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Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6391
Experience:  20 years experience as a civil trial and appellate lawyer
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My mother and father-in-law added my husband and my names to

Customer Question

My mother and father-in-law added my husband and my names to their farm land several years ago. At the time I did not know that their was a lien on the property from FSA. The in-laws are both dead now and my husband and I are trying to settle this debt. The sale of the land will cover the amount of money FSA says they will accept; but now we find out we have to pay capital gains tax on money that will never be ours, on land that was never ours on loans that were never ours. My big question is am I going to lose my house, our only asset? How do I protect it? If we choose to sit on this debt for the rest of our lives how do we protect our children from having to go through this same nightmare?
Submitted: 6 years ago.
Category: Legal
Expert:  Maverick replied 6 years ago.

Maverick :

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.

Maverick :

What was the purchase price or cost basis in the land when first bought by the in-laws?

Maverick :

What is the current fair market value?

Maverick :

What is the amount of the lien?

Maverick :

Was the loan on the land a recourse loan or non recourse loan or was the lien as a result of some other debt unrelated to the land?

Maverick and 8 other Legal Specialists are ready to help you
Expert:  Maverick replied 6 years ago.
I am not sure what happened but, please post your response to the info request here so that I can further assist you.

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