1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Mortgage gift Letter

Discussion in 'Civil Court, Procedure & Litigation' started by Nelson M, Nov 9, 2020.

  1. Nelson M

    Nelson M Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    1
    Jurisdiction:
    Nevada
    I had a partner for 16 years. We purchased a home in Michigan and two homes in Nevada.
    The first home in Nevada was purchased solely in my name because we were in the process
    of getting divorced. We separated for two weeks and decided to reconcile.
    We continued the process for divorce and finalized it. We moved in together and opened
    a joint bank account and paid all the bills and mortgage together just as we had done for the
    entire 16 years together. In December of 2018 we sold the home and made a profit of
    $70,000 and deposited it into the joint bank account.
    The home sold in one month we immediately started looking for a new home.
    We found a home and started the process to purchase this home and decided to get the loan
    solely in her name, because my credit rating had drop too low to get the best interest rate.
    We were able to get the loan with the stipulation that I sign a gift letter giving her the $30,000
    down payment. I was happy to purchase the new home and never once did I think she would
    try to sell the home and keep all the proceeds.
    December of 2019 she decided to split up and wanted me to leave the home we had purchased
    together. I refused but decided to leave because of the hostel environment.
    She sold the home 5 months later and refuse to give me any profits or moneys from the home.
    My question is will the gift letter hold up in court when I only signed it so we could buy the home?
    Not being married have any barring with the case?
    Half the proceeds from the home is $25,000 is it worth spending 5 to 15 thousand in court to possibly
    not get anything?
    My understanding Nevada doesn't have common law marriage.
    Thank you Nelson M
     
  2. Zigner

    Zigner Well-Known Member

    Messages:
    4,538
    Likes Received:
    2,524
    Trophy Points:
    113

  3. adjusterjack

    adjusterjack Super Moderator

    Messages:
    10,178
    Likes Received:
    3,620
    Trophy Points:
    113

    What part of "it's a gift" don't you understand?

    :p
     
    Zigner likes this.
  4. zddoodah

    zddoodah Well-Known Member

    Messages:
    5,379
    Likes Received:
    1,576
    Trophy Points:
    113

    Why would she give you any portion of the proceeds of the sale of a home that, as you described it, was entirely hers?

    Hold up in what sort of court action? Are you going to sue her for a share of the sale proceeds? If so, on what basis might you do that? Do you have some sort of contract that says you're entitled to a share despite the fact that the house is solely in her name?

    Only to the extent that any lawsuit wouldn't be handled in a divorce court and the community property laws won't have any bearing.

    That's not a question anyone other than you can answer.

    That's correct (although it's more accurate to say that Nevada, like most states, does not allow the formation of common law marriages within its borders). Moreover, even if you were in a state allowed the formation of common law marriages, you don't appear to have had one.

    The bottom line here is that, in order for your position to have any hope of succeeding, you have to admit to having committed fraud in connection with the purchase of the home.
     
  5. Nelson M

    Nelson M Law Topic Starter New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    1
    I was told by the lender I had to sign this to receive the mortgage.. I guess trusting someone doesn’t play a part in a 16 year relationship...
     
  6. justblue

    justblue Well-Known Member

    Messages:
    2,636
    Likes Received:
    1,205
    Trophy Points:
    113

    There was a reason you divorced this person despite your "reconciliation", it was foolish to co-mingle funds after the divorce. Consider this to be a lesson learned.
     
    hrforme likes this.
  7. Zigner

    Zigner Well-Known Member

    Messages:
    4,538
    Likes Received:
    2,524
    Trophy Points:
    113

    Huh? Yes, you had to sign it to make it clear that the money was a gift. I'm sorry that your intent was to defraud the lender...but it is what it is now. No honor among thieves and all that.
     
    adjusterjack and justblue like this.
  8. zddoodah

    zddoodah Well-Known Member

    Messages:
    5,379
    Likes Received:
    1,576
    Trophy Points:
    113

    Here's how this should have gone:

    LENDER: So...she is going to be the only person on title and on the mortgage?

    YOU: Correct.

    LENDER: Ok, and what is the source of the down payment?

    YOU: Me.

    LENDER: Ok, then you'll have to sign this letter.

    YOU: That's a problem because I'm not really GIVING the money to her the money.

    LENDER: Well...if you want her to be on title and on the mortgage by herself, you'll have to sign it.***

    YOU: But it wouldn't be truthful.

    LENDER: Ok, then you'll have to structure the transaction in a different way.

    You seemingly stopped at the point where I put "***" and didn't consider whether the statements made in the "gift letter" were true or what the consequences of signing might be.
     
    Last edited: Nov 10, 2020
    shadowbunny likes this.
  9. welkin

    welkin Active Member

    Messages:
    377
    Likes Received:
    93
    Trophy Points:
    28
    I think you meant herself.
     
    zddoodah likes this.
  10. zddoodah

    zddoodah Well-Known Member

    Messages:
    5,379
    Likes Received:
    1,576
    Trophy Points:
    113

    Yup, and I have now made the edit to correct it.
     

Share This Page