Real Estate Law
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Answered in 6 minutes by:
2/14/2012
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,821
Experience: Experienced real estate lawyer and real estate broker.
VerifiedThe bank should not have refinanced the property without his consent, since his name is XXXXX XXXXX deed. Technically, the bank cannot record a lien on the property without his consent.
So, he could challenge the validity of the deed of trust on the property.
Regarding the allocation of ownership, he would not be able to recoup anything for the tax deductions that the parents took on the property.
However, in addition to his 1/6 equity interest in the house, he would be entitled to a credit for the amount of the mortgage pay down that he made. To the extent that went to equity, he should receive a greater share than the original 1/6. He would need to do a full accounting of the payments in order to prove up his greater share.
So, he could challenge the validity of the deed of trust on the property.
Regarding the allocation of ownership, he would not be able to recoup anything for the tax deductions that the parents took on the property.
However, in addition to his 1/6 equity interest in the house, he would be entitled to a credit for the amount of the mortgage pay down that he made. To the extent that went to equity, he should receive a greater share than the original 1/6. He would need to do a full accounting of the payments in order to prove up his greater share.
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,821
Experience: Experienced real estate lawyer and real estate broker.
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