ahead. George has enough money that he is able to pay a third of the asking price for the new house as the deposit. He enters into a mortgage agreement with Southern Stone Building Society to borrow the rest. George tells Tony that as he (George) is paying the deposit, the property should be registered in his (George’s) name alone, ‘just to make life easier.’ Tony, who has never been able to afford to buy property before, agrees.
They move in, having a room each, a shared front room and kitchen, and one bathroom. The house needs some work doing to it so Tony, who is a painter and decorator by trade, undertakes to make the necessary repairs and improvements. Tony rebuilds a garden wall, replaces three window frames, installs a new boiler, and decorates all of the rooms. He does this over the course of a year, using free time when he is not at work. Tony pays for all of the materials used out of his own pocket. Tony and George split the bills for power, water, and food equally. If Tony has any spare cash at the end of the month, he hands this over to George saying, ‘this should help out with the Building Society’. George, who is just about able to cover the monthly mortgage repayments, is always relieved to receive this cash from Tony.
A few months later, Tony is employed by a local painting and decorating company, increasing and stabilising his monthly income as a result. Consequently, he begins to pay half of the monthly mortgage repayments to Southern Stone, alongside with George.
Three years after moving in, and without telling Tony or Southern Stone, George takes out a second mortgage on the property, this time with Kwiq Kash Loans. George wants this money to invest in a friend’s business. Kwiq Kash do not know that Tony is also living in the property. Unfortunately, George’s friend disappears with all of the cash that George (and other investors) had given him. Before *****, ***** is unable to pay the mortgage instalments to Kwiq Kash. As a result, Kwiq Kash seek possession of the house.
Advise Tony.
Customer: replied 11 months ago.
this is the main issue
Expert:  ivorylounge replied 11 months ago.

This is an exam question?

Customer: replied 11 months ago.
no its a mock case that i have to fight in a mock trial and im finding some difficulty in defending Tom
Customer: replied 11 months ago.
will i be connected to someone else for help?
Expert:  Jay replied 11 months ago.

I have tutored Law School students before. Is this for a graduate course? When do you need the answer by?