lexiesmyangel
New Member
My jurisdiction is: Nevada
My mother who is 68 moved to Las Vegas 6 years ago. 8 months after my father passed away unexpectedly. My brother and his wife had just sold their very small house(which was my sister-in-law's...not my brothers)and wanted my mother to move in with them. They had a toddler at the time, and wanted my mother to care for him while they worked. Due to income and other factors they could not get an adequate home for all of them unless my mother put a sizeable amount of money down, $150,000 half of her entire nest egg. She did in fact do that, but all she got was a promissory note stating that she would receive her investment back upon the sale of the house. This is just a basic promissory note that is unsecured....after all this is her son. Well, fast forward 4 years and they put the house up for sale. They all want to move back east to the south. Turns out my sister in law does not want to move, and the house goes unsold. Now, my mom has requested that they refinance the house because the interest rates are so low, and they buy her out. She did not charge interest...she just needs her money so she can move. It has become intolerable for her to live there any longer...they do not want my mom there but don't want to pay her. They could in fact get the money through a refinance but do not want to. They have at least 50% equity in this house even in declining houing markets. Had she been in a better state of mind at the time, and not grieving and on meds, she would have added a better escape clause in the agreement. She just trusted that her son would protect her. Can my mother do anything legally to get her money? Or is she stuck?
My mother who is 68 moved to Las Vegas 6 years ago. 8 months after my father passed away unexpectedly. My brother and his wife had just sold their very small house(which was my sister-in-law's...not my brothers)and wanted my mother to move in with them. They had a toddler at the time, and wanted my mother to care for him while they worked. Due to income and other factors they could not get an adequate home for all of them unless my mother put a sizeable amount of money down, $150,000 half of her entire nest egg. She did in fact do that, but all she got was a promissory note stating that she would receive her investment back upon the sale of the house. This is just a basic promissory note that is unsecured....after all this is her son. Well, fast forward 4 years and they put the house up for sale. They all want to move back east to the south. Turns out my sister in law does not want to move, and the house goes unsold. Now, my mom has requested that they refinance the house because the interest rates are so low, and they buy her out. She did not charge interest...she just needs her money so she can move. It has become intolerable for her to live there any longer...they do not want my mom there but don't want to pay her. They could in fact get the money through a refinance but do not want to. They have at least 50% equity in this house even in declining houing markets. Had she been in a better state of mind at the time, and not grieving and on meds, she would have added a better escape clause in the agreement. She just trusted that her son would protect her. Can my mother do anything legally to get her money? Or is she stuck?