I live in California. My ex-husband and I bought a piece of property together in Oregon which is in a corporation. We bought this in 2005 to fulfill a 1031 exchange for tax purposes.
The bank which has the mortgage for the Oregon property has put the loan in default status because the actual name on the loan is in the "holding company's" name. Although we are the guarantors, the name did not get taken out of the holding company's name and put into our names as part of the 1031 exchange. In the meantime, my ex-husband and the business attorney recently disolved the holding company's Oregon license with the Secretary of State, probably to quietly solve the problem/cover something up. The bank claims they are holding a loan for a company that does not exist in the state of Oregon.
Here are my questions:
Is this exchange valid if it did not get completed? What paperwork would I need to see from the attorney to prove this is a valid 1031 exchange?
Tax returns have been prepared and filed by a different accountant as if everything was valid.
If we paid our business attorney to handle the exchange, would this loan issue be a part of that? Is the attorney at all responsible or would it be up to us to know all these details.
Thank you!
The bank which has the mortgage for the Oregon property has put the loan in default status because the actual name on the loan is in the "holding company's" name. Although we are the guarantors, the name did not get taken out of the holding company's name and put into our names as part of the 1031 exchange. In the meantime, my ex-husband and the business attorney recently disolved the holding company's Oregon license with the Secretary of State, probably to quietly solve the problem/cover something up. The bank claims they are holding a loan for a company that does not exist in the state of Oregon.
Here are my questions:
Is this exchange valid if it did not get completed? What paperwork would I need to see from the attorney to prove this is a valid 1031 exchange?
Tax returns have been prepared and filed by a different accountant as if everything was valid.
If we paid our business attorney to handle the exchange, would this loan issue be a part of that? Is the attorney at all responsible or would it be up to us to know all these details.
Thank you!
