Lien Holder Use Of Property

[LAWTON]

LIEN HOLDER USED LARGE CD AS COLLATTERAL TO PURCHASE LAND AND TWO HOMES WHICH SHE CONTRACTED TO HER SON AND DAUGHTER IN LAW FOR MONTHLY PAYMENT FOR TWENTY YEAR PAYBACK OF PRINCIPLE ONLY NO INTEREST.
LIEN HOLDER WISHES TO LIVE IN ONE OF THE HOMES UNTIL SHE PASSES.
SON INSISTS THAT SHE PAY RENT OR STAY OFF PROPERTY.
LIEN HOLDER CONTACTED SEVERAL LOCAL BARRISTERS AND EACH HAD A DIFFERING OPINION AS TO THE LIEN HOLDERS RIGHTS TO LIVE ON PROPERTY WITHOUT COMPENSATION TO SON.
IN ORIGINAL CONTRACT ONLY STIPULATION WAS THAT ONLY FAMILY MEMBERS COULD HOLD LEGAL POSSESSION OF THE PROPERTY.

THANKS FOR ANY PRECEDENTS OR LEGAL INFORMATION PROVIDED.

BUDDY 1.

 

[Michael Wechsler]

Buddy, given the legal complexities here and the need to review the words of the agreement itself (barristers apparently have and disagreed) it would be foolhardy to even take a stab at this one to provide more insight. I'm sorry that I couldn't be more helpful.

LIEN HOLDER USED LARGE CD AS COLLATTERAL TO PURCHASE LAND AND TWO HOMES WHICH SHE CONTRACTED TO HER SON AND DAUGHTER IN LAW FOR MONTHLY PAYMENT FOR TWENTY YEAR PAYBACK OF PRINCIPLE ONLY NO INTEREST.
LIEN HOLDER WISHES TO LIVE IN ONE OF THE HOMES UNTIL SHE PASSES.
SON INSISTS THAT SHE PAY RENT OR STAY OFF PROPERTY.
LIEN HOLDER CONTACTED SEVERAL LOCAL BARRISTERS AND EACH HAD A DIFFERING OPINION AS TO THE LIEN HOLDERS RIGHTS TO LIVE ON PROPERTY WITHOUT COMPENSATION TO SON.
IN ORIGINAL CONTRACT ONLY STIPULATION WAS THAT ONLY FAMILY MEMBERS COULD HOLD LEGAL POSSESSION OF THE PROPERTY.

THANKS FOR ANY PRECEDENTS OR LEGAL INFORMATION PROVIDED.

BUDDY 1.