Does my father who helped me purchase my home have legal rights to it?
Full Question:
My dad borrowed $360,000 dollars against his house and bought me a house with loan. He paid cash for my home, but kept title for himself. A year later he added me to title as co-owner. Another year later he signed over grant deed to me as sole tenant. There never was a written agreement or contract between myself or my dad on this borrowed money in his name. I have paid my dad every month in full for the bank loan payment for about 2 1/2 years running now. I have since borrowed $235,000 against my home and also make full payment to bank for that loan. I also pay all taxes on property. Now all of a sudden my dad wants his $360,000 loan paid off or the house back. Does he have any legal right to my home?
05/08/2007 |
Category: Real Property |
State: California |
#4224
Answer:
Since the home is in your name and you now have a loan against it, it will be difficult for you to lose the home to your father. This assumes no document was signed or recorded establishing a lien on the home by your father before you got the deed or made the loan. However, this does not mean that he cannot sue. We cannot comment on the merits of a claim he may make in court.