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I own 2 commercial property's that my mother-in-law came in as a invester about 2 years ago. There were never any documents signed, nothing discussed about repayment, time frame, or anything at all. She invested around 400,000 the property is worth about 1,200,000. Back in 2005, 7 months prior to her investing a dime, we signed a quitclaim deed to her in case she needed it to obtain a loan, and then she would quitclaim the property back to us. The property was in Myself, My Wife and My sons names. She never used it and we forgot about it. She since has purchased another home and went on a spending spree, and ultimatly started demanding her money back. I have been trying for 14 months to get a loan in order to pay her back, she was actually involved in the first 2 loans that were approved. She contacted the lender stating the rate was to high or one thing or another eventually screwing up the loan to where the bank wouldn't do it. I went myself and started applying for a loan and just got approved. She has since hired a attorney, My Attorney who I used on 3 seperate occations including a lawsuit about the same property when I purchased them. He instructed her to file the quitclaim deed, have us served with a 3 day notice to quit, and take the buildings and all of our personal and business assetts which she is trying to do. My sons name is on the property, the quitclaim was from myself and wife, leaving her and my son on the deed. My son has since signed a warranty deed back to myself and my wife that would add us back to the deed.The final loan that I have in place is approved and ready to close, She won't change the deed back as it was in order for the bank to finalise this one, messing up #3. I have a few questions that I hope someone can answer.
1st If the attorney represented me on 2 previous cases, 1 on the same property, is it not a conflict of interest for him to now represent my mother-in-law against me?
2nd If the quitclaim deed we gave her was 7 months prior to her investing any money, and was not intended for the purpose of securing her investment, can she legally file it and the court uphold it or would it be considered filed fraudulently and invalid?
3rd If I can prove that I have been trying to get a loan to give her back her money, but she keeps messing up the loans making it impossible to repay her
what should I do in this situation. Thanks for any advise you can give.
I own 2 commercial property's that my mother-in-law came in as a invester about 2 years ago. There were never any documents signed, nothing discussed about repayment, time frame, or anything at all. She invested around 400,000 the property is worth about 1,200,000. Back in 2005, 7 months prior to her investing a dime, we signed a quitclaim deed to her in case she needed it to obtain a loan, and then she would quitclaim the property back to us. The property was in Myself, My Wife and My sons names. She never used it and we forgot about it. She since has purchased another home and went on a spending spree, and ultimatly started demanding her money back. I have been trying for 14 months to get a loan in order to pay her back, she was actually involved in the first 2 loans that were approved. She contacted the lender stating the rate was to high or one thing or another eventually screwing up the loan to where the bank wouldn't do it. I went myself and started applying for a loan and just got approved. She has since hired a attorney, My Attorney who I used on 3 seperate occations including a lawsuit about the same property when I purchased them. He instructed her to file the quitclaim deed, have us served with a 3 day notice to quit, and take the buildings and all of our personal and business assetts which she is trying to do. My sons name is on the property, the quitclaim was from myself and wife, leaving her and my son on the deed. My son has since signed a warranty deed back to myself and my wife that would add us back to the deed.The final loan that I have in place is approved and ready to close, She won't change the deed back as it was in order for the bank to finalise this one, messing up #3. I have a few questions that I hope someone can answer.
1st If the attorney represented me on 2 previous cases, 1 on the same property, is it not a conflict of interest for him to now represent my mother-in-law against me?
2nd If the quitclaim deed we gave her was 7 months prior to her investing any money, and was not intended for the purpose of securing her investment, can she legally file it and the court uphold it or would it be considered filed fraudulently and invalid?
3rd If I can prove that I have been trying to get a loan to give her back her money, but she keeps messing up the loans making it impossible to repay her
what should I do in this situation. Thanks for any advise you can give.
