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I bought a commercial rental building and took out a 100 %

loan for it with my...
I bought a commercial rental building and took out a 100 % loan for it with my husband 11 years ago. My husband recently passed away and I now find out that I signed these papers as an intervenor and there is a sentence in the paperwork that says he purchased it with separate funds, which in actuality did not exist and the property was purchased with the loan attached to it. Do I now not have any claim to it?
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Answered in 4 hours by:
3/8/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,189
Experience: Real Estate Attorney with over 25 years experience
Verified

H​ello. Let me see if I can assist. How was the property purchased? Is the deed to the property in your name and your husband's name?

If so, then you are an owner of the property? can you upload a copy of the deed?

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Customer reply replied 1 month ago
The first is whats listed at the courthouse website as the deed. The second is the original loan application. The third is showing our personal residence is listed as collateral. The fourth is the refinance in 2011 and I am not listed as an intervenor. The last is the paperwork showing me as an intervenor, and until my husband passed I had never even heard the word before. Now my stepsons attorney has informed them that I am not an owner of the property since it state it is purchased with "separate" funds, which is untrue it was purchased with a 100% loan. He also told them that I cannot even dispute it since he passed 11 years after the original loan which is over the 10 year limit even though it was not paid off until 2016. Please help, this is everything that I have and it was not my husbands intention for this to be taken from me.

Okay, they uploaded. Give me a few minutes to review.

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Unfortunately, the office property (the officesale.pdf) was not purchase in a business name and it was purchased only in his individual name. (It should have been titled in your joint names).

The reason you are deemed an intervenor - is because you are not deemed an owner based the face of the documents. An intervenor is a a party who does not have a substantial and direct interest in the property but has clearly ascertainable interests essential to a judicial determination and whose standing has been granted by the court for all or a portion of the proceedings.

You are listed as a borrower on the application (officeoriginalloan.pdf) and you are listed as mortgagor as to the property (offcollateral.pdf). Because of your mortgage obligation on the property, you are deemed an intervenor because the mortgage means you have interest in the property - as a mortgagor. However, being a borrower and owing money as mortgagor does not give you any title or ownership interest in the property.

You have a claim for an equitable lien on the property for the debt you had on the property and the loan you paid off (as the debt was in your joint names).

Since the property was in your husband's name only (on title), did you probate his estate and include this property in his estate to pass to his heirs?

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Customer reply replied 1 month ago
I have been in an estate proceeding for 11 months and my attorney has told me all along that this would be community property, about 3 weeks ago my step sons got a new attorney and he has now sent paperwork claiming that my husbands should solely own this property and I have no claim to it. I have a small insurance agency that I have had since before I was married in 2000, and have been in this building since 2005 and this is my sole income an would not survive a move. Now his sons (that I raised and we had sole custody since they were 4 and 8) are now trying to take the building from me. So even though in the refinancing paperwork from 2011, I am not listed as intervenor, that doesn't change anything?

The refinancing paperwork shows you as borrower and mortgagor. that means you have paid for the loan as the borrower all these years. that does count toward your claim for an equitable lien in the property. You paid for the property (with your husband) so you should have the benefit of those funds.

You will need to file suit unfortunately to prove your equitable lien/interest in the property so that his sons do not get clear title to the property outright.

Sorry I do not have better news.

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Customer reply replied 1 month ago
I guess that was my only question. Thank you.

You are welcome.

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